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RESOLUTION OF THE BOARD OF DIRECTORS OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of September 28, 2007 No. 297

About approval of the National accounting standard 21 "Influence of changes of the currency rates" (NSFO 21)

For the purpose of accomplishment of the Main directions of monetary policy of the Republic of Belarus for 2007 approved by the Presidential decree of the Republic of Belarus of November 30, 2006 No. 703, of the Development program of banking sector of economy of the Republic of Belarus for 2006-2010 approved by the Presidential decree of the Republic of Belarus of January 15, 2007 No. 27, and also based on article 26 of the Bank code of the Republic of Belarus the Board of directors of National Bank of the Republic of Belarus DECIDES:

1. Approve the enclosed National accounting standard 21 "Influence of changes of the currency rates" (NSFO 21).

2. Recognize invalid:

the resolution of Board of National Bank of the Republic of Belarus of November 28, 2002 No. 233 "About approval of the National accounting standard 21 "Influence of changes of the currency rates" (NSFO 21) for bank system";

the resolution of Board of National Bank of the Republic of Belarus of January 11, 2005 No. 4 "About entry into force of subitem 8.3. Item 8 of the National accounting standard 21 "Influence of changes of the currency rates" (NSFO 21) for bank system";

the resolution of Board of National Bank of the Republic of Belarus of December 19, 2005 No. 175 "About introduction of amendments to the resolution of Board of National Bank of the Republic of Belarus of January 11, 2005 No. 4";

the resolution of Board of National Bank of the Republic of Belarus of December 29, 2005 No. 185 "About replacement of foreign currency cash in authorized capitals of banks of the Republic of Belarus Belarusian rubles".

3. This resolution becomes effective since January 1, 2008.

 

Chairman of the board P. P. Prokopovich

Approved by the Resolution of the Board of directors of National Bank of the Republic of Belarus of September 28, 2007, No. 297

National accounting standard 21 "Influence of changes of the currency rates" (NSFO 21)

Chapter 1. General provisions

1. The national accounting standard 21 "Influence of changes of the currency rates" (21) (further - the Standard) is developed by NSFO for the purpose of accomplishment of the Main directions of monetary policy of the Republic of Belarus for 2007 approved by the Presidential decree of the Republic of Belarus of November 30, 2006 No. 703 (The national register of legal acts of the Republic of Belarus, 2006, No. 201, 1/8121), Development programs of banking sector of economy of the Republic of Belarus for 2006-2010 approved by the Presidential decree of the Republic of Belarus of January 15, 2007 No. 27 (The national register of legal acts of the Republic of Belarus, 2007, No. 16, 1/8268), and also based on article 26 of the Bank code of the Republic of Belarus and according to the International Financial Reporting Standard 21 "Influence of changes of the currency rates" approved by Council for international accounting standards.

2. The requirements established by this Standard are obligatory for execution by National Bank of the Republic of Belarus, the banks and the non-bank credit and financial organizations of the Republic of Belarus created according to the legislation (further - banks).

3. The purpose of this Standard is determination of procedure for reflection in financial accounting and the financial reporting of foreign currency transactions, transactions of foreign operation, recalculation of Articles of financial reportings of bank and the foreign company in representation currency, and also procedure for reflection in financial accounting of the exchange differences which arose in connection with change of the currency rates.

4. For the purposes of this Standard following terms have the following values:

foreign activities - activities of the foreign company and foreign operation;

the foreign company - affiliated, dependent, jointly the controlled legal entity of bank who is outside the Republic of Belarus or performing activities in the functional currency other than functional currency of bank;

foreign operation - branch or the representative office of bank which is outside the Republic of Belarus;

functional currency - the currency used in that economic environment in which bank, the foreign company and/or foreign operation perform the activities;

representation currency - the currency used in case of creation and accounts presentation;

foreign currency - the currency other than functional currency;

the currency rate - the exchange rate of one currency on another;

final rate - the currency rate on reporting date;

exchange difference - the difference resulting from reflection in financial accounting and the financial reporting of the same quantity of units of one currency in other currency in case of change of the currency rates;

transaction date - date of recognition of transaction in financial accounting and the financial reporting (assets, obligations, the income and expenses);

net investment in the foreign company - share of bank in the capital of the foreign company;

cash items - the foreign currency cash, assets and liabilities to obtaining or payment expressed by the fixed or definable foreign currency amounts;

non-cash items - Articles which are not cash;

foreign currency transaction - the transaction expressed in foreign currency or requiring calculation in it including transactions, when bank:

raises or places money on which the amounts to repayment or to obtaining are specified in foreign currency;

buys or sells fixed assets, intangible assets and materials, receives or renders services, accepts or performs works, the prices (cost) of which are specified in foreign currency;

otherwise acquires or realizes assets, assumes or settles the obligations expressed in foreign currency.

The term "materiality" matters, 1 "Accounts presentation" determined by the National accounting standard (NSFO 1) approved by the resolution of the Board of directors of National Bank of the Republic of Belarus of September 28, 2007 No. 300.

5. This Standard is applied:

banks and foreign operations for financial accounting of transactions and assessment of balance sheet items in foreign currency, except specified in Item 7 of this Standard;

banks in case of recalculation of financial statement line items of the foreign company included in the financial reporting of bank by the methods of the consolidation proportionate to consolidation or accounting on equity provided by national accounting standards;

banks in case of recalculation of financial statement line items in the representation currency other than Belarusian rubles.

6. For the purposes of this Standard as functional currency and currency of representation banks and foreign operations use Belarusian ruble, and as currency kursaustanovlenny National Bank of the Republic of Belarus the official rate of Belarusian ruble in relation to other currencies.

7. This Standard does not regulate:

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