In the international practice a bank’s performance is assessed on the basis of financial statements prepared in accordance with IFRS. Such statements are compiled basing upon unified principles for all business entities which form the international financial reporting standards irrespective of the country of residence of such entity.
JSC Development Bank of the Republic of Belarus has been preparing its financial statements in accordance with IFRS starting from 2012. Taking into account the goal of developing the bank’s international cooperation area preparing the statements in line with IFRS is conditioned by the necessity to present comparable and transparent data to foreign partners.
To provide for completeness and reliability of the reported data JSC Development Bank of the Republic of Belarus is annually conducting an audit of annual financial statements prepared in line with IFRS, as well as an assessment review of the semi-annual statements prepared in line with IFRS involving the internationally recognized auditing companies.
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