Comparison of foreign currency matters accounting and reporting under ifrs, us GAAP and Belarus GAAP

Abstract

In this paper we will discuss where the accounting standards (IFRS, US GAAP and Belarus GAAP comparison) are similar and where differences exist in connection with foreign currency exchange rate accounting and its presentation in financial reporting. We want to underline the fact that the three sets of standards are generally more alike than different for commonly encountered transactions in foreign currency. This is connected with such fact that IFRS being largely, but not entirely, grounded in the same basic principles as US GAAP, and Belarus GAAP began to be largely grounded in the same basic principles as IFRS.