Comparison of financial statement presentation under ifrs, US GAAP and Belarus GAAP

Abstract

We will analyze where the standards (IFRS, US GAAP and Belarus GAAP) are similar and where differences exist. There are many similarities in IFRS, US GAAP and Belarus GAAP approaches to financial statement presentation. Most Belarus GAAP are based in large part on IFRS and in some part on US GAAP. Some IFRS, however, have no comparable Belarus standard, and some of Belarus standards that are based on IFRS have not been updated for recent changes to the comparable IFRS. Therefore, the existing accounting system in Belarus continues to differ from IFRS as well as from US GAAP.