International Accounting Comparison The following International Accounting Standards are ...

171 Pages·2002·1.34 MB·English

International Accounting Comparison

The following International Accounting Standards are included in this comparison:

IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies
IAS 10 Events after the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 14 Segment Reporting
IAS 16 Property, Plant and Equipment
IAS 17 Accounting for Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 22 Business Combinations
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 25 Accounting for Investments
IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries
IAS 28 Accounting for Investments in Associates
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions
IAS 31 Financial Reporting of Interests in Joint Ventures
IAS 32 Financial Instruments: Disclosure and Presentation
IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting
IAS 35 Discontinuing Operations
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments – Recognition and Measurement
Comparison of International Accounting Standards and Lithuanian Accounting Policies

International Accounting Comparison

Comparison of International Accounting Standards with generally accepted accounting practice in Albania, Bulgaria, Byelorussia, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Republic of Macedonia, Romania, Slovakia
and Slovenia.
The comparison was performed based upon the accounting legislation effective in the above 14 countries as of December 31, 2000. In certain countries, changes to the accounting legislation have occurred as of January 1, 2001. This comparison
does not include differences between IAS and generally accepted accounting practice in these countries, subsequent to December 31, 2000.
Abbreviations
AL Accounting Law
B/S Balance Sheet
CF Cash Flow
ČNB Czech National Bank
CZK Czech Koruna (currency)
EAL Estonian Accounting Law
EASB Estonian Accounting Standards Board
EU European Union
FIFO First-in-First-Out (inventory valuation)
F/S Financial Statements
GAAP Generally Accepted Accounting Practice
HAS Hungarian Accounting Standard
HNB Hungarian National Bank
HUF Hungarian Forint (currency)
IAS International Accounting Standard
LIFO Last-in-First-out (inventory valuation)
LVL Latvian Lats (currency)
NAS National Accounting Standard
P&L Profit and Loss
RAS Romanian Accounting Standard
RAL Romanian Accounting Law
R&D Research and Development
SAL Slovak Accounting Law
SAS Slovenian Accounting Standard
SIC Standing Committee on Interpretations
SKK Slovak Koruna (currency)
VAT Value-Added-Tax
JV Joint Venture
EPS Earnings per Share
2
Comparison of International Accounting Standards and Lithuanian Accounting Policies

1. Presentation of Financial Statements
Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia

Componen Complete set of financial Complete set of Complete set of Complete set of IAS 1 applies to Comparable to Comparable to Complete set of Financial Complete set of Complete set of Only balance Comparable to Complete set of (SAS 24, 25, 26)
ts and statements includes: financial financial financial all companies IAS, except cash IAS, except cash financial statement should financial financial sheet and income IAS, except cash financial Comparable to
ffoinramnacti aolf • balance sheet; sintacltuedmeesn: ts sintacltuedmeesn: ts sintacltuedmeesn: ts iunncdoerpr othraet ed falonwd tshtea tsetmateenmt ent falonwd tshtea tsetmateenmt ent sintacltuedmeesn: ts include sintacltuedmeesn: ts sintacltuedmeesn: ts sretaqtueimreedn. t falonwd tshtea tsetmateenmt ent sintacltuedmeesn: ts I AS, except that:
sst atement ••• ismcntaacosotvheme mfmleoe ewsnntt a tsostte afi mntne oeemnnqe-tuo;n iwtty;n ;a enr d ••• bisantpaacplotaeemnmncedee i xns.th ; eet; ••• bissnttaaaclottaeemnmmceeee nnstth ; oefe t; ••• bspscttharaaoalttafeenintmmg caeeeens nnd sitt hn loooe sffe st;; CCoomdem. ercial oeanFSqosfit na cutpeathieatnsaym rc tntaioseagr nleote ht fsste rt.ih e nea ted oeanFSqosfit na cutpeathieatnsaym rc tntaioseagr nleote ht fsste rt.ih e nea ted • Actsahhonneemdn eb upltoaa,o slltas shren eedcp e poo rrfot fiist ••• bisscnhttaaacalottaeenmnmmgceeeee s nn sitthn oe tfhe et ••• biscntaaacslotahemn mfcleoee w nst h; eet; •• bisntaaclotaemnmceee nsth; eet; CIspAAtrcoaeScmns,od cpburaauinrbrtdte aian dbf go leb rLm yta oatwh t e oerts hetqfae qcut uehfitiiamnyre natedhgnn acepttissaa i .rsli tn no of t a •• bisntaaclotaemnmceee nsth; eet; • Nfnmeooqoronu vsr-ietetoyaqmw;t ueneimrenertem sn ietn no tf
•NomErfaf iie nnrcnoadvnsatac iinetvpoennoadriatcwctu teaifeiirer oaasttbamiserll c ygt ,dasuope eotm.nl rna adteudhttar sste tesno.foemo iap dfnrpiegenetmranera eattatmnhissottciee .enno in ang rt lt ao f Afpm or raedmnseedatenat rttfmaeotdrii no. end i s •• Nfsppfoi tnrroarienmecsnfsammtitsttaneoqoenaaoeaasasnutmcttevnrth eeni-i itateseotls ommycyefl mnwp ;li t doa toieetenhnes wl nn c eet nthtta ia r;sfte ir sb.eae udin nl da r •• Ahfatooa ho pnanclerlenfsapteav mii fstnvocqoemirlanyta,icalut at ttieaaatiiocienitenicts nenniumycsesca cmga;nittl.sla oaieu gta. erli nnd eenltn hdtimpgansteaso n;ge r rd dnt to f Piu Arrcaseeonsr qpmermeneuosduaqpirc.ratn uoer liiai ndsbragee ecnedndcom t ot tfoo ouea frnnb mtttehs a e. t CIfbCCfcacps ArrAooeeoerynr ooorreqpeSm mpdmmmmdtduosha, ae pciiiraaepmbrntrtn.r aaett a usii sia nEebntdspuTrte gsre ia uA rreahca teedabasiLsi e tsma ncelcu ei calaonctdt e srirne rt oin.oeebbd nt ye s d •• asnbSactsaatsnChhuuhonoccuonioeemppemccntstdn eeooppeibu pnspssluulltoaaloeee,,.oinn sflllmmsata siittsehrds,,enne eedea atddcprhnn tene p oeetottp daahrrd foto rr e yyfir is tt. •• Bfsmwmtrhie tnehaeuapccsnfsaseit snoattanoenciaartdarpsaetmoc tttebeghseeini mtatseese a mmchofl np m llitepto anoeetah rewl nnane ectnhtt y up srt erae or rpefeo ndrt t •Pfmbco oaarasetsmn rhnptttxkaaiepdrcpsett aaulee fasaintlmmneaenniaedrnaeed ns tftnn faoi.cooo tttri;strniam ho . l en taor t i s • CahsspsPc hottraruoaaeenfs(‘iomvbnamittc ptnoueeuolafdapaioapt tmlcbtddleoaarlrenalleei ymsnrenitmcangydi niotictl eiaaear seoeatnaasntd.los nui as tdon ,shtdthl ensuo hwei td’a fo), hl .lou icwldh (tL Tbfiicps nnhifoenryauhssee mpawreutb stianC ht.rapcfu arcoe onraatinirriamkbntom cel“sein epeA adasa asLt c n snia”ant )dysnur a.eds n edd AosbFmfcacps Arrcoeeooetrnryfi are naqpepm mmpfdmttidanuosahean appcinidiraremrnatrtntr aocaaet i sinisicanMbenenttdsuceo ugs eien u riieia rltnaesdantaasyiss t lim net.cru s i anictdo tftsesTroire foysn.eb hr t numt hyoe se ef a d t • TEFap(tcfs Phin otnralhqaaeoeonfsnareruit w tttntoesnc r iairotMeca otmacyetSefugenlis o qiaseattdlamceaahvul nna irt etraeiodoetdert sml efe efn mnot .Cddhdtt)eorhs e mea nti aenne stas t sh i tn • Arrmfoafsianuiee pnpncncrapvPfpmeatentnloiinhouvrcenruauraeaearisiwcmarttfansgrtiit iieloici paled naec bbsanbrlnaugtm ye;ust autt l ii sa aefsonensfoeitordn indniran nor. t e one tnossf s f ss a
by the National component of the annual report is period also prepare annual accounts. for presentation of report see the
Institute of annual accounts. composed of developments. statement of balance sheet and Law on
Statistics. In the These changes in equity. income statement Commercial
addition consolidated requirements Directors’ report mandated. Companies.
disclosures are balance sheet, doesn’t refer to: should be
required in a the attached to the Rules for the
textual format consolidated financial notes to the
specified by the profit and loss • private, rustic statements. financial
r Bcinoneooravglmnenea-vkspfnaostaimnz,rn -atiep inetNnrisosoAtu ,nff riSusta . nn adcnsed, atcsncbhuooocuepnncts eopssinsooulee llnaiimsddtns,aa ed arttn eeentddpda o ryr t. afryeLaeeVxnrvacdmLeer npsedue dowes 4hcns5ao of tsot0o er0r yt0h e Doiasdntefneac bsdottaeca mcrimlliaaebesnede hscn dft etoa f bl arotsmeyrwhe mea etestn , t sm taatnedmaetendts.
budget funded • institutions that relevant
entities also issue Cash flow are financed regulations.
the above set of statement should from state
financial be presented as budget or
statements but part of the municipality
information is in supplementary
compliance with notes, but it is not
relevant NAS compulsory for the
applicable for their simplified annual
specific activities. report.

The balance sheet
and the profit and
loss account has
a prescribed form
based on the law.
(See appendix 1
and 2)

Complianc If financial statements The annual The annual All statements Comparable to The annual The annual This Act contains Comparable to Not defined. No requirement The annual The annual The financial (Preface to SAS,
e with comply with IAS, this fact accounts shall accounts shall should be IAS. accounts shall accounts shall accounting rules IAS for statement of accounts shall accounts shall statements should 6. Fundamental
relevant should be stated. Such a comply with comply with prepared in comply with comply with which are in compliance – comply with comply with comply with Accounting
accountin statement should not be Albanian Bulgarian GAAP compliance with Czech accounting Estonian GAAP accordance with other than in audit Macedonian Romanian GAAP Slovak Accounting Assumptions)
g made unless there is full accounting law and this fact shall Belarussian Rules law and rules. and this fact shall International report. accounting but this fact is not Law (SAL) and Comparable to
standards compliance. and rules. They be stated. of Accounting. be stated. Accounting Companies are regulations and stated. regulations. This IAS.
should present a These rules have Standards and required to comply principles and this fact should be
In the rare circumstances true and fair view NAS can not be substantial Where the annual based upon with the fact shall be Non-compliance stated in the first
where non-compliance with of the entity’s applied before its distinction from accounts do not reliable Accounting Act stated. with the general part of the notes.
IAS is necessary in order to financial situation. effective date. the International present true and information and all applicable accounting
adcishcileovsee :a fair presentation, ASctacnoduanrtdinsg. faacicr ovuienwti nogf tehnet ity’s porvoevriadliln vgie aw t rinu e rperogvuilsaitoionn fso r– no pberi ndciispclleoss ehda.s to Nnootn a clloomwepdlia. nce is
• that management has financial situation, respect: override of laws
concluded that the the “true and fair” and regulations in
financial statements override in EAL § • of the order to achieve a
achieve a fair 18.7 may be income ‘fair presentation’.
presentation; applied. Any such producing
departure must be capability
3
Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
disclosed in the • the
• that the financial notes with the developme
statements comply with reason for the nt of the
IAS except for the departure and its assets,
departure necessary to effect on the • the financial
achieve a fair assets, liabilities, situation
presentation; owners` equity and the
• details of the departure and profit/ loss of future plans
the accounting of such
and the reasons for it;
entity. entities
and
falling
• the financial impact of the under the
departure. effect of
this Act.
When an IAS is applied
before its effective date,
that fact should be
disclosed.

Underlying Going concern, consistency Major Going concern, The main Comparable to Comparable to Major The ‘basic Comparable to Going concern, Going concern, Major Major Comparable to (Preface to SAS,
assumptio and accruals are presumed considerations consistency and accounting and IAS. IAS. Usually form considerations accounting IAS. consistency and matching, considerations considerations IAS. 6. Fundamental
ns to be followed - otherwise are: accrual basis are reporting over substance is are: principles’ shall be accruals are prudence and are: are: Accounting
disclosure required. defined in the principles are as applied (but not enforced when presumed to be consistency Going concern, Assumptions)
Aaccd oobinsnnoyctcu lisoenti srugtnheen ed isfa .ihe csona autni lttdgy u o’sbni neacg eb riltiatyin ttoie s ••••• gcccapoaorocucnrminrdrsyugpei-sa afncotlrceosarenw nba.cca inlyeirdt,dry n ,, , AabuaBAuaaaconsscbnabcun ncdocsiclyaalgoiceieuo tc sayeugprrtu it lrprngoayatntinhoartiniritnini ntea .nnii c gfgsto ngciioec efci ntn npaihsytnothtln e eii tAntet ys u c’ 1set 2 f•••o lcaacirrcalmoeeooorccwecvcnmscpoe srtuclesiupgn:eera aalnuasperlcie ns ttt,yeis e ot;wn h dnaehe noosiydcrsf h ; dgLgAuaaacd oseoebenibns nnifosciycalniicseneu tl gsoye gerrte it asrgodcattmnheoloni i n anepd npiscfgst r.ihchioe ic eneoaannascru sttn niiiilpnttsd.y lu e’osbe)n e. •••••• gccmdapoorocisaucnmicntdrselugpeoirsa ansicatlruceosaliern ntbeay.cc i,,nly ei dt,ry n , , paibTapdorABneroenncrhca egictoplnnteshypu.okauci ecalbiuikraanp rtanecalte il enstetoercdhideignsucpc e pf gor iirtm nnsohmo uge reamntta. h yt oan ii nsfbnn g ede r fAuaaacdoosbnibnsl nlociyocaliceu tlw soyegrtit esrgoattnheodniin ned .isc fgt .ihioe c eonnasuttn iilnttdy u ’sbe e dfac Ieptnuhormec naucngfdinpdoncea heueeninmannpde scttI reisAaieansn.s lSg ito sa .n lh igher • • • • • gccycmd,ooooi sa nnmicntcselgpoeirs asiratnrueal,irnt bey ci,,ly i t, •• PAprpRddrCeeroerrloAuciftu tnlhnoaneSddcosgioce,eilui petntnstn ghldiaitcetczehe. ele e rwn i u n;dica sl eytya h ssse a capfodr Auaaoeortbcnibnslhqenclociyocleusriseu tlwuursioyirrtwsaimt eesgatttilhuoddessniener .ne idc– eaft c iioe creytennoas att n iibnnttye ud’ se CIAoSm. parable to
required but incurred. The Major principles are • accruals and • Going concern as a going
usually disclosed. revenues and considerations going concern, prudence. concern should be
costs should be are: completeness, • Accruals disclosed.
recorded in the authenticity,
financial • concept of lucidity, The opening
statements of historical consistency, balance sheet
the periods to costs continuity, balances can not
which they commensurability, be changed.
relate. Accrual • accruals prudence, gross
concept is concept settlement, item- Any departure
optional. A by-item from the
company may • concept of evaluation, accounting
choose the prudence accruals, principles has to
alternative cash substance over be disclosed.
basis of • prohibition form, essentiality
accounting for of and cost-benefit
revenues. compensatio comparison.
n
Going Concern,
being one of the • continuity of
IAS fundamental
accounts
accounting

assumptions, is • recognition
neither applied
at the
nor considered in
moment of
the Belarussian
realization
law.

• consistency
of methods
used

Basis for In the first instance, to The enterprise is Accounting An enterprise is Comparable to Accounting Accounting Within the Comparable to Not required to Compliance with The annual Accounting Accounting (Preface to SAS,
selection comply with IAS. free to choose the policies are obliged to adhere IAS. policies must policies must framework of the IAS comply with IAS. law and accounts shall policies must policies must 6. Fundamental
of way of keeping developed in to strict local comply with comply with accounting policy regulations. comply with comply with comply with SAL Accounting
accountin Where there is no specific the accounting, compliance with: accounting Czech accounting Estonian GAAP, the regulations Annual financial Selection of Macedonian Romanian GAAP. and regulations. Assumptions)
g policies gbeu idsealneccete, dp oinli coierdse srh toou ld bcaust eins aalcl cthoeu nting • Bulgarian raeltphoorutignhg hrualveisn,g lraewgu alantdio ns. Under wwhithic hIA iSs ienx lcineep t astnodc kptraokciendgu aress oeft s s(atantneumael natcsc ounts) aalctceornuanttiivneg arecgcuoluantitoinngs and When there is no Comparable to
ensure that information is: policies must GAAP and right to chose Czech accounting where noted and liabilities; the of legal persons policies stipulated principles and this specific guidance IAS, also:
• relevant to users’ needs; comply with • Requirements from alternative law is usually below. regulations of should be by the Accounting fact shall be on the approach, • the following
and Albanian of the IAS, accounting preferred over evaluating assets prepared in Act should be stated. in practice considerations
Accounting Law. where there is policies in some substance. and liabilities; the accordance with justified by the comparable to should govern
• reliable in that it is a no specific areas, such as: internal major best presentation IAS. the selection
faithful representation, guidance of the What to do when regulations of requirements of the company’s and application
th i l l ti hi hd t lt f
4
Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
reflects substance over guidance of the there is no calculating which do not results of by management
form, neutral, prudent NAS. • accounting for specific guidance production costs; generally operations and of the
and complete in all revenues and is not specified the cash handling contradict IAS. financial position. appropriate
material respects. costs (accrual but in practice regulations shall While making accounting
basis vs. cash comparable to be identified. selection of policies and the
basis); IAS. alternative preparation of
The determinant accounting financial
• depreciation
elements of the policies, prudence statements:
accounting
accounting policy, concept should be prudence,
(straight line
any change followed. substance over
method vs.
thereof, and the form, and
accelerated
consequence of materiality.
depreciation);
any change on the
• inventory cost profit or loss shall
be detailed in the
formulae (LIFO,
supplementary
weighted
notes.
average and
others);
• cost of sales
and overheads
accounting;
• some other
methods and
principles of
accounting.

Disclosure Disclose the measurement The appendix The Notes shall Must be Comparable to The notes shall The notes shall Based on the Comparable to Accounting Disclose all The notes shall There is no The notes shall (Preface to SAS,
of basis used in preparing the shall disclose the disclose the presented as a IAS. disclose the disclose the basic accounting IAS methods significant disclose the equivalent disclose the 3. The Systematic
accountin financial statements and following: recognition and separate accounting accounting principles and employed in the accounting accounting provision under accounting of SAS)
g policies each specific accounting measurement component of the principles and principles and evaluation rules preparation of the policies with principles and the RAS and the principles and
pano liucnyd tehrastt aisn ndeincge sosf athrye for • accounting beaacshis sapse wciefilcl as fsitnaatenmciaeln ts or in vaaslsuuamtiopnti ons used vaaslsuuamtiopnti ons used dane fiancecdo uinn ttihnigs Act, astnanteumal efinntasn schiaolu ld esemlepchtaiosnis f roonm a vaaslsuuamtiopnti ons used rdeisqculioresudr e (Annex vaaslsuuamtiopnti ons used CIAoSm. p(Ianr athbele a troe as
financial statements. principles and accounting policy the analytical in preparing in preparing policy best suiting be disclosed. existing in preparing 7 to the financial in preparing where there are
guidelines applied for the management financial financial the characteristics acceptable financial statements and financial no SAS,
Appropriate to disclose applied in preparation of the report, which is statements and statements (EAL and alternatives. statements. Administrators statements and assistance should
policy for each issue not preparing the financial submitted, to the conform to the §18.6, Appendix circumstances of Report) is not conform to the be found in the
covered by existing IAS. financial statements. tax inspectorate. requirements set 3) and conform to the entrepreneur Include as a part considered requirements set relevant IAS.)
Msftsaiswmhiettnsiaaaetp amhttty eehann eIbmmercoAdaie taSseeite aelepnns) t s.cre ttc tes toloooay sn(m ft etr efdhceonpm oeclntolem ooeofndimwntnpee tiaalnmsn,ia snt g oen co arntcif ha dietnelhe ed • svmauatssaelesutauedasmm.t uiopreentnim otasnen;s nd t Acaapretsoehtoxdcla plpcalao itsooclenpnairiugmgtnetneenneusaeddtisa ftin m nio lcii tngnrfsuayi n.sna na ttn onb tceei a l oAar ecucgctt u oianluan nAtdito cinncgso .u nting tsg heueti d oreeulqitn uienirs eE.m AeSnBts’s sawsmmiA Wmhpncheeiaepdttita.chlcl h lepnh iionbfmus yds e t teoh sth ihfnn faeoa et l rilwn nm drgie t itdnh gis, oifsIdlcenniotnfiafss moaptcsthernrl pemaomcr csiaeaaetuidhtlcnri odeeetnsins t.i so taoinvr eeath .l e andvaiosadnatdeolfisa ss lstetptuocthheueqala eesomtmurht tsispafuoepeiehrntrn tnee eoiat ot phsuns(naet l chfdsar riea o anu tmldi so e nd oAarPcnfsieotncuocragemcatttt eu osenianpsleumcan onnitAtdaoneitto celi en ntncdhntgsos et a. u isnn tatinh ge
framework of the the accounting (recommended as
accounting policy, principles and the the second part,
amongst other reasons therefor). immediately
following the first
things, those
Under the RAS part - general
rules,
(Annex 7 to the information).
prescriptions and
financial
methods statements and
characteristic of
Administrators
the entrepreneur
Report) the
shall be specified
disclosure can be
which establish
split between two
what the
places and the
entrepreneur
disclosure
considers
required is not
significant from an
considered
accounting point
adequate.
of view.

Materiality Each material item should Not specified. Financial No such principle Comparable to Headings and Headings and Not specified Comparable to Standard form of Not specified. Headings and Headings and Prescribed format (Preface to SAS,
and be presented separately in However statements should exists. IAS. specific items specific items IAS financial specific items specific items for presentation. 3. The Systematic
aggregatio the financial statements. headings and be prepared must be must be statement items is must be must be of SAS)
n specific items according to the presented in the presented in the defined. presented in the presented in the • There is a
Ibmem agagterreiagla atemdo wuinthts should mpruesste bnete d in the cmoantceeripatl iotyf as oinr dtheer pbraelsacnrcibee d oinr dtheer pbraelsacnrcibee d oinr dtheer pbraelsacnrcibee d oinr dtheer pbraelsacnrcibee d gTehnee nraolt erus leto: the CIAoSm. p(Ianr athbele a troe as
amounts of a similar nature order prescribed specified by the sheet and income sheet and income sheet and income sheet and income financial where there are
or function and need not be in the balance Accounting Law. statement formats statement formats statement formats statement formats statements no SAS,
presented separately. sheet and income prescribed by the prescribed by law. prescribed by AL. prescribed by law. should contain assistance should
statement formats law. all facts be found in the
prescribed by law. Sub-headings Sub-headings important to an relevant IAS.)
may be added in may be added in understanding
Sub-headings order to present order to present of the current
may be added in material items material items period’s
order to present separately separately financial
5
Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
material items separately. separately. financial
separately. statements.

Offsetting Assets and liabilities should The offsetting of Assets and Assets and Comparable to Offset of assets The offsetting of Revenues and Comparable to Comparable to Assets and The offsetting of The offsetting of Offset of assets (Preface to the
not be offset except where assets and liabilities, income liabilities should IAS. and liabilities assets and costs IAS IAS. liabilities, items of assets and assets and and liabilities is SAS, 3. The
offsetting is required or liabilities or and expenses not be offset permitted only liabilities or (expenditures), income and liabilities or liabilities or generally Systematic of
permitted by another income and should not be except where when there is a income and and receivables expenses, income and income and permitted only SAS)
International Accounting expenses is not offset except offsetting is legal right of set- expenses is not and liabilities may extraordinary expenses, is not expenses is not when there is a
Standard. permitted. where offsetting is required or off. The offsetting permitted, with the not be offset gains and losses permitted. permitted, with the legal right of set Comparable to
permitted by permitted by of income and exception of against one should not be exception of off – specifically IAS.
Items of income and The accounting another NAS, or is another expenses is not special cases another (principle offset except special cases only when short- (In the areas
expense should be offset standards and necessary for Belarussian permitted. dealt with in of gross where offsetting is dealt with in term receivables where there are
when, and only when: guidelines do not better Accounting Rule. accounting settlement). required or accounting and liabilities are no SAS,
• apne rImAiSts r iet;q ourir es or despexceaecl piwatilit ohcna ss eosr in utahncetdi vneiartsyt utoarfne td hoinef g th oef Iatenmd es xopfe inncsoem e sgtuainddealinrdess .a nd permitted by law. sgtuainddealinrdess .a nd dtdhueeeb s tofarrom/cmere /ddiutoer tion abreesls efiovsautannntd cI Aien S st.hh)e o uld
• gains, losses and related this regard. entity. should be offset the same currency
only when
expenses arise from the Belarussian from or to the
same or similar same person in
Accounting Rules
transactions and events the same
require or permit
that are not material. currency,
it.

Offsetting of
income and
expenses is not
permitted.

Comparati Unless an IAS permits or The balance sheet The balance Unless the Comparable to Comparative Comparative Comparable to Current Comparative Comparative Comparative Comparable to (Preface to the
ve requires otherwise, and the income sheet, the income Belarussian IAS. information should information The balance IAS accounting year information should information information IAS, except that SAS, 3. The
informatio comparative information statement should statement and the Accounting Rules be disclosed in required sheet, the income and at least one be disclosed in required required. reclassification of systematic of
n should be disclosed in contain cash-flow permits or respect of the statement and the previous year data respect of the comparative SAS)
respect of the previous information in statement should requires previous period Comparable to cash-flow have to be previous period Comparative If restatements amounts is not
period for all numerical respect of the contain otherwise, for all numerical IAS comparative statement should presented in the for all numerical information shall are made, allowed. Comparable to
information in the financial previous period. comparative comparative information in the information shall contain annual financial information in the be restated. disclosure is IAS. (In the areas
statements. information in information should financial be restated. comparative statements. If it is financial Disclosure is required, of the where there are
respect of the be disclosed in statements. Disclosure is information in impossible to statements. required of the nature of the no SAS,
Comparative information previous period. respect of the required, of the respect of the compare data of nature of the restatement. assistance should
should be included in previous period Comparative nature of the previous period. current and Comparative restatement. be found in the
narrative and descriptive When the for all numerical information should restatement. When the previous periods information should When it is relevant IAS.)
information when it is presentation or information in the be included in presentation or because of be included in impracticable to
relevant to an classification of financial narrative and classification of changes in narrative and state the
understanding of the items in the statements, descriptive items in the accounting descriptive comparatives the
current period’s financial financial except cash flows information when financial methodology, information when reasons have to
statements. statements is and statement of it is relevant to an statements is information on it is relevant to an be disclosed.
Wcfaarinmielnmamachaptslueoeanrsrnuansceifdncs ii,atctet ihisaflacdi e emsats, idt obphaco,nlroot ueeeu umn osmntltodfepl eeo inatdbsnfetr,oeasat msa ttsii intsovio s dine.si n o Ttrhh ee acabmrtfhoeommeereqm m reeounepntuiaer catdnetwlh.aretm aes sdr t esesi,v nihpfeitooes urd toli dntfo g equity. utpsNoaahtnlfemoale ocdr t oirwoeceoeuummrdecnsr’dlsperttaase. an sf nniritsnssdati a .fit niincvgcae it oaiofl n acabmrtfhoeommeereqm m reeounepntuiaer catdnetwlh.aretm aes sdr t esesi,v nihpfeitooes urd toli dntfo g rtttfsTrhohieetnoae eccabgta a enaeNellcmccn torhuiuneateelelufalanl rsaett te iwslcoa d.tinb et hsdod au thhittnaa e s utps Wpchtlnreaaeehdrst sieeceosenumrdinfs r’itcsertthaae anefntnittin iosdto a.nin nn ogcor ifo a fl
reason for any used for items in the
reclassification should be comparison, there financial
disclosed. must be statements is
presented the amended,
When it is impracticable to data calculated comparative
reclassify comparative assuming no amounts are not
amounts, disclose the changes in reclassified. In
reason for not reclassifying accounting such a case
and the nature of the methodology information
changes that would have during the allowing
been made if amounts were accounting period. comparison of
reclassified. current period’s
financial
statements with
not reclassified
prior year financial
statements should
be included in the
notes to the
accounts.

Classificat Enterprise can choose A distinction A distinction An enterprise Comparable to The prescribed The current/non- The division of the Comparable to Separate No specific The current/non- The current/non- Enterprises (SAS 24, 9)
ion as to whether or not to present between current between current must present IAS format regulates current distinction balance sheet, as IAS. classifications for requirement – but current distinction current distinction should present Current and non-
current/no current and non-current and non-current and non-current current and non- the classification is mandatory. well as further current and non- financial is mandatory. is made in the current and non- current assets and
n-current assets and current and assets and assets and current assets and of assets. The rules regarding current assets and statements prescribed format current assets and current and non-
non-current liabilities as liabilities should liabilities should current and non- current/non- Assets and the contents of the liabilities are formats described Assets and of balance sheet. current and non- current liabilities
separate classifications. be made on the be made on the current liabilities current distinction liabilities are individual items is required. in the Accounting liabilities are current liabilities are required to be
f f f f
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Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
face of the face of the as separate is mandatory. presented in order contained in Act specify presented in order Assets and as separate items classified and
Where this distinction is not balance sheet, balance sheet, classifications. of their liquidity. Schedule No. 1. separate heads of their liquidity. liabilities are in the prescribed disclosed
made assets and liabilities based on 12 based on 12 Assets and for fixed assets presented in order format of financial separately.
should be presented months after the months after the The regulatory liabilities are The notes to Assets shall be and current The notes to of their liquidity. statements
broadly in order of their balance sheet balance sheet bodies in each presented in order financial divided into assets. financial (except long-term Short –term
liquidity. date for recovery date for recovery industry of their liquidity. statements shall invested assets statements shall The notes to receivables are liabilities are those
or settlement. or settlement. established official disclose and current assets disclose financial presented under which are going to
For each asset and liability charts of The notes to information about on the basis of information about statements shall current assets) be settled within
item that combines Assets and accounts, which financial the recovery or their purpose and the recovery or disclose the split one year.
amounts expected to be liabilities are prescribe strict statements shall settlement of utilization. settlement of of amounts to be Assets and
recovered or settled before presented in order separate disclose monetary non- In the balance monetary non- recovered or liabilities are
and after 12 months from of their liquidity. classification of information about current assets and sheet, equity, current assets and settled between generally
the balance sheet date, the current and non- the recovery or liabilities. provisions, liabilities. current (less than presented in
amount expected to be current assets and settlement of liabilities, and one year) and descending order
recovered or settled after liabilities. monetary non- accrued expenses non-current (more of their liquidity
12 months should be current assets and
and deferred than one year). (from fixed assets
disclosed. Exception: A liabilities.
income shall be to cash)
peculiarity of
presentation of entered among
liabilities.
the financial
reports by
Byelorussian
corporate entities
is non-separation
of current and
non-current
accounts
receivable and
payable.

Current A current asset is an asset A current asset is Current assets are A current asset is Comparable to Comparable to Comparable to A current asset is Comparable to Comparable to Not specified - but Comparable to Not specified, but Comparable to (SAS 24, 5, 6)
assets which: an asset, which is listed in the an asset which: IAS. IAS. IAS. an asset, which is IAS IAS. financial IAS. in practice is IAS. Comparable to
• is expected to be erexapleizcetedd w tioth bine 12 Aancdc ocuonmtinpgri sLea owf : • is expected to erexapleizcetedd w tioth bine 12 sfotarmteamtse ndtess cribed cIAoSm. parable to IAS.
rceoanlsizuemd,e sdo ilnd tohre normal mbaolannthcse osfh teheet • inventory- bsoel dre oarl ized, mbaolannthcse osfh teheet iAnc tth ien cAlucdceo unting
course of the enterprise’s date. materials, consumed in date. inventories,
operating cycle; finished goods, the normal
therein. receivables (other
stock, work in course of the
• is held primarily for progress etc.; enterprise’s than long-term),
trading purposes or for operating cycle; short term
the short-term and is • short-term investments and
expected to be realized receivables- • is held primarily cash under
within 12 months of the expected to be for trading current assets
balance sheet date; or recovered purposes or for heading.
within 12 the short-term
• is cash or a cash months after the and is expected
equivalent asset, which is balance sheet to be realized
not restricted in its use. date; within 12
months from the
All other assets to be • short-term balance sheet
classified as non-current. investments- date; or
held primarily
for trading • is cash or a
purposes or cash equivalent
expected to be asset, which is
realized within not restricted in
12 months after its use.
the balance
sheet date; and All other assets
should be
• cash in hand classified as non-
and at bank current.
accounts.

Current A liability is classified as A liability is Current liabilities A liability is Comparable to A liability is Comparable to A liability is Comparable to Comparable to Not specified – in Comparable to Not specified, but Comparable to (SAS 24, 9, 11)
liability current when it: classified as include: classified as IAS. classified as IAS. classified as IAS. IAS. practice failing IAS. in practice is IAS. Short-term
• iitsnh eeth xeepn entecortrepmdria stelo c’ sbo eou prsseeert atoletfin dg cdwoufui trtehhr eietnon b 1tb aw2el ha mseneonctne tiltte h idss •• tsrhaodret- tcerremdi tloorasn s c• uibrsree e nsxtep wtetlhceetden di ni tt :ot h e c• uisrsree dtntulte ewd thwoe ibtnhe ii nt: 12 cdwoufui trtehhr eietnon b 1tb aw2el ha mseneonctne tiltte h idss dy Peuuaebr l.bi celyfo trrea doende cIAoSm. parable to llsyiiaaeebbattiirllle.ii ttdiiee wss itatohr eibn e o ne
cycle; or sheet date. • advances from normal course months of the sheet date companies should
of the balance sheet
• is due to be settled within customers enterprise’s date ; or show current Long-term
1sh2e meto dnathtes. of the balance • liabilities due to oorp erating cycle; • represent pteorrmtio lnia boifl iltoiensg - lliiaabbiilliittiieess taor eb e
the state. current part of separately under settled within a
Lcoonntgin-tueerm to l ibaeb icliltaiesss isfiheodu alds • isse dttuleed two ibthei n 12 l(oi.neg. ptearrmt o lfo laona n, ‘hceuarrdeinngt .li abilities’ poenrei oyde aerx.c eeding
non-current, even when months of the which will be
they are due to be settled date of the repaid within 12
within 12 months of the liability months).
7
Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
balance sheet date, if: recognition.

• the original term was for Long-term
a period of more than liabilities should
twelve months; continue to be
classified as non-
• the enterprise intends to current, even
refinance the obligation when they are due
on a long-term basis; and to be settled
within 12 months
• that intention is of the balance
supported by an sheet date, if:
agreement to refinance,
or to reschedule • the original term
payments, which is was for a period
completed before the of more than
financial statements are twelve months;
approved.
The above
Any amount excluded from statements do not
current liabilities on this relate to trade
basis should be disclosed, payables that are
together with the classified as
justification. current liabilities.

General Disclose prominently: Disclose Disclose Disclose Comparable to Comparable to Comparable to Disclose Comparable to Comparable to Generally Comparable to Comparable to Disclose: (No SAS covers
ds isclosure • noathmere idoef netniftiecraptrioisne; or p• ronmaminee,n ltelyg: al p• ronmaminee,n ltelyg: al p• ronmaminee notfl y: IAS. IIAn Sa.d dition the IpinArteSros, edenuxtcceteidop nitn it to i s p rominently: IAS. I A• S extcheep tf inthaant:c ial cI AoSm. parable to I AS. I NAoS c onsolidation • name of tBphreiassc tat icrceuear:r ednirte ctly)
•• wsigttfnhhitnrhadeeoaeti uvenpbtpihmcead eirlouaaeirofal nn tdelshct s etneeca nt c otesfetoiverhnmpvereaperreenierrsnti cdes ttidh esasbae;; ly ot e rt haoe r • fiattstcnhhhohonceeerevdmo eepeb ra,rptena e dcdortldaedoiaro nrarubtdpeectnyi rseo ti asrst nyhn e o edo;f f • fiattstcnhhhohonceeerevdmo eepeb ra,rptena e dcdortldaedoiaro nrarubtdpeectnyi rseo ti asrst nyhn e o edo;f f • eoitstcfdhhihonnteeheevatne e eenpbtrrrticeap fe iidrlracdaiiaosal n btedteciy oe o ont rhr; e fib••no eflteonol ohdsafrwe mitcmsa iocdnabelmagtolsiito ssp eonhea fo md nsf:yh e ;on ut ld aor ern pninou rmat.l aancacgoeumntesn t •• neoiwfscdiotnnathaehvatmetneeeenttrrehrmicp f eiitoracheirfsal en teth tis oeo n r; • scpftcfsohiaottnraaraenma ttnms eennp emmcoooaninratneete eelbynn d ,ett ss Rdsiiufssnitinni geafsroadcnqeterneluilmofemcriisscrviaaeetuaaatl nrin nonetttnsd ot.,io n fw gathh lolei cf h apR TpamrrcrhAaeeicnenSp ocp aan.uir pgraeneaetstudslme r anuaeectnr netaeidvtdn ei dtirin e s • eoiwfscidniotnnthaedhvatetnieeeventtrrihrmicp df eiitruacheirsaal en telth t is oeo n r; D•• isneoitdhcnateheltmonee dstrreiuop f irmorceifsa iscet:ii oloenr
• tahned r eporting currency; fsitnaatenmciaeln ts; fsitnaatenmciaeln ts; • sthtaet erempeonrttisn;g swohrh amicrehoh roeow lodnfe 2rs0,% ienndtievripdruisael or a cpinar enns aoetninoltyne adbl e r eport egnroteurpp roisf e or a aonf tdh ele gal form
• the date of • the date of currency; and registered group of currency; enterprises; enterprise,
• tuofhinsfe eath dnlee civ nifaei gllt husoertfea ppsterr eiemncs eietshnnieottsa n.t ion sfsiitngaanteninmcgiae tln htes ; sfsiitngaanteninmcgiae lon ft sth. e • tpinhr eeth cleeis vioenl o uf sed caopamweprnocieteuarnnls,tt h, t ohipfe ti hne ir • etsthhhneeet eepbrteap drlraiiaosntdeec se o; r • apifninrm etahosneeuc nniattesl d • tstchhhoeeev eepbrteae drldaiao nbtdecy e ot hr e • ciaanon cdudoen rasptrcdoyrd ripoaretfti isoosnn; of
In addition the notes should presentation of description of covered by the statements financial the nature of
disclose: tthhee ffiignuarnecsia iln cahccaonugnetsin ign the fsitnaatenmciaeln ts; cina nsi nognlley be statements; tohpee eranttieornpsr iasned’s
• the domicile and legal statements. period provided units or • the reporting its principal
form of the enterprise, In addition the in business • the reporting thousands currency; and activities;
country of incorporation register; currency; and of units of
and address; notes should the national • the level of • the name of the
disclose: • description of • the level of currency – precision used parent
• a description of the • the domicile organization precision used litas. in the enterprise and
nature of the enterprise’s and legal form structure and its in the presentation of ultimate parent
operations and its of the significant presentation of financial enterprise of the
principal activities; enterprise, changes during the figures in statements (full group;
accounting the financial disclosure,
• the name of the parent country of period; statements. condensed • the balance
incorporation
enterprise and ultimate disclosure) sheet date or
parent enterprise of the and address; • names of In addition the the period
group; and members of notes should • the domicile covered by the
statutory and disclose: and legal form financial
• either the number of supervisory of the statements;
employees at the end of boards as of enterprise,
the period or the average balance sheet • the domicile country of • the reporting
for the period. date; and legal form incorporation currency;
of the and address;
• average enterprise, • the level of
number of country of • a description of precision used
employees split incorporation the nature of in the
into and address; the enterprise’s presentation of
management operations and the figures in
and employees, • a description of its principal the financial
amount of the nature of activities; statements;
personal costs the enterprise’s
per mentioned operations and • the name of the • whether the
group, bonuses its principal parent financial
paid to activities; enterprise and statements
members ultimate parent cover the
supervisory and • the name of the enterprise of the individual
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Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
statutory parent group; enterprise or a
boards; and enterprise and group of
ultimate parent • the average of enterprises;
• amount of enterprise of the employees for
loans, group; and the period, • ownership
borrowings, management structure;
guarantees • either the from it;
given to number of • type of format of
shareholders, employees at balance sheet,
partners, the end of the income
members of period or the statement and
supervisory and average for the funds flow
statutory period. statement;
boards.
• name of the
general director
and other
members of the
board of
directors.

Reporting Financial statements should Generally, Financial Reporting period A 31 Dec year- Czech Accounting The financial year Financial Comparable to Comparable to Financial The financial year The financial year (SAS 23)
Period generally be presented at financial statements should for enterprises is end is not Law specifies that is 12 months. The statements should IAS. IAS. statements should is 12 months from is 12 months from The Slovak Financial
least annually. statements should generally be regarded as being mandatory. the accounting following generally be generally be January 1 to January 1 to Accounting Law statements need
be presented at presented at least from January 1 to However the tax year should be accounting presented presented December 31. December 31. specifies that the to be presented at
In exceptional least annually. annually. December 31. year-end is 31 January 1 to periods are annually in each annually, except accounting year least annually. No
circumstances, where the Any exceptions Dec with returns December 31. permitted: case. in the first Subsidiaries and The financial should be January exceptions
balance sheet date is should be The financial year The first reporting due by 30 April in reporting period parent companies statements are 1 to December 31. possible.
changed and the financial authorized by the is 12 months for year for the new following year. The accounting Jan.1 – Dec.31; after incorporation must use the mandatory to be
statements are presented Ministry of the year ended 31 company (that are period of an April 1 – March or after change in same financial issued at least The accounting
for a period longer or Finance. December. registered until the accounting entity 31; a reporting period, year. annually and in period of an entity
sd••• histftobtochhhinterleheetoaien e snrpfrgraee ce t cta:hiurh atsia soalto nehdnsn do t o cao;sfn ootneaeevren m ea ydyree eepandaert rsr,b i;oy d t he Ifspstfsdnhaihetneias acopatrctthni raenolset ormceodh asicr naoete/aeellunod sl lytny.des eg bwaceeorrh vteheriers OftreDcaatrhheornfoeceetegmedmtc iofrsssrepi ebt trOtmaroashgeattnnceibr etsrt ii eeoo 1etdersnbspa r t3 eoett)aeh1r rdns t a,1 iot dntafsf o g rtr t s cbobaslmcaohoarscuuno o mtssstuigneevriinnnemttrisehtmeedri er esdsset i.nhsbnissr s,Ica u an IcaimAnttn l icot nnSgha1tsigo o.vy2ui tt is i ’rtbtsyeese JO PbtMFaohucetieciehnncl rty esao.miE s1orn1u ts iuct rsn–ht–ygeost a iSh inoJntonoteuifg na fpnt ru nhpsotes .oehm3 e3sra0 ie 0oal.l ; dn ircomneor op uwlonolhdntrhit gcibsnhee.g r c sptahhesaorenirots ed1 r 2 Ncpierocr muemxitctseetdpa.tn iocneasl are cc TFdfsadiatenealihasnsaacteoteaeeins d snM bemcoe cei oiaf oeen t tlmhifh ni s csaaetsatesrtcrun r y tcgtei hvaoedainfrt yna o. t r ctbaslmcdsoehoiaicumnsroomstsmcignevirillnemttoiaisenhtersir er east stu ha.nhstbs ries,Incaue n imgnt un it snnghia1t od soy2ote s rbre e
comparative amounts for year starts from listed above (EAL the end of the IAS.
the date of the
the income statement, §17.2) financial year.
state registration
changes in equity, cash
and ends on the
flows and related notes Subsidiaries and
December 31 in
are not comparable. parent’s must use
the next year.
the same financial
Budget year. No
companies submit permission is
on monthly, required for these
quarterly and changes (EAL
annual basis their §17.4)
financials to the
high-level The accounting
authorities. period of an
accounting entity
Banks provide commencing it’s
National Bank of business activity,
Belarus with their changing its fiscal
daily balances year or
and statutory terminating its
audited balances business
on annual basis. activities, may be
shorter than 12
months, but may
not exceed 18
months (EAL
§17.3)

General Disclose: Comparable to Disclose: Financial Comparable to Comparable to Comparable to The following shall Comparable to Not defined. Disclose: Only contingent No such (Preface to the
ds i–s closure • restrictions on title to ItAheS a(pdpisecnlodsixe)d in • contingent sBtealtaermusesniatsn o f IAS. IdAisSc leoxscuerep t ItAheS n(odtisecsl)o. sed in bthee insutrpopdluecmeedn inta ry IAS. • security given in aliasbseilittsie asn (dif dreisqculioresudr aess paerer CIAoSm epxacreapbtl eth teo SSyAsSte, m3.a Ttihce o f
balance assets; assets and corporate regarding pension notes: respect of possible to the prescribed disclosure SAS)
sheet • soef cliuarbiitlyit igeisv;e n in respect Acfuomtmuormeu nietttxsep de fnodr iture clqiaoubnaitnliinttiigfeieesdn, ti f cfinionsmatintpucatiianolin ess aarned n ot apspnlaednc srief,i tewirdhe.im che nist not Acfuomtmuormeu nietttxsep de fnodr iture • Of the liabilities • lciaobnitliintigeesn; t qacoummaonmutinfitytts)e adn fdo r ffsoitnaramtenamcti aeoln f ttsh.e rapenlagdna srred itisinr gen mopte ennst ion CI AoSm, peaxcraebplte f otor:
•• tfrcoheoretn i rptmeienmengtseehinnoottnd pa sals anosndfe s pt;sr oavniddi ng imr se apdnoisarctg.l oesmeedn itn the • pseuovbesssneitbsql.eu ;e nt lcfigenooefglomlnoarewlpmlryriania srlglteeyio q tnuh iere d to imrse apdnoisarctg.l oesmeedn itn the ebtothhfnaee ttla e hrfnureeecl mlld eiaa a imbsninhi lotiienhtuieegents ,t , • lrtiieatlsebt irltiiocti teaiossn;s se tosn; feuxtpueren dciatuprieta. l safdsoppdisleeldcoccilwtoiiiffoisiineenugdd rt e:.h sIen a re • nrttohoeof e qp d urmisiorceevlitmodhsioenedng st
contingent liabilities, disclosed maturity of for pension
di t th
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Comparison of International Accounting Standards and Lithuanian Accounting Policies

Albania Bulgaria Byelorussia Croatia Czech Estonia Hungary Latvia Lithuania Poland Republic of Romania Slovakia Slovenia
Topic International (IAS 1)
Republic Macedonia
quantified if possible; and according to the which is longer and
International than five years; • Commitments retirement
• amounts committed for Accounting the full amount from the plans;
future capital Standards: of the liabilities privatization
expenditure. which are contracts;
• restrictions on collateralized by
title to assets; a lien or similar • subordinated
liabilities;
rights, indicating
• security given in
the type and
respect of
form of such
liabilities;
collateral; and
• the methods of • the full amounts
providing for
of any financial
pension and
liabilities, which
retirement
are of
plans;
importance from
• contingent the point of view
of evaluating
assets and
the financial
contingent
situation of the
liabilities,
entrepreneur,
quantified if
but are not
possible; and
shown in the
• amounts balance sheet.
committed for
future capital
expenditure.

Specific As a minimum on the face The balance sheet As a minimum the As a minimum on Comparable to Prescribed format The balance sheet The division of the Balance Sheet: As a minimum on As a minimum on The balance sheet Prescribed format (SAS 24) As a
disclosure of the balance sheet: format complies information to be the face of the IAS. for the balance format complies balance sheet, as the face of the the face of the format complies As per IAS of financial minimum on the
sbsh a–le aent ce • perqoupipemrtye,n pt;l ant and wreexiqtchue iIprAet Smth eant ttsh e dfbaaisclceal noocsfe et hdse ho ene tth ies b• aplarnocpee rstyh,e pelta: nt smbhaaelanendt caiesto sryh.e Teht e wr(EeiqtAhuS iIrABeS,m B eanlatsn ce wrthueelel lsc a orsne tfgeuanrrtthdsei norg f the • Ianstsaentgsi ble b alance sheet: b alance sheet: wreiqthu iIrAeSm ents. Tasasxe ltias btoili tbiees and saretlalq ItuAeimSre editn.e tms sc overs fb aaclea nocfe t hseh eet:
••• ifeinninqvtaauennistygctm-iiabalelc eanc soatssus;esn tetset;sd ; d(pfearnoxilofsecfsmoeghit ra aiietvnthnniecvegc)leu eea d osrre iars dtien. sg is a•• spaia nfnrsotoasdllpeon eetwgsqrist;buy :li ,ep p mlaennt t; • aiacpnonrsconsdlgues erdttersqiuns;u csgitp; i lomenae sinnet d, fdu oenrtdmaeialre tI dAis St hm.a o nr e S heet Accounts). icS Bintoecadnmhliavteasnidd icnauueesal e dsl hNiitneeo em. t1 s. is •• FLfininoivxaneengsdc t tmiaeasrlem sne ttss ••• FIaTanssoatssarnmeengttgiassbi;;tbl ieole n cost; ••• iatalnoassntnassggeen-ittgbtsseil;;ber ml efi x ed dwprNfoeaiiosrcty hc epra leiroobveqstalhseuebeesidlrn ree / tt smoa gteioenntth oefr Ifcmanulpa ratptshnhrseneoi ferpni crrso iauattebtieos- n tos tinh ea •• paiannrstoasdpen eetgsqrit;buy li,ep p mlaennt t;
• inventories; • financial assets; • ianstasentgsi;b le dSecshcerdibueled Nino . 1 • Inventory • Financial long financial assets; minority interests. eandtdeitripornis feo.r Iena ch • linovnegs ttemrmen ts;
• trreacdeeiv aanbdle ost;h er • investments; • financial assets; md ivaiyd ebde. further • Areccceoivuanbtsle • tAemrmo uanstsse ts; • lroencge-ivtearbmle s; lationm eao niutden mrtse ctpheaeivy aabbllee • treasury stock;
• cash and cash • inventories; • inventories; Invested assets, • Cash receivable after • inventories; from parent • inventories;
equivalents; • trade and other • trade and other caunrdr ednetf earsrseedt s, • Share capital one year; • trade and other esunbtesripdriaisreie, sfe allnodw • non-current
• trade and other payables; receivables; receivables; expenses and and reserves • Stocks and receivables; associates, and receivables;
•• tparxo vliiasbioilnitsie; s and assets; •• cetraqasudhiev aaanlneddn tcosat;h sehr •• cetraqasudhiev aaanlneddn tcosat;h sehr astahhcseac a rlblus abseleeda t nssinch. ecoo wsmhnee ie nt •• PLliaorbonivglii tstieeiosrnm • cpAreormconegotriruvaenacstbtss li; en •• sschaeoschurt r-aittenierdms ;c ash opdtaishrcetilreo srse,e lsdah.t eodu ld be • tcrreuacrdreeeiv naatn b dle ost;h er
• non-current interest- payables; payables; Assets shall be • Current within one year; equivalents; • short term
bearing liabilities; • tax liabilities • tax liabilities divided into liabilities • Investments • deferred investments;
• minority interests; and and assets; and assets; invested assets and term expenses; • cash and cash
• issued capital and • provisions for • provisions; aonn dth ceu rbraesnits a osfs ets CIAoSm. parable to deposits; • equity; equivalents;
Asudrbdetiostietoarnlvsae lss hh. eoaudldin bges and • bdmaoinduo bartnfituydl debts; • cninuotrenrr-eecnusttr -rabenendat ring tu Inhtveilieizrn apttouiorrinpe.os s, e and •• CaCnaadsp hiitn aa lh;t abnadn;k •• plornogv-isteiormns ; • pearerxcevpcepreunaneuisddee ;s and
provided where necessary interests; and liabilities; receivables, liabilities;
for a proper understanding. • issued capital • issued capital securities and • Share premium • short-term • equity:
Other line items may be liquid assets shall account;
prescribed by specific IAS. and reserves. and reserves. be placed in the liabilities; • basic
Amounts payable Additional group of current • Revaluation • accruals and capital,
Ebnaoitlthaeensr c -oe fn us rhtthheeee rtf asocure bi n-o ft hthee tfeorno atmenr dpp rarisereecne, ti vable hsbueeb aptdoriotnavglisds esadhn odwu hlde re aIsnhs estheeetts eb. qaulaitnyc, e- • rReesseervrvee; s; dinecfoemrreed. • sphreamrei um,
classifications in a manner subsidiaries and necessary for a provisions, • Profit (loss) Additional • reserves,
appropriate to the associates, and proper liabilities, and brought headings and
enterprise’s circumstances. other related understanding. accrued expenses forward; subtotals should • retained
For each line item, parties should be Other line items and deferred be provided by earnings,
stpoea garernendgt raeetnecte eairvmparoibsuleen, t fsfreo plmloa wya ble sosthfa ettheeedt. boanl athnece f ace mbstyaa styup bteoecr yipf irrcue lsecsr.i bed ielniancbtoeilmriteieed s sa.h maoll nbge •• PProosvtpisoionnesd; msizeed icuomm apnadn ileasr.g e • rne, valuatio
taxes;
subsidiaries and associates Either on the face Equity is • current
and other related parties. of the balance composed of • Amounts year profit
sheetorinthe issuedcapital- payable after or loss;
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