RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of October 31, 2011 No. 113

About approval of the Instruction for financial accounting of deferred tax assets and obligations

Based on subitem 4.32 of item 4 and Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585 "Questions of the Ministry of Finance of the Republic of Belarus", the Ministry of Finance of the Republic of Belarus DECIDES:

1. Approve the enclosed Instruction for financial accounting of deferred tax assets and obligations.

2. This resolution becomes effective since January 1, 2012.

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of October 31, 2011 No. 113

Instruction for financial accounting of deferred tax assets and obligations

CHAPTER 1 GENERAL PROVISIONS

1. This Instruction determines procedure for reflection in financial accounting of deferred tax assets and deferred tax liabilities in commercial and non-profit organizations (except for banks, other non-bank creditnofinansovy organizations, state-financed organizations) (further - the organizations).

2. For the purposes of this Instruction the following basic concepts and their determinations are applied:

current tax on profit - the tax amount on profit determined proceeding from taxable profit for the current accounting period according to the legislation;

expense (income) on the income tax - the tax amount on profit determined proceeding from accounting profit (loss);

accounting profit (loss) - difference between the income and expenses determined according to the legislation on financial accounting and the reporting;

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