RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of June 25, 2013 No. 392

About approval of the National accounting standard 12th "Income taxes" (NSFO 12)

Based on the paragraph of the thirty fifth of Article 26 and part one of article 39 of the Bank code of the Republic of Belarus the Board of National Bank of the Republic of Belarus DECIDES:

1. Approve the enclosed National accounting standard 12th "Income taxes" (NSFO 12).

2. This resolution becomes effective since January 1, 2014 and is applied in case of creation of the financial reporting for 2014 and the next years, except for creation of the financial reporting regarding comparative information for 2013.

Approved by the Resolution of Board of National Bank of the Republic of Belarus of June 25, 2013, No. 392

National accounting standard 12th "Income taxes" (NSFO 12)

Chapter 1. General provisions

1. This Standard is developed according to the International Financial Reporting Standard 12 "Income taxes" approved by Council for international accounting standards.

2. The requirements established by this Standard are obligatory for execution by banks and non-bank credit and financial organizations of the Republic of Belarus (further - banks).

3. The purpose of this Standard consists in establishment of the principles of recognition and assessment in financial accounting of deferred tax assets and deferred tax liabilities, procedure for determination of current tax on profit and disclosures in the financial reporting of bank of information on them.

4. For the purposes of this Standard following terms are used in the following values:

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