IBC Committee proposes to amend the financial statement document

There is a trend in the world practice to reduce any kind of reporting provided to government agencies.

However, the new Regulation on the procedure for reporting (information) and disclosure of information by financial market entities is contrary to all progressive trends and complicates the business activity, concluded the participants of the IBC Fiscal Policy Committee meeting on February 14.

The participants proposed to form the IBC position reference on this issue with a request to change the Regulations terms and create more comfortable conditions for business activities.

The meeting also considered issues such as the application of the IFRS 16 in tax accounting, as well as the emergence of material benefits for taxation in cases when the company sells its fixed assets to its employees (for example, cars) at reduced prices.