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Ministry of Finance updated the program of developing standards of accounting

The agency approved a program to develop accounting standards for 2019–2021 and declared last year’s order invalid.

The proposed dates for the coming into force of the following standards are shifted to a later date:

  • from 2019 to 2021 – “Inventories”;
  • from 2020 to 2021 – “Intangible assets”, “Fixed assets”, “Capital investments in progress”, “Documents and document flow in accounting”;
  • from 2021 to 2022 – “Participation in dependent organizations and joint activities”;
  • from 2022 to 2023 – “Expenses”.

Two standards have been excluded from the program: “Receivables and payables (including debt costs)” and “Mineral extraction”.

Instead, a new one appeared – “Debt Costs”, which should come into force for mandatory use from 2022.