By Andrey Anikeev
Mikhail Matovnikov, the Executive Director of the Russian Interfax Business Service, has told the first Belarusian IR Forum that Belarusian companies are ready for the development. Vladimir Khlabordov, the Head of the Legal Department at the Belarusian Economy Ministry, is in agreement. He notes that one of the Economy Ministry’s primary goals is to increase the volume of direct injections.
Speaking of Belarusian companies’ shift to international financial reporting standards, Mr. Matovnikov stressed that the IFRS requires special skills and highly trained staff. However, he believes there is no need for the large-scale application of international financial reporting standards across Belarus. He views the lack of availability of financial information on Belarusian commercial organisations as among the main obstacles to foreign direct investment in Belarus. “Non-transparency of enterprises is often the result of decisions taken by the owners,” he noted. “Businesses must find the balance between disclosure of financial information needed by investors and economic secrets.”