KOSZTY DZIAŁALNOŚCI ZAKŁADÓW UBEZPIECZEŃ NA BIAŁORUSI I W ROSJI
OPERATING COSTS OF INSURANCE COMPANIES IN BYELORUSSIA AND RUSSIA

Summary/Abstract: The shift from a centrally controlled economy to a free market economy triggered the development of the insurance market in such countries as Byelorussia and Russia. Although some time has passed and the International Financial Reporting Standards (IFRS) are being gradually implemented, cost accounting and classification for the purposes of accounting and reporting have certain particular characteristics. In the case of Byelorussia these costs are also subject to special legal regulations. This gives rise to doubts regarding the credibility of the information disclosed in the financial statements. The objective of this article is to analyse the differences in cost classification made according to the national standards (Russian and Byelorussian) and according to the IFRS. The literature and legislation of these countries constitute the subject of research. The employed research methods include analysis and deductive reasoning. The case study is based on the reporting information of two selected companies.

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