of May 31, 2021 No. 2021-P-14/29-3-(PS)
About approval of the Provision "About the Main Requirements to Accounting Policy of Operators of Payment Systems / Payment Institutes"
According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:
2. To legal management:
- publish this resolution on the official website of National Bank of the Kyrgyz Republic;
- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.
4. To management of payment systems to bring this resolution to the attention of operators of payment systems and payment institutes, OYuL "Association of Operators of KG Payment Service Providers".
5. To department of development of official language and document flow to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.
6. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of payment systems.
Chairman of National Bank of the Kyrgyz Republic
to the Resolution of Board of National Bank of the Kyrgyz Republic of May 31, 2021 No. 2021-P-14/29-3-(PS)
1. This Provision establishes the main requirements imposed by National Bank of the Kyrgyz Republic to accounting policy of operators of payment systems / the payment institutes (further - OPS/PO) which are acting on the basis of the granted license of National Bank of the Kyrgyz Republic (further - National Bank) according to the legislation of the Kyrgyz Republic.
2. Accounting policy of OPS/PO is set of the specific principles, bases, commonly accepted conditions, rules and practical approaches accepted by OPS/PO by preparation and accounts presentation to users.
3. The purpose of accounting policy of OPS/PO is creation of the single system of financial accounting which is providing complete and fair presentation of the financial reporting and being its cornerstone of OPS/PO internal control system.
4. The management of OPS/PO shall determine, approve and apply accounting policy for the purpose of compliance of accounting data and the financial reporting OPS/PO to requirements of each International accounting standard, applicable for activities of OPS/PO (further - IFRS).
5. When forming accounting policy of OPS/PO shall be guided:
- The law of the Kyrgyz Republic "About financial accounting";
- the regulatory legal acts (further - the NPA) the Kyrgyz Republic regulating activities of OPS/PO;
- The provision "About Document Flow in Financial Accounting of Subjects of Entrepreneurship, Non-profit Organizations (Except for Budgetary Institutions)" approved by the order of the Government of the Kyrgyz Republic of October 7, 2010 No. 231.
6. The format of accounting policy of OPS/PO is chosen OPS/PO independently. The main requirement to it is compliance to the methodological principles of IFRS and complete scope of the questions connected with the organization of financial accounting and internal control system. The structure of accounting policy of OPS/PO recommended for use is provided in Appendix to this Provision.
7. Accounting policy of OPS/PO is created by one of the following methods:
- general the procedure and accounting principles concerning each transaction type are described in separate policy;
- the procedure and accounting principles of transactions of OPS/PO are described in one policy with reflection of each transaction type in the separate Section.
8. Accounting policy shall provide forming of the financial reporting taking into account conceptual bases of accounts presentation, and also proceeding from the following fundamental accounting principles: continuity, clearness, relevance, materiality, reliability, completeness, neutrality, prevalence of essence over form, discretion, comparability, truthful representation.
9. When forming accounting policy of OPS/PO accounting policy, changes in accounting valuations and mistakes shall adhere to IFRS (IAS) 8 "" Which determines two main approaches to forming of accounting policy:
1) in that case when any IFRS are applied to transaction, other event or condition, accounting policy of OPS/PO or its provision, applied to this object of accounting, shall be determined by application of these IFRS;
2) in case of inapplicability of IFRS to any transactions, other events or conditions the management of OPS/PO shall use own judgment in case of development and application of accounting policy for forming of information which shall be pertinent and reliable. At the same time the used own judgment shall be allocated or described.
10. Accounting policy shall include the detailed description of practice and the organization of financial accounting in OPS/PO according to IFRS:
a) the charts of accounts of financial accounting and procedure for forming of the financial reporting approved in OPS/PO;
b) recognition criteria, classification, disposals or closings of each financial statement element: assets, obligations, capital, income and expenses of OPS/PO;
c) the estimates of financial statement elements applied in OPS/PO and the concept of maintenance of the capital;
d) the accounting types applied in OPS/PO, their purpose and value (balance sheet, off-balance and stand-alone);
e) the conditions allowing changes of accounting policy of OPS/PO, accounting valuations; procedure for carrying out inventory count of assets and liabilities; rules of document flow in financial accounting;
e) other bases and accounting rules which are not contradicting IFRS, accepted in OPS/PO.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system
If you cannot find the required document, or you do not know where to begin, go to Help section.
In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.
You also may open the section Frequently asked questions. This section provides answers to questions set by users.