Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of August 12, 2022 No. 454

About approval of the Procedure for the translation into state language and publications of audit standards, standards of quality control, the accompanying standards, the Code of ethics of professional accountants, international accounting standards and international accounting standards for subjects of small and medium business

For the purpose of realization of Item 2 of part 1 of article 19 of the Law of the Kyrgyz Republic "About auditor activities" and parts 2 of article 6 of the Law of the Kyrgyz Republic "About financial accounting", in compliance articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve the Procedure for the translation into state language and publications of audit standards, standards of quality control, the accompanying standards, the Code of ethics of professional accountants, international accounting standards and international accounting standards for subjects of small and medium business according to appendix to this resolution.

2. This resolution becomes effective after seven days from the date of official publication.

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of August 12, 2022 No. 454

Procedure for the translation into state language and publications of audit standards, standards of quality control, the accompanying standards, the Code of ethics of professional accountants, international accounting standards and international accounting standards for subjects of small and medium business

1. General provisions

1. This Procedure for the translation into state language and publications of audit standards, standards of quality control, the accompanying standards, the Code of ethics of professional accountants (further - the Code of ethics), international accounting standards and international accounting standards for subjects of small and medium business (further - the Procedure) regulates the organization and ensuring transfer on state language of audit standards, standards of quality control, the accompanying standards, the Code of ethics, international accounting standards and international accounting standards for subjects of small and medium business (further - international standards) and their publication.

2. Transfer and publication of the international standards applied in auditor activities are performed according to the Policy of the translation of publications accepted by the International federation of accountants (further - MFB).

3. Transfer and publication of the international standards applied in accounting activities are performed according to the License policy of the translations and reproduction of international accounting standards accepted by Fund of international accounting standards (further - IFRS Fund).

2. The basic principles of the organization of the translation of international standards on state language

4. The authorized state body performing auditing regulation, financial accounting, control of activities of auditors, auditing organizations and professional auditor associations (further - the state authorized body) under the organization of the translations of international standards on state language provides:

- translation accuracy, that is implementation of the translation of international standards in full accordance with the purpose, style and contents of the original text of international standards;

- timeliness of the transfer, i.e. implementation of the translation of international standards during reasonable time after acceptance by their relevant organs;

- relevance of the transfer, including regular updating of the translation of international standards according to the changes made to the original text;

- accomplishment by the established MFB and the IFRS Fund accepting international standards, requirements for the translation and reproduction of these standards.

5. The translation of international standards shall be organized so that after studying of international standards in state language, the interested skilled user gained impression about content and sense of international standards identical to international standards in original language. As a result of the translation of international standards clear, grammatical correct text in state language which is accurate translation of international standards in original language shall be developed. In case of application of international standards in state language for establishment of content and sense of these standards their text in original language has priority over the text in state language.

6. The basic principles of the organization of the translation of international standards are:

- completeness of the translation of international standards without amendments, changes, removals, and also without change of the sense of international standards pledged in them in case of acceptance;

- unity of the terminology used in translation of international standards;

- priority of the traditional terminology accepted in audit and accounting practice and adjacent areas in the Kyrgyz Republic before the borrowed terminology;

- implementation of the translation of the international standards acceptable and applicable all parties interested in application of international standards in state language;

- systematic cooperation and interaction with MFB and IFRS Fund;

- copyright compliance of MFB and IFRS Fund on international standards;

- stable organization of the translation of international standards, including sufficiency, independence and long-term nature of sources of financing;

- participation in transfer process of international standards of wide range of users of international standards in state language, including users of accounting (financial) records, the auditor services audited subjects, representatives of the regulating and supervisory authorities, the experts having experience of application of international standards in accounting and auditor activities;

- assistance to creation and distribution of the single translation of international standards in state language.

3. Process of the organization of the translation of international standards on state language

7. The purpose of the organization of the translation of international standards is direct transfer of international standards from original language on state language for ensuring accuracy and functionality of the transfer. Interpretation or explanations of international standards are not allowed.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

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

Get help

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.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.