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LAW OF THE REPUBLIC OF KAZAKHSTAN

of February 28, 2007 No. 234-III ZRK

About financial accounting and the financial reporting

(The last edition from 02-07-2018)

This Law regulates system of financial accounting and the financial reporting in the Republic of Kazakhstan, establishes the principles, the main quality characteristics and rules of financial accounting and financial reporting preparation.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

For the purposes of this Law the following basic concepts are used:

1) accreditation - recognition of competences of the professional organizations of accountants by authorized body and the organizations for professional certification of the accountants provided by this Law, confirmed with the certificate in the form approved by the Government of the Republic of Kazakhstan;

2) source accounting documents (further - source documents) the documentary evidence both on paper, and on the electronic medium of the fact of making of transaction or event and the right to its making based on which financial accounting is kept;

3) the accredited organization for professional certification of accountants (further - the organization for certification) - the legal entity performing certification of candidates for professional accountants, accredited according to the procedure, established by the Government of the Republic of Kazakhstan;

4) the accredited professional organization of accountants (further - the professional organization) - the non-profit organization which is consolidation of accountants and (or) the accounting organizations, accredited according to the procedure, established by the Government of the Republic of Kazakhstan;

5) bookkeeping registers - forms for generalization, systematization and accumulating of information containing in the source documents accepted to accounting for its reflection in system of financial accounting and the financial reporting;

6) the accounting organization - the organization providing services in the sphere of financial accounting, being the member of the professional organization;

6-1) affiliated organization - the organization which according to international standards is recognized as under control to the main organization and represents the financial reporting of the main organization for creation of consolidated financial statements for international standards;

7) the organizations of public interest - the financial organizations (except for legal entities whose exclusive type of activity is the organization of exchange transactions with foreign currency), joint-stock companies (except for non-commercial), the organizations subsoil users (except the organizations extracting popular minerals), the hlebopriyemny companies and the organizations in which authorized capital there is share of the state, and also the state companies founded on the right of economic maintaining;

8) the professional accountant - the physical person having the certificate of the professional accountant, being the member of the professional organization;

9) the certificate of the professional accountant (further - the certificate) the document issued by the organization for certification, certifying professional qualification of the accountant;

10) depositary of the financial reporting (further - depositary) - the electronic database containing the annual financial reporting and audit reports which are annually handed over by the organizations, lists of affiliirovanny persons of joint-stock companies, and also information on corporate events of joint-stock companies with access, open for users;

11) accounting standard - the document establishing the principles and methods of financial accounting and financial reporting preparation;

12) national accounting standards (further - national standards) - the accounting standards approved by authorized body;

13) international accounting standards (further - international standards) and international accounting standard for the organizations of small and medium business (further - the international standard for small and medium business) - the accounting standards approved by Council for international accounting standards;

13-1) main organization - the organization which according to international standards is recognized as controlling one and more affiliated organizations and represents consolidated financial statements according to international standards;

14) authorized body - the central state body performing regulation of activities in the sphere of financial accounting and the financial reporting.

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