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of February 28, 2007 No. 234-III ZRK

About financial accounting and the financial reporting

(as amended on 12-07-2022)

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 authorized body in coordination with authorized body in the sphere of permissions and notifications and authorized body in the sphere of informatization;

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 rules of accreditation of the professional organizations, organizations for certification (further - rules of accreditation);

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 rules of accreditation;

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 the legal entities performing activities only through exchange points based on the license of National Bank of the Republic of Kazakhstan for exchange transactions with cash foreign currency), joint-stock companies (except for non-commercial), the organizations subsoil users (except the organizations extracting popular minerals), the hlebopriyemny companies, the state companies founded on the right of economic maintaining, subjects of the state monopoly, the special right, and also the organization in which authorized capital there is share of the state, and the affiliated, dependent and other legal entities who are affiliated with them according to the laws of the Republic of Kazakhstan;

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

8-1) The code of ethics of professional accountants (further - the Code of ethics) - the code of ethical rules of conduct of professional accountants, the accounting and professional organizations when implementing of professional activity by them;

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;


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