LAW OF THE REPUBLIC OF KAZAKHSTAN

of February 28, 2007 No. 234-III ZRK

About financial accounting and the financial reporting

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 conducting financial accounting and creation of the financial reporting.

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 field of permissions and notifications and authorized body in the field of digitalization;

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;

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