of August 26, 2024 No. 505
About approval of Rules of financial accounting by small business entities
According to Item 2-2 of article 1 of the Law of the Kyrgyz Republic "About financial accounting", 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 Rules of financial accounting by small business entities according to appendix.
2. Declare invalid the order of the Government of the Kyrgyz Republic "About approval of Rules of financial accounting and the reporting of small business entities" of November 11, 2013 No. 609.
3. This resolution becomes effective after fifteen 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 26, 2024 No. 505
1. These rules of financial accounting by small business entities (further - Rules) establish procedure for the organization of financial accounting and the reporting of small business entities in compliance with the legislation of the Kyrgyz Republic on financial accounting.
2. Action of these rules does not extend to the individual entrepreneurs applying according to the tax legislation of the Kyrgyz Republic special tax regime on patent basis.
3. In these rules concepts, stipulated by the legislation the Kyrgyz Republic in the sphere of financial accounting are used.
4. Depending on structure, industry accessory and features of activities, for financial accounting the small business entity makes the decisions necessary for the organization of financial accounting, creates accounting policy, develops procedure for control of transactions and events.
5. Depending on amount of accounting work, the organization of financial accounting of small business entity is performed according to part 2 of article 7 of the Law of the Kyrgyz Republic "About financial accounting".
6. Functional obligations of the authorized person responsible for financial accounting are determined according to the provision (job description) approved by the head of small business entity, the employment contract or the service provision agreement.
7. In case of financial accounting the authorized person responsible for financial accounting provides:
- invariance of the accepted accounting policy of reflection of transactions and events and assessment of assets and liabilities during the accounting period;
- completeness of recognition for the accounting period of all transactions and events performed for the accounting period and results of inventory count of assets and liabilities;
- correctness of reference of the income and expenses by the accounting periods.
In case of release from business management authorized the responsible person for financial accounting, business management transfer to person reappointed responsible for financial accounting is made, and in case of its absence to the worker appointed by the order of the head of small business entity.
In the order without fail it is specified:
- term of reception-transmission of cases of accounting service, but no more than two weeks;
- payment procedure of the work transferring and accepting;
- person, authorized on right to sign of documents for reception-transmission of cases.
Before approval of the powers of the person by the head of small business entity accepting cases and provisions to it rights to sign, signs documents submitting the cases under control of accepting.
By transfer of cases the financial accounting condition, reliability of reporting data is checked, the delivery-acceptance certificate is drawn up. The delivery-acceptance certificate is signed by the accepting and transferring parties and affirms the head of small business entity.
The statement is drawn up in duplicate. One copy remains in accounting service of small business entity, and another at the party submitting the cases.
In case of unsatisfactory condition of financial accounting, the organization of process of recovery of financial accounting is assigned to the head of small business entity. Renewal period of documentation is determined based on the carried-out analysis of condition of financial accounting and the existing document flow.
8. Requirements for documentary registration of transactions and events, timely submission to accounting service of source accounting documents (further - source accounting documents) stipulated in Item 7 these rules to the authorized person responsible for financial accounting are obligatory for all workers.
9. Cash and unsigned settlement documents of the authorized person responsible for financial accounting, are considered as invalid and are not accepted to execution if other is not stipulated by the legislation the Kyrgyz Republic in the sphere of financial accounting.
10. The small business entity determines the authorized persons having right to sign of accounting documents. At the same time depending on the position held by person, the sizes of sums of money, coverage and essence of transaction the hierarchy of right to sign is established. The small business entity using digital signatures provides the establishment of proper measures of precaution and control concerning right to use and access to digital signatures.
11. Source accounting documents - the paper or electronic document testimonial of the fact of making of transaction or event and the right to its making used for financial accounting, preparation, verification of the financial reporting of small business entity.
12. The small business entity develops for financial accounting and approves source accounting documents and accepts to accounting if they contain obligatory details according to requirements of the Law of the Kyrgyz Republic "About financial accounting". Depending on requirements of regulatory legal acts of the Kyrgyz Republic in the sphere of financial accounting, transaction nature, event or method of processing of accounting information source accounting documents join additional lines and graphs.
13. The list of forms of source accounting documents in accounting policy and the list of persons having right to sign on source accounting documents is determined by the head of small business entity.
14. Entering of corrections into source cash and bank documents is not allowed. Corrections are made to other source accounting documents in coordination with participants of transactions.
The corrected source accounting documents are supported by authorized signatures which signed documents with indication of date of introduction of corrections.
Errors are corrected by deletion of the wrong text or the amount and writing over crossed out the correct text or the amount. Correction of mistake in the source document makes a reservation text "Is corrected" and is confirmed by authorized signatures, signed the document, with indication of date of correction. Errors of last periods are corrected according to Item 120 of these rules.
15. Movement of source accounting documents in financial accounting (creation or obtaining from other subjects, acceptance to accounting, processing, transfer to archive - document flow) is regulated by the schedule approved by small business entity (appendix 1).
16. Registration of each fact of economic activity (the transaction, event, transaction) source accounting document (on paper and (or) in the form of the electronic document signed by the digital signature), is the initial stage of financial accounting. Source accounting document is constituted at the time of making of the fact of financial and economic activities. If creation of source accounting document is not possible at the time of making of the fact of financial and economic activities, the document is constituted directly after its termination.
17. Source accounting documents are subject to storage in time, established by the legislation of the Kyrgyz Republic on archival fund.
18. Information containing in source accounting documents accepted to accounting accumulates, stored and generalized in special forms - registers, for its further reflection in system of financial accounting and the reporting. Events and transactions are reflected in bookkeeping registers in the chronological sequence and are grouped in the corresponding accounts of financial accounting.
19. In case of registration of objects of accounting in bookkeeping registers any omissions or withdrawals are not allowed.
20. Correctness of reflection of events and transactions in bookkeeping registers is provided by the persons which constituted and signed them.
21. Each correction without fail contains date of correction, and also the authorized signature responsible for maintaining the corresponding register, with indication of their surnames and initials or other details necessary for identification of these persons.
22. Bookkeeping registers are constituted on paper and (or) in the form of electronic documents.
23. Forms of bookkeeping registers in which accumulating of information is made are developed and affirm small business entity, in compliance with part 4 of article 8 of the Law of the Kyrgyz Republic "About financial accounting".
24. The sequence of stages of accounting process begins with the analysis of economic activities, events and comes to the end with creation of accounting records of small business entity being accounting cycle and consists of the following stages:
1) information collection about transactions and events in the form of source accounting documents;
2) registration of transaction or event in accounting magazines and registers;
3) delivery from magazines in the Ledger;
4) preparation of accounting records.
25. By each type of accounting registers the results are monthly summed up. Final records of registers are verified by comparison of turnover sheets or in a different way.
26. The small business entity uses the following simplified forms of financial accounting:
- the complete form of financial accounting is conducted by means of double record with use of bookkeeping registers of small business entity, with use or without use of the automated system of financial accounting;
- the simple form of financial accounting is conducted by means of double record without use of bookkeeping registers of small business entity. The choice of accounting system is fixed in accounting policy of small business entity.
27. The approximate list of bookkeeping registers, in case of complete form of accounting, within accounting policy of small business entity are:
- inventory cards - fixed asset accounting, group fixed asset accounting and others;
- sheets - turnover, accumulative, according to accounts;
- books - the ledger, the book of accounting of material values and others;
- magazines - the transaction journal by settling with suppliers and contractors, the transaction journal on compensation, other magazines;
- registers - the cards deposited the amounts, other registers;
- cards - account card, card of the sub-account and others.
28. The approximate list of bookkeeping registers, in case of simple form of accounting, within accounting policy of small business entity are:
- the magazine of registration of economic events and transactions, according to accounts;
- sheet of payroll accounting;
- cash book.
29. Data from source accounting documents are entered in cards according to accounts and in sheets according to accounts. Based on sheets the turnover balance sheet which data are entered in the Financial status statement (appendix 2) and the Report on profit or loss (appendix 3) is constituted. When accounting in simple form, data are transferred from the magazine of registration to the Financial status statement and the Report on profit or loss.
30. In case of financial accounting by means of specialized accounting programs in accounting policy it is provided in the automated system that bookkeeping registers are drawn up in special forms in electronic form and/or on papers.
31. For ensuring accuracy of the data of financial accounting and accounting records inventory count of assets and liabilities at least once a year is carried out. The small business entity is independently determined by procedure and terms of carrying out inventory count.
32. All property irrespective of its location and also which is not belonging to small business entity, but registered in financial accounting (being on safe custody, leased according to the agreement, received for conversion, accepted on the commission), and also the property which is not considered for any reasons and all obligation types is subject to inventory count.
33. Without fail inventory count is carried out:
- when changing responsible persons (on the date of acceptance transfer of cases);
- in case of establishment of the facts of plunder or abuses, and also spoil of property;
- in case of the natural disasters, the fire, accidents or other emergency situations caused by extreme conditions;
- by reorganization of small business entity.
34. For carrying out inventory count of assets and liabilities, the inventory-taking group which structure affirms structure of the commission of small business entity is created. After approval of the order on appointment, the written order signed by the head of small business entity in which except structure of the commission number and date of the order, the object which is subject to inventory count, terms of the beginning and completion of work are specified is issued to the commission chairman.
35. Before carrying out inventory count members of the commission shall:
1) to get acquainted with materials of the last inventory count which is carried out on these objects with the measures taken by results of the last inventory count;
2) to seal up the utility rooms, cellars and other storage locations of property having separate entrances and exits;
3) to check serviceability of the weight measuring devices used for work of the commission in the course of carrying out inventory count and observance of fixed terms of their branding;
4) to receive the last at the time of inventory count registers of receipt and issue documents or reports on movement of the property which is subject to inventory count.
36. The chairman of inventory-taking group signs all receipt and issue documents attached to registers (reports) with indication of "before inventory count as of"..." (date) that shall serve person responsible for financial accounting as the basis for determination of remaining balance of property by the beginning of inventory count according to accounting data.
37. The responsible person represents the receipt that by the beginning of inventory count all property which arrived on safe custody is credited, and disposed is written off, both the all issue and receipt documents on property which are at them in the subreport are handed over to the authorized person responsible for financial accounting. Similar receipts are accepted also from persons having imprests on acquisition or warrants for receipt of property.
38. Count results, measurement and weighing are entered in inventory registers (appendix 4) - the documents constituted at the time of carrying out inventory count and confirming the actual availability of property and obligations for certain date at least in duplicate which are signed by all members of inventory-taking group and the responsible person. At the end of the inventory the responsible person gives the receipt confirming check of property by the commission at its presence on absence to members of the commission of any claims.
39. When checking the actual availability of property in case of change of the responsible person in inventory registers person which accepted the designated property undersigns for their obtaining, and transferred - for their delivery.
40. For complete and exact check of the actual availability of property the inventory-taking group has the right to involve experts to preponderating and cargo transfer, technically with operational weight, measuring and survey meters, measuring container and other stock.
41. When carrying out inventory count of property within several days, the room for storage of the inventoried property, without fail is daily sealed in the presence of members of inventory-taking group and the responsible person, according to these rules.
If during inventory count, the inventory-taking group has no opportunity to make calculation of property in this room and to write down them in the inventory directly, on group of the pro-inventoried (counted) property inventory labels of the actual availability of property are attached.
42. On the property which is not belonging to small business entity on the property right, but being on balance or storage separate inventory registers are constituted. On the property which became useless the separate inventory register is constituted.
43. Upon termination of inventory count the drawn-up inventory acts and inventories, collation sheets are given to the authorized person responsible for financial accounting.
44. Fixed assets are entered in the inventory register of non-current assets according to names according to basic purpose of object.
45. In case of identification of the objects which are not accepted on accounting and also objects on which in accounting registers are absent or the wrong data characterizing them are specified, the inventory-taking group includes in the inventory register of inventories - results of inventory count - missing, correct data and technical performances on these objects and the collation sheet is constituted (appendix 5).
46. In case of stock holding in the different isolated rooms at one responsible person inventory count is carried out consistently on storage locations. For the period of inventory count all transactions with inventarizuyemy inventories and money stop. To the room carrying out inventory count of property strangers are not allowed. Results of inventory count are drawn up in the inventory register of inventories - results of inventory count.
47. Inventory count of settlings with banks on settlement and credit operations, with the budget, buyers, suppliers, advance holders, workers, depositors and other debtors, and creditors consists:
1) in check of identity of settlings with banks, tax authorities, the pension funds, with structural divisions of the subject;
2) in check of correctness and justification of outstanding amounts, including the amounts on which terms of limitation period expired;
3) in identification on the debts to workers of the subject of the amounts of timely not paid salary which are subject to transfer to the account of depositors, and also the amount and origin of overpayments to workers.
48. Accounts "short-term accounts payable", "long-term accounts payable", "short-term accounts receivable", "long-term accounts receivable" regarding the amounts of goods in transit and settlings with suppliers on non-invoiced deliveries are subject to check. Data are entered in the inventory report of receivables and payables (appendix 6).
49. In case of inventory count of imprests reports of advance holders on the issued advance payments taking into account their target use, and also the amount of the issued advance payments on each advance holder are checked (date of issue, purpose).
50. Inventory count of cash desk is carried out with complete sheet recalculation of all banknotes and coins, securities, cash documents, forms of the strict accounting by types with indication of in the inventory report of money and cash equivalents (appendix 7) names, numbers, series and nominal price and check of other values which are in cash desk. In case of calculation of the actual availability of bank notes and other values in cash desk cash and other cash equivalents are accepted to accounting.
51. The cash liquidity joins in the inventory report of money and cash equivalents on notes and the amount. In the inventory report of money and cash equivalents remaining balance of the money which is in cash desk are verified with data of accounting on the date of inventory count, and the result is taken out. In case of detection by inventory-taking group of shortage or surplus in the act the amount is specified.
52. Inventory count of the money which is in bank on the current account in som on the current account in currency and special accounts, is made by reconciliation of remaining balance of the amounts which are registered on the corresponding accounts on data of accounting service of small business entity, with data on the bank statement.
53. Inventory registers are drawn up on paper, and/or electronic media.
54. Upon termination of inventory count if necessary control inspections of its correctness with participation of members of inventory-taking group and the responsible person which are drawn up by the act are carried out.
55. The inventory-taking group does not allow entering into inventories of obviously wrong data on the actual remaining balance for the purpose of concealment of shortages or surplus.
56. In collation sheets results of inventory count - discrepancy between indicators according to accounting data and data of inventory registers (acts) are reflected.
57. The discrepancies of the actual availability of property revealed in case of inventory count with accounting data are recognized: surplus - the income is also subject to receipt, shortages (in case of absence of the perpetrator) - expense and are subject to write-off. In case of establishment of the perpetrator the amount of shortage registers in the settlement account with this person.
58. In cases of identification of the actual shortages of inventory stocks rates of natural loss are applied. The amount of natural wastage within the established regulations is determined after offsetting of shortages by surplus by regrading. If after offsetting on regrading nevertheless there was shortage of inventories, rates of natural loss shall be applied only according to that name of inventories according to which shortage is established.
59. Mutual offsetting of surplus and shortages as a result of regrading is allowed for the same checked period, at the same checked face, concerning inventories of the same name and in identical quantities, according to the solution of management of small business entity. About the allowed regrading responsible persons furnish detailed explanations of the commission.
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.