RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 27, 2003 N36/1

About the Provision "About Requirements to Forming of the Financial Reporting and Submission of Information Non-bank Financial and Credit the Organizations Which Are Acting on the Basis of the Licenses (Certificate) of National Bank of the Kyrgyz Republic"

Having considered the project of the Provision "About Requirements to Forming of the Financial Reporting and Submission of Information by the Non-bank Financial Credit Institutions Which Are Acting on the Basis of the Licenses (Certificate) of National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Requirements to Forming of the Financial Reporting and Submission of Information by the Non-bank Financial Credit Institutions Which Are Acting on the Basis of the Licenses (Certificate) of National Bank of the Kyrgyz Republic" it (is applied).

2. Determine that creation of the Kyrgyz Republic of the financial reporting by non-bank financial credit institutions is performed according to the approved Provision "About Requirements to Forming of the Financial Reporting and Submission of Information by the Non-bank Financial Credit Institutions Which Are Acting on the Basis of the Licenses (Certificate) of National Bank of the Kyrgyz Republic".

3. To management of methodology of supervision and licensing together with Legal department to carry out in accordance with the established procedure state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic.

4. Enact this resolution from the date of publication in official publications of National Bank of the Kyrgyz Republic.

5. Declare invalid:

- the subitem and) Item 2.5.1 of Provisional rules of regulation of activities of microfinance companies in the territory of the Kyrgyz Republic, NBKR N4/2 approved by the resolution of Board of February 19, 2003 (registration number of the Ministry of Justice of the Kyrgyz Republic N29-03 of March 25, 2003);

- Item 10.2 and Item 10.3 of the Provision "About Activities of Pawnshops in the territory of the Kyrgyz Republic" approved by the resolution of Board of NBKR N4/3 of February 19, 2003 (registration number of the Ministry of Justice of the Kyrgyz Republic N36-03 of March 25, 2003).

6. To department of supervision of non-bank organizations to bring this resolution to the attention of regional (regional) managements of NBKR, Finance company on support and development of credit unions and non-bank organizations.

7. To impose control of execution of this resolution on the Board member of National Bank of the Kyrgyz Republic Abdybala tegin Page.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of December 27, 2003 No. 36/1

Regulations on requirements to forming of the financial reporting and to submission of information by the non-bank financial credit institutions which are acting on the basis of the licenses of National Bank of the Kyrgyz Republic

1. General provisions

1.1. This Provision, determines structure, rules of creation and accounts presentation by the microfinance companies performing activities based on the license of National Bank of the Kyrgyz Republic (further by the text - National Bank) and the credit unions, the housing and savings credit companies (further - NFKO) having the license for the right of attraction of deposits from the participants. NFKO which are in the mode of temporary administration also represent the financial reporting according to this Provision. The principles of creation of the financial reporting NFKO shall correspond to the International accounting standards approved by the order of the Government of the Kyrgyz Republic "About International accounting standards for subjects of small and medium business in the Kyrgyz Republic" of October 18, 2013 No. 564.

1.2. The financial reporting of non-bank financial credit institution represents the structured representation of financial position and result of the transactions performed by it for the accounting period.

1.3. The purpose of the financial reporting of non-bank financial credit institutions is:

- submission of information on financial position, financial results of activities and cash flow of the non-bank financial credit institution useful for a wide range of users in case of adoption of economic decisions by them;

- representation of results of resource management, entrusted management of non-bank financial credit institution, by means of submission of information on assets, obligations, the capital, the income and expenses (including profits and losses) and cash flow.

1.4. Users of financial statements are: investors, shareholders, founders, participants, creditors, borrowers, international financial institutions, tax authorities, National Bank and other users.

2. Structure of the financial reporting and general requirements to it

2.1. The financial reporting consists of reporting forms, and all reports shall be constituted according to the forms attached to this Provision:

- profit and loss statement (No. form 1, Appendix 1);

- the report on financial condition on the balance sheet for the end of the last day of the accounting period (No. form 2, Appendix 2);

- cash flow statement (No. form 3, Appendix 3);

- report on changes in capital structure (No. form 4, Appendix 4);

- explanatory note (disclosures).

2.2. In the financial reporting it shall be accurately allocated and if it is necessary for due understanding of the provided information, to repeat the following information:

- the name of the reporting non-bank financial credit institution;

- reporting date or the period covered by the financial reporting;

- reporting currency;

- units of measure and the level of accuracy used in case of representation of numbers in the financial reporting.

2.3. In case of creation of the financial reporting the management of non-bank financial credit institution shall estimate capability of non-bank financial credit institution to continue the activities. The financial reporting shall be constituted on the basis of going concern assumption if only the management has neither intention, nor need for liquidation or for essential reducing scales of activities of non-bank financial credit institution. When the management in the course of forming of opinion is informed on the essential uncertainty connected with events or conditions which can raise considerable doubts in capability of non-bank financial credit institution to perform the activities in the future, these uncertainty shall reveal.

If the financial reporting is constituted not on the basis of going concern assumption, this fact shall be discovered as well as that basis on which the reporting and the reason why the non-bank financial credit institution is not considered continuously acting is constituted.

2.4. Non-bank financial credit institution shall constitute the financial reporting, except for the cash flow statement, using accrual method.

2.5. For the purpose of the financial reporting the accounting period for non-bank financial credit institutions is the period from January 1 to December 31 calendar year inclusive.

For non-bank financial credit institution, newly created till October 1, the first accounting period the period from the date of its state registration till December 31 inclusive is considered.

For non-bank financial credit institution, created later October 1, the first accounting period the period from the date of its state registration till December 31 of the next year inclusive is considered.

2.6. In exceptional cases, when the accounting period of non-bank financial credit institution changes, and the financial reporting is provided for the period, is more long or shorter than one year, non-bank financial credit institution shall open in addition to the period covered by the financial reporting:

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