RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of November 28, 2008 No. 100

About approval of the Instruction for conducting financial accounting by special finance companies

For the purpose of enhancement of financial accounting of the special Board of National Bank of the Republic of Kazakhstan DECIDES: finance companies

1. Approve the enclosed Instruction for conducting financial accounting by special finance companies.

2. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

3. From the date of enforcement of this resolution to recognize invalid:

1) the resolution of Board of National Bank of the Republic of Kazakhstan of October 27, 2006 No. 108 "About approval of the Instruction for conducting financial accounting by special finance companies" (registered in the Register of state registration of regulatory legal acts at No. 4484);

2) the resolution of Board of National Bank of the Republic of Kazakhstan of July 20, 2007 No. 83 "About entering of amendments into the resolution of Board of National Bank of the Republic of Kazakhstan of October 27, 2006 No. 108 "About approval of the Instruction for conducting financial accounting by special finance companies" (registered in the Register of state registration of regulatory legal acts at No. 4895).

4. To accounting department (Shalgimbayeva N. T.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution to bring it to the attention of the interested divisions of central office and territorial branches of National Bank of the Republic of Kazakhstan, Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations and Consolidation of legal entities "The association of financiers of Kazakhstan".

5. To territorial branches of National Bank of the Republic of Kazakhstan in three-day time from the date of receipt of this resolution to bring it to the attention of special finance companies.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Akishev D. T.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of November 28, 2008 No. 100

Instruction for conducting financial accounting by special finance companies

Chapter 1. General provisions

1. This Instruction is developed according to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan", of February 20, 2006 "About project financing and securitization", of February 28, 2007 "About financial accounting and the financial reporting", international accounting standards and disaggregates conducting financial accounting by special finance companies (further – the organization).

2. In this Instruction the concepts provided by the Laws of the Republic of Kazakhstan of February 20, 2006 "About project financing and securitization" of February 28, 2007 "About financial accounting and the financial reporting" and international accounting standards are used.

3. Making of the additional accounting entries which are not contradicting requirements of this Instruction and the legislation of the Republic of Kazakhstan on financial accounting and the financial reporting is allowed.

Chapter 2. The basic concepts used in this Instruction

4. In this Instruction the following concepts are used:

1) debt securities - the securities certifying the right of its owner to obtaining from the issuer of the amount of principal debt in the amount of and in the terms established by release conditions;

2) book value - the cost at which asset or liability are reflected in the balance sheet less remuneration;

3) costs according to the transaction are the additional expenses which are directly connected with acquisition, release or disposal of financial asset or the financial liability which are the compulsory provision for their acquisition, release or realization;

4) depreciation of award or discount (discount) is gradual reference of the amount of registered award or discount (discount) for the income or expenses of the organization;

discount (discount) - the amount of negative difference arising between acquisition value of the debt security (without the added remuneration) and its nominal value, forming deferred revenues for the investor (buyer);

award - the amount of positive difference arising between acquisition value of the debt security (without the added remuneration), and its nominal value, forming deferred expenses for the investor (buyer).

Chapter 3. Financial accounting of the allocated assets

5. Upon transition to the organization of the existing or executory interest of the requirement the following accounting entry on the debit (further - Dt) and to the credit (further - Kt) the corresponding accounts is performed:

Dt 1280 91 "The allocated assets of special finance company"

Kt 3390 91 of "Obligation to originator".

3390 92 of "Obligation to the contractor".

6. When charging remuneration on the allocated assets the following accounting entry is performed:

Dt 1280 91 "The allocated assets of special finance company"

Kt 6110 34 "The other incomes connected with receipt of remuneration".

7. When implementing collection of payments on the yielded rights to claim from debtors, including the amounts of remuneration, the following accounting entry is performed:

Dt 1060 91 "The allocated assets of special finance company on current accounts in bank custodian"

Kt 1280 91 "The allocated assets of special finance company".

Chapter 4. Financial accounting of bonds

8. For date of placement of bonds the following accounting entries are performed:

1) on sales amount of bonds (on the amount which is not exceeding them nominal value):

Dt 1030 "Money on current accounts"

Kt 4030 91 "The bonds issued by special finance company";

2) on the amount of discount (discount):

Dt 4030 92 "Discount on the released bonds of special finance company"

Kt 4030 91 "The bonds issued by special finance company";

3) on the award amount:

Dt 1030 "Money on current accounts"

Kt 4030 93 "Premium to the released bonds of special finance company".

9. By transfer to originator and (or) the contractor of the money received from placement of the bonds provided with the allocated assets the following accounting entry is performed:

Dt 3390 91 of "Obligation to originator", 3390 92 of "Obligation to the contractor"

Kt 1030 "Money on current accounts".

10. When charging expenses on the released bonds, including depreciation of discount (discount) and award, on each reporting date the following accounting entries are performed:

1) on the amount of the added remuneration:

Dt 7310 91 "The expenses connected with payment of remuneration for the bonds released by special finance company"

Kt 4160 01 "Accrued expenses in the form of remuneration on the securities released";

2) on depreciation amount of discount (discount):

Dt 7310 92 "The expenses connected with depreciation of discount on the bonds released by special finance company"

Kt 4030 92 "Discount on the released bonds of special finance company";

3) on award depreciation amount:

Dt 4030 93 "Premium to the released bonds of special finance company"

Kt 6280 91 "The income connected with depreciation of bond premium, released by special finance company".

11. In case of payment of the added remuneration for the released bonds, the following accounting entry is performed:

Dt 4160 01 "Accrued expenses in the form of remuneration on the securities released"

Kt 1030 "Money on current accounts".

12. In case of repayment of the released bonds on their nominal value the following accounting entry is performed:

Dt 4030 91 "The bonds issued by special finance company"

Kt 1060 91 "The allocated assets of special finance company on current accounts in bank custodian".

Chapter 5. Financial accounting of transactions on investment of temporarily free receipts on the allocated assets

13. In case of investment of temporarily free receipts on the allocated assets in the debt securities and shares classified in category "the securities estimated at fair value which changes are reflected in profit or loss" and "securities carried at fair value through other comprehensive income" (on the purchase value including costs according to the transaction) the following accounting entries are performed:

1) on the net value of the acquired debt security (on the amount which is not exceeding it nominal value) and the acquisition value of the share including the costs connected with share acquisition:

 

Dt 1120 01	"The financial assets estimated at fair value which changes are reflected in profit or loss",
1140 01	"The current financial assets carried at fair value through other comprehensive income"
2030 01	"The non-current financial assets carried at fair value through other comprehensive income"
Kt 1060 91	"The allocated assets of special finance company on current accounts in bank custodian";

 

2) on the award amount including the costs connected with acquisition of the debt security:

Dt 1120 03	"Award on the acquired financial assets estimated at fair value which changes are reflected in profit or loss",
1140 03	"Award on the acquired financial assets carried at fair value through other comprehensive income"
2030 03	"Award on the acquired non-current financial assets carried at fair value through other comprehensive income"
Kt 1060 91	"Award on the acquired financial assets estimated at fair value which changes are reflected in profit or loss";

 

3) on the amount of discount (discount):

Dt 1120 01	"The financial assets estimated at fair value which changes are reflected in profit or loss",
1140 01	"The current financial assets carried at fair value through other comprehensive income"
2030 01	"The non-current financial assets carried at fair value through other comprehensive income"
Kt 1120 02	"Discount on the acquired financial assets estimated at fair value which changes are reflected in profit or loss",
1140 02	"Discount on the acquired financial assets carried at fair value through other comprehensive income"
2030 02	"Discount on the acquired non-current financial assets carried at fair value through other comprehensive income";

 

4) on the amount of remuneration, added by the previous holder:

Dt 1270 04	"The remuneration added by the previous holders on securities"
2170 03	"The remuneration added by the previous holders on securities"
Kt 1060 91	"The allocated assets of special finance company on current accounts in bank custodian".

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