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The document ceased to be valid since  November 9, 2018 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 184

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of March 20, 2009 No. 25

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

(as amended on 28-01-2016)

For the purpose of establishment of procedure for financial accounting by Islamic special finance companies, according to Item 13 of article 32-6 of the Law of the Republic of Kazakhstan of July 2, 2003 "About the security market" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Instruction for financial accounting by Islamic 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. 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".

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

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of March 20, 2009 No. 25

Instruction for financial accounting by Islamic 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 July 2, 2003 "About the security market", of February 28, 2007 "About financial accounting and the financial reporting", international accounting standards and disaggregates financial accounting by Islamic special finance companies (further – the organization).

2. In this Instruction the concepts provided by the Laws of the Republic of Kazakhstan of July 2, 2003 "About the security market" 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. Financial accounting of Islamic rent certificates

4. In case of release of the Islamic rent certificates on amount of money received as a result of their placement the following accounting entry is performed:

Dt 1030 "Money on current accounts"

Kt 4030 94 "The released Islamic rent certificates".

5. In case of property acquisition on the money received as a result of placement of Islamic rent certificates the following accounting entry is performed:

Dt 1280 92 "The allocated assets of Islamic special finance company"

Kt 1030 "Money on current accounts".

6. By provision of property in lease the following accounting entry is performed:

Dt 1280 93 "The allocated assets of Islamic special finance company leased (financial leasing)"

Kt 1280 92 "The allocated assets of Islamic special finance company"

7. In case of fixed asset depreciation, acquired on the money received as a result of placement of Islamic rent certificates, and provided in lease (operating lease) the following accounting entry is performed:

Dt 7450 "Expenses on operating lease"

Kt 1280 94 "Depreciation of the allocated assets of Islamic special finance company leased"

8. When charging payments according to the lease agreement (financial leasing) of the property acquired on the money received as a result of placement of Islamic rent certificates the following accounting entries are performed:

1) under agreements of operating lease:

Dt 1270 91 "Imputed incomes from property leasing"

Kt 6260 "Income from operating lease"

2) under agreements of finance lease:

Dt 1280 93 "The allocated assets of Islamic special finance company leased (financial leasing)"

Kt 6130 "Income from finance lease"

9. In case of receipt of payments according to the lease agreement of the property acquired on the money received as a result of placement of Islamic rent certificates the following accounting entries are performed:

1) under agreements of operating lease:

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

Kt 1270 91 "Imputed incomes from property leasing"

2) under agreements of finance lease:

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

Kt 1280 93 "The allocated assets of Islamic special finance company leased (financial leasing)"

10. When charging expenses according to the released Islamic rent certificates the following accounting entry is performed:

Dt 7310 93 "The expenses connected with payment of the income for Islamic rent certificates"

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

11. In case of payment of the income for the released Islamic rent certificates, the following accounting entry is performed:

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

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

12. In case of the redemption originatory property at the organization, the following accounting entries are performed:

1) on the amount of the redeemed property:

Dt 1030 "Money on current accounts"

Kt 1280 93 "The allocated assets of Islamic special finance company leased (financial leasing)"

2) and at the same time, on the amount of repayable Islamic rent certificates:

Dt 4030 94 "The released Islamic rent certificates"

Kt 1030 "Money on current accounts"

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