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RESOLUTION BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 12, 2010 No. 6/2

About approval of the Provision "About Requirements to Forming of the Financial Reporting of Commercial Banks of the Kyrgyz Republic"

(as amended on 23-03-2022)

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" and article 58 of the Law of the Kyrgyz Republic "About banks and banking activity in 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 of Commercial Banks of the Kyrgyz Republic" it (is applied).

2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic No. 33/2 of December 3, 2003 "About the Provision "About Requirements to Forming of the Financial Reporting of Commercial Banks of the Kyrgyz Republic", registered in the Ministry of Justice of the Kyrgyz Republic on December 29, 2003, registration number 125-03.

3. This resolution becomes effective after one month after official publication.

4. After official publication to send to Legal department this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

 

Chairman

M. Alapayev

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of March 12, 2010 No. 6/2

Regulations on requirements to forming of the financial reporting of commercial banks of the Kyrgyz Republic

1. General provisions

1. This Provision determines components, content and the basic rules of creation and accounts presentation by the commercial banks including having "Islamic window", National bank of development of the Kyrgyz Republic (further - bank), mother company (the head company) of banking group in National Bank of the Kyrgyz Republic (further - National Bank).

The financial reporting of banking group is submitted on the consolidated basis mother company of banking group (further - consolidated financial statements of banking group).

Requirements of this provision extend to mother companies (the head companies) - residents of the Kyrgyz Republic.

The bank which is in the mode of Temporary administration also represents the financial reporting according to this Provision.

The banks having "Islamic window" provide the additional (separate) reporting under the transactions performed according to the Islamic principles of banking and financing, according to the Provision "About Requirements to Forming of the Financial Reporting of the Commercial Banks Performing Transactions according to the Islamic Principles of Banking and Financing" approved by the resolution of Board of National Bank of the Kyrgyz Republic of 31.05.2017 No. 21/13.

This Provision does not extend to the banks which are in process of liquidation.

2. The financial reporting of banks shall represent objectively financial position, financial results of activities, cash flow of bank and to correspond to International accounting standards (further in the text - IFRS).

3. The financial reporting of bank represents the structured representation of financial position and financial results of the activities performed by bank for the accounting period.

Paragraph two of ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 23.03.2022 No. 2022-P-12/17-4-(NPA)

4. The purpose of the financial reporting of banks is:

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

- representation of results of activities of banking group and their investments in the capital of other legal entities, transactions and transactions with these legal entities;

- representation of transactions and transactions of members of banking group, risks of banking group;

- representation of results of resource management, entrusted bank.

For achievement of this purpose the financial reporting shall provide information on the following indicators of bank:

a) assets;

b) obligations;

c) equity;

d) the income and expenses, including profit and losses;

e) fees of owners and distributions of means to owners;

e) cash flow.

5. The financial reporting of bank is constituted according to the accounting policy approved by the Board of directors of bank.

If the member of banking group uses the accounting policy other than the accounting policy accepted for creation of consolidated financial statements of banking group concerning similar transactions and events in similar conditions, then in the course of preparation of consolidated financial statements its financial reporting is as appropriate transformed.

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