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The document ceased to be valid since  October 17, 2018 according to Item 3 of the Order of the Government of the Kyrgyz Republic of  September 4, 2018 No. 417

ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of August 23, 2011 No. 481

About approval of the Regulations on procedure for representation and the publication of the financial reporting by insurance companies and non-state pension funds

According to the laws of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic", "About non-state pension funds", "About financial accounting" the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on procedure for representation and the publication of the financial reporting by insurance organizations and non-state pension funds.

2. To impose control of execution of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.

3. This resolution becomes effective after 30 days from the moment of official publication.

 

Prime Minister A. Atambayev

Approved by the order of the Government of the Kyrgyz Republic of August 23, 2011 No. 481

Regulations on procedure for representation and publication of the financial reporting by insurance companies and non-state pension funds

1. General provisions

1. This Provision establishes the main requirements for creation of the financial reporting and terms of its submission to authorized state body for regulation and supervision of insurance activity and activities for non-state pension fund (further - authorized state body), and also determines terms of the publication of the financial reporting in mass media (further - media).

2. The purpose of this provision is establishment of single requirements to the financial reporting represented by the insurance (reinsurance) organizations (further - insurance companies) and non-state pension funds (further - NPF) in authorized state body and subject to publication in media.

3. This Provision is developed according to the laws of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic", "About non-state pension funds", "About financial accounting", other regulatory legal acts of the Kyrgyz Republic and International accounting standards (further - IFRS).

4. The financial reporting of insurance companies and NPF is constituted according to the procedure, established by the legislation of the Kyrgyz Republic, IFRS and this Provision.

5. The financial reporting of insurance companies and NPF shall represent objectively financial position, financial results of activities, cash flow of insurance companies and NPF, and also to correspond to IFRS.

6. In the cases provided IFRS, insurance companies and NPF constitute the summary (consolidated) financial reporting. The financial reporting of the insurance companies and NPF having branches, representations and other affiliated and dependent enterprises shall be consolidated according to the IFRS 27 form "Summary financial reporting and accounting of investments into affiliated enterprises".

7. On each numerical indicator of the financial reporting results of the previous accounting year shall be given. If data for the period, preceding reporting, are incomparable to data for the accounting period, then data are subject to adjustment proceeding from changes of accounting policy.

8. Insurance companies and NPF constitute the financial reporting, except for the cash flow statement, using accrual method.

9. Indicators of the financial reporting are constituted in national currency of the Kyrgyz Republic if other is not stipulated by the international treaties ratified in accordance with the established procedure. The unit of measure used in case of creation of the financial reporting are thousands of som. For reporting date of account balance with foreign currency it is recalculated on the accounting rate established by National Bank of the Kyrgyz Republic.

10. Accounting year the period from January 1 to December 31 calendar year inclusive is considered. The first accounting year for the newly created organization begins from the moment of state registration to December 31 of accounting year. For the organization created after October 1 the period from the date of state registration till December 31 of the next year first accounting year is considered.

11. All sheets of the financial reporting shall be numbered, the total quantity of sheets is specified in the cover letter in case of its direction in authorized state body.

12. The financial reporting is signed by the head and the chief accountant (or person performing conducting financial accounting) the organizations which bear responsibility for accuracy of the data, specified in the financial reporting, and timeliness of its representation, and also certified by seal.

2. Procedure, terms of accounts presentation

13. The financial reporting is submitted in authorized state body the insurance companies and NPF having the license for the right of implementation of insurance activity and activities of non-state pension fund in the territory of the Kyrgyz Republic.

14. The insurance companies and NPFs having branches and/or representations constitute the single financial reporting and represent it to authorized state body. Requirements to creation and accounts presentation by branches and/or representations are established by insurance companies and NPF independently.

15. The annual financial reporting prepared according to IFRS and confirmed with auditing organization in full is submitted insurance companies and NPF in authorized state body within 10 working days after its approval, in the procedure established by the legislation.

16. The financial reporting is submitted on papers. If technically possible and based on the decision of authorized state body - on the electronic medium.

17. Insurance companies and NPF, in case of modification and/or amendments of accounting policy, provide in authorized state body information on the made changes and/or additions within ten working days after its approval.

18. The insurance company and NPF shall represent also quarterly - no later than the twenty fifth following for reporting - the balance sheet, the comprehensive income statement with the explanatory note.

19. Violation by insurance company and NPF of procedure and terms of accounts presentation, representation of unreliable information, and also the publication of reports without observance of the established requirements, attracts the responsibility established by the legislation of the Kyrgyz Republic.

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