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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 1, 2011 No. 69

About approval of the Instruction for conducting financial accounting of the transactions with pension assets performed by the single accumulation pension fund and the Voluntary accumulation pension funds

(as amended on 15-03-2021)

According to the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" and for the purpose of enhancement of financial accounting of the transactions with pension assets performed by the single accumulation pension fund and the Voluntary accumulation pension funds, the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Instruction for conducting financial accounting of the transactions with pension assets performed by the single accumulation pension fund and the Voluntary accumulation pension funds.

2. This resolution becomes effective after ten calendar days after day of its first official publication.

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 1, 2011 No. 69

The instruction for conducting financial accounting of the transactions with pension assets performed by the single accumulation pension fund and the Voluntary accumulation pension funds

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 June 21, 2013 "About provision of pensions in the Republic of Kazakhstan", of February 28, 2007 "About financial accounting and the financial reporting", the Accounting standard "Accounting and disclosure of information on transactions on the pension assets" approved by the resolution of Board of National Bank of the Republic of Kazakhstan of July 26, 2013 No. 195 "About approval of the Accounting standard "Accounting and disclosure of information on transactions on the pension assets" (registered in the Register of state registration of regulatory legal acts at No. 8765) (further - the Standard), international accounting standards and disaggregates conducting financial accounting of transactions with pension assets, performed by the single accumulation pension fund and the Voluntary accumulation pension funds (further - Fund).

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

2-1. For the purposes of this Instruction fair value of asset is determined according to the resolution of Board of National Bank of the Republic of Kazakhstan of February 26, 2014 No. 24 "About approval of Rules of implementation of accounting and assessment of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 9274).

Chapter 2. The basic concepts used in this Instruction

3. In this Instruction the concepts provided by the laws of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" of February 28, 2007 "About financial accounting and the financial reporting" and international accounting standards are used.

4. For the purposes of this Instruction also 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) 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);

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

4) No. 171 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 14.10.2019.

5) 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;

6) 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);

7) 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;

8) equity securities - the securities certifying the right to share in net assets (assets less obligations) the organizations. For the purpose of this Instruction shares, depositary receipts on the shares, shares of mutual investment funds and other securities falling under determination of equity securities according to international accounting standards belong to equity securities.

Chapter 3. Financial accounting of transactions on receipt of pension contributions and payment of pension accruals

5. The single accumulation pension fund based on payment documents and lists of physical persons in whose advantage compulsory pension contributions, compulsory professional pension contributions and the penalty fee received from non-commercial joint-stock company "The Government for Citizens state corporation are listed for the previous working day performs the following accounting entry:

Dt

1060 61

Money (pension assets) on the current account (the investment account)

Kt

3390 65

Pension accruals on individual retirement accounts.

5-1. On the amount of voluntary pension contributions, receipts of the unclaimed amount of warranty compensation from the organization performing obligatory guaranteeing deposits the following accounting entry is performed:

Dt

1060 61

Money (pension assets) on the current account (the investment account)

Kt

3390 65

Pension accruals on individual retirement accounts.

 

6. On the amount of mistakenly enlisted pension contributions and other receipts the following accounting entry is performed:

Dt

1060 61

Money (pension assets) on the current account (the investment account)

Kt

3390 64

Obligations on return of mistakenly credited amount of pension contributions.

7. In case of return to the sender of money, mistakenly enlisted pension contributions and other receipts the following accounting entry is performed:

Dt

3390 64

Obligations on return of mistakenly credited amount of pension contributions

Kt

1060 61

Money (pension assets) on the current account (the investment account).

8. In case of payments and transfers of pension savings in other Funds, and (or) in insurance companies, and in case of transfer of pension savings in trust management the following accounting entries are performed:

1) on transfer amount from the investment account into the account of payments:

Dt 1060 62 Money (pension assets) on the current account (the accounts of payments)

Kt 1060 61 Money (pension assets) on the current account (the investment account);

2) on the amount of obligations to the investor (receiver):

Dt 3390 65 Pension accruals on individual retirement accounts

Kt 3390 61 Obligations on payment of pension accruals

3390 62 Obligations on transfer of pension savings in other accumulation pension funds

3390 63 Obligations on transfer of pension savings in insurance companies

3390 69 Obligations on transfer of pension savings in trust management;

3) in case of the actual payment:

Dt 3390 61 Obligations on payment of pension accruals

3390 62 Obligations on transfer of pension savings in other accumulation pension funds

3390 63 Obligations on transfer of pension savings in insurance companies

Kt 1060 62 Money (pension assets) on the current account (the accounts of payments)

3120 Individual income tax;

4) on the amount of requirements for the pension accruals delivered in trust management:

Dt 1280 11 Requirements for the pension accruals delivered in trust management

Kt 3390 65 Pension accruals on Individual retirement accounts;

5) in case of transfer of pension savings between custodians:

Dt 3390 69 Obligations on transfer of pension savings in trust management

Kt 1060 61 Money (pension assets) on the current account (the investment account),

at the same time:

Dt 1060 61 Money (pension assets) on the current account (the investment account)

Kt 1280 11 Requirements for the pension accruals delivered in trust management.

Chapter 4. Financial accounting of transactions on placement of pension assets in securities

Paragraph 1. Accounting of the acquired debt securities estimated at fair value

9. Upon purchase of the debt securities classified in category "estimated at fair value" the following accounting entries are performed:

1) in case of advance transfer to the broker:

Dt

1610 02

Settlings with brokers

Kt

1060 61

Money (pension assets) on the current account (the investment account);

2) on commission amount of expenses:

Dt

7470 81

Commission expenses for services of stock exchange

 

7470 82

Commission expenses for services in broker and dealer activities

Kt

3380 81

The added commission expenses for services of stock exchange

 

3380 82

The added commission expenses for services in broker and dealer activities;

3) in case of payment of earlier added commission expenses:

Dt

3380 81

The added commission expenses for services of stock exchange

 

3380 82

The added commission expenses for services in broker and dealer activities

Kt

1060 61

Money (pension assets) on the current account (the investment account)

 

1610 02

Settlings with brokers;

4) on the net value of the acquired debt security (on the amount which is not exceeding it nominal value):

Dt

1140 61

The current financial assets estimated at fair value

 

2030 61

The non-current financial assets estimated at fair value

Kt

3540

Other short-term obligations

 

1060 61

Money (pension assets) on the current account (the investment account)

 

1610 02

Settlings with brokers;

5) on the award amount:

Dt

1140 63

Award on the current financial assets estimated at fair value

 

2030 63

Award on the non-current financial assets estimated at fair value

Kt

3540

Other short-term obligations

 

1060 61

Money (pension assets) on the current account (the investment account)

 

1610 02

Settlings with brokers;

6) on the amount of discount (discount):

Dt

1140 61

The current financial assets estimated at fair value

 

2030 61

The non-current financial assets estimated at fair value

Kt

1140 62

Discount on the current financial assets estimated at fair value

 

2030 62

Discount on the non-current financial assets estimated at fair value;

7) 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

3540

Other short-term obligations

 

1060 61

Money (pension assets) on the current account (the investment account)

 

1610 02

Settlings with brokers;

8) in the cases provided by the Standard when the price of transaction does not represent fair value of asset based on information obtained from the managing director of investment portfolio or the National Bank of the Republic of Kazakhstan exercising trust management according to the agreement on investment (confidential) management signed between Fund and managing investment portfolio or National Bank of the Republic of Kazakhstan, the initial recognition of financial assets is performed at fair value:

in case of excess of the amount of transaction on purchase of debt securities over their fair value:

Dt

7470 10

Expenses from purchase - security sale

Kt

1140 62

Discount on the current financial assets estimated at fair value

 

2030 62

Discount on the non-current financial assets estimated at fair value

 

1140 63

Award on the current financial assets estimated at fair value

 

2030 63

Award on the non-current financial assets estimated at fair value;

in case of excess of fair value of debt securities over the amount of transaction on their purchase:

Dt

1140 63

Award on the current financial assets estimated at fair value

 

2030 63

Award on the non-current financial assets estimated at fair value

 

1140 62

Discount on the current financial assets estimated at fair value

 

2030 62

Discount on the non-current financial assets estimated at fair value

Kt

6280 09

Income from purchase - security sale;

9) if transaction date is other than value date (the actual money transfer for acquired asset) for value date on all-in cost of the acquired debt securities estimated at fair value:

Dt

3540

Other short-term obligations

Kt

1060 61

Money (pension assets) on the current account (the investment account).

10. When charging remuneration according to the acquired debt securities estimated at fair value on the amount of the added remuneration the following accounting entry is performed:

Dt

1270 01

Imputed incomes in the form of remuneration on the acquired securities

 

2170 01

Imputed incomes in the form of remuneration on the acquired securities

Kt

6110 01

The income connected with receipt of remuneration on the acquired securities.

11. In case of depreciation of premium or discount (discount) to the acquired debt securities estimated at fair value the following accounting entries are performed:

1) on award depreciation amount:

Dt

7310 02

The expenses connected with depreciation of premium to the acquired securities

Kt

1140 63

Award on the current financial assets estimated at fair value

 

2030 63

Award on the non-current financial assets estimated at fair value;

2) on depreciation amount of discount (discount):

Dt

1140 62

Discount on the current financial assets estimated at fair value

 

2030 62

Discount on the non-current financial assets estimated at fair value

Kt

6110 03

The income connected with depreciation of discount on the acquired securities.

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