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The document ceased to be valid since November 18, 2014 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of July 16, 2014 No. 137

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 26, 2011 No. 108

About approval of the Accounting standard 33 "Accounting and disclosure of information on transactions on broker activities"

According to the laws of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan", of February 28, 2007 "About financial accounting and the financial reporting" and for the purpose of enhancement of financial accounting in the organizations performing broker activities in the security market, the Board of National Bank of the Republic of Kazakhstan decides:

1. Approve the enclosed Accounting standard 33 "Accounting and disclosure of information on transactions on broker activities".

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

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

2) the resolution of Board of National Bank of the Republic of Kazakhstan of March 29, 2010 No. 21 "About introduction of amendments to the resolution of Board of National Bank of the Republic of Kazakhstan of November 10, 2004 No. 140 "About approval of the Accounting standard 33 "Accounting and the disclosure of information on transactions on broker activities" (registered in the Register of state registration of regulatory legal acts at No. 6199).

 

Chairman of National Bank

G. Marchenko

"IS APPROVED"

Ministry of Finance of the Republic of Kazakhstan

September 14, 2011

 

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of August 26, 2011, No. 108

Accounting standard 33 "Accounting and disclosure of information on transactions on broker activities"

Chapter 1. Purpose and coverage

1. This Standard No. 317 "About approval of Rules of implementation of broker and dealer activities in the security market of the Republic of Kazakhstan", registered in the Register of state registration of regulatory legal acts at No. 3870, is developed according to the laws of the Republic of Kazakhstan of February 28, 2007 "About financial accounting and the financial reporting", of March 30, 1995 "About National Bank of the Republic of Kazakhstan", the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of August 27, 2005 and it is intended for application by the organization performing broker activities in the security market (further - the broker), in case of financial reporting preparation.

2. The purpose of this Standard is determination of features of financial accounting and submission of information on the broker activities which are subject to disclosure in the financial reporting by the broker.

3. This Standard considers the questions which are not settled by international accounting standards and not contradicting them.

4. This Standard does not extend to the banks of the second level having the license for implementation of broker and dealer activities.

5. Relevant international standards of the financial reporting are applied to accounting and creation by the broker of the reporting under portfolio of own means.

Chapter 2. The concepts used in this Standard

6. For the purposes of this Standard the following concepts are used:

1) portfolio of own means of the broker - the money, securities and other financial instruments acquired by the broker in the interests and at the expense of own means;

2) the commission income (expenses) of the broker - the remuneration (expenses) levied (suffered) by the broker from rendering services in broker activities.

Chapter 3. Accounting and initial recognition

7. Accounting by the broker of committed security transactions and other financial instruments belonging to clients is conducted in auxiliary accounting without reflection on balance sheet accounts. The money of the client enlisted on the bank account opened addressed to the broker is considered at the broker on balance sheet accounts, in other cases - without reflection on balance sheet accounts.

The decision on inclusion of the money received from clients in the balance sheet of the broker depends on whether there corresponds this money to the definition of the concept "assets" given in Item 1 of article 13 of the Law of the Republic of Kazakhstan of February 28, 2007 "About financial accounting and the financial reporting".

Basis for determination of availability of asset is establishment of whether receipt of the future economic benefits connected with asset is expected.

In case of decision making about inclusion of money of clients in the balance sheet of the broker it is necessary to make assessment of terms of the contract between the broker and the client.

If the broker acts only as the agent of the client and does not receive the benefits depending on transaction outcome, he does not recognize the money received from the client in the balance sheet as assets.

If under the terms of the agreement signed with the client the broker has certain economic benefits which depend on transaction outcome, or possibility of exchange of the considered money for other economic assets on conditions, potentially favorable for the broker, then he recognizes the money received from clients in own balance sheet as own assets.

8. The costs connected with rendering broker services, suffered by the broker and which are subject to compensation by the client are reflected in balance sheet accounts of accounts receivable before their full recovery by the client.

Chapter 4. Income (expenses) from rendering services in broker servicing

9. The income (expenses) of the broker from rendering services in broker servicing the commission income (expenses) of the broker is recognized. This income (expenses) is reflected in balance sheet accounts and in the financial reporting in portfolio of own means of the broker.

Chapter 5. Disclosure of information

10. When rendering services in broker servicing in the financial reporting the following information without fail reveals:

1) the obligations which arose from rendering services in broker servicing;

2) income and expenses from rendering services in broker servicing.

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