Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

LAW OF THE KYRGYZ REPUBLIC

of April 29, 2002 No. 76

About financial accounting

(as amended on 18-01-2022)

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on April 2, 2002

This Law establishes legal and methodological basis of the organization and financial accounting in the Kyrgyz Republic, determines procedure for state regulation of financial accounting and the financial reporting, the right and obligation of persons performing the organization, financial accounting, creation and accounts presentation.

Chapter I. General provisions

Article 1. Financial accounting and its methodological basis

1. Financial accounting represents system of collection, measurement by data recording, processing and information transfer about assets, obligations, equity, the income and expenses of the subject (legal entity), by means of financial statements on certain subject for acceptance of reasoned decisions.

2. The unified methodological basis of financial accounting and financial reporting preparation applied in the territory of the Kyrgyz Republic to subjects of public interest and subjects of big business irrespective of pattern of ownership, are the International accounting standards (further - IFRS) accepted by Council for International accounting standards, published in the state and official languages according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic. Subjects of public interest and subjects of big business have the right to apply the changes made to IFRS before their publication, according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic, with the subsequent disclosure in notes to the financial reporting.

For the purposes of this Law the subject of public interest is understood as the subject which is:

- the issuer whose securities are included in listing of stock exchange;

- the bank or other financial credit institute licensed by National Bank of the Kyrgyz Republic;

- investment fund, insurance company, non-state pension fund.

Subjects of public interest without fail create committee on audit. Subjects of big business have the right to create committee on audit. The regulations on committee on audit affirm the Cabinet of Ministers of the Kyrgyz Republic. Committees on audit of banks and financial credit institutions are created according to the bank law.

The unified methodological basis of financial accounting and financial reporting preparation applied in the territory of the Kyrgyz Republic to subjects of medium business is the International accounting standard for subjects of small and medium business (further - IFRS for MSP) accepted by Council for International accounting standards, published in the state and official languages according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic. Subjects of medium business have the right to apply the changes made to IFRS for MSP before their publication, according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic, with the subsequent disclosure in notes to the financial reporting. Subjects of the medium business having the right on voluntary basis according to the decision of their governing bodies which approved accounting policy to constitute the financial reporting according to IFRS.

2-1. The unified methodological basis of financial accounting and financial reporting preparation applied by budget institutions in the territory of the Kyrgyz Republic are the International Financial Reporting Standards for the public sector (further - IFRS of OS) drafted by Council for IFRS of OS under the International federation of accountants, accepted by Council for IFRS of OS, published in the state and official languages according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic. Budgetary institutions have the right to apply the changes made to IFRS of OS before their publication with the subsequent disclosure in notes to the financial reporting.

2-2. Small business entities perform financial accounting according to the simplified rules established by the Government of the Kyrgyz Republic.

Small business entities have the right on voluntary basis according to the decision of their governing bodies which approved accounting policy to constitute the financial reporting according to IFRS for MSP.

For the purposes of this Law the small business entity is understood as subject which does not exceed limits of one of the following criteria:

1) all assets for the end of the year preceding reporting - 35 million som;

2) proceeds from sales of products, goods, from rendering services, performance of works, from construction agreements, agreements of leasing, interest incomes, and also other revenue relating to the main activities of the subject for the end of the year preceding reporting - 30 million som.

The subject stops being in category of small business entity if on reporting date during the last two accounting periods exceeds limits of two criteria.

2-3. For the purposes of this Law the subject of medium business is understood as subject which is not small business entity and does not exceed limits of one of the following criteria:

1) all assets for the end of the year preceding reporting - 10 billion som;

2) proceeds from sales of products, goods, from rendering services, performance of works, from construction agreements, agreements of leasing, interest incomes, and also other revenue relating to the main activities of the subject for the end of the year preceding reporting - 5 billion som.

The subject stops being in category of the subject of medium business if on reporting date during the last two accounting periods exceeds limits of two criteria.

2-4. For the purposes of this Law the subject of big business is understood as subject which exceeds limits of one of the following criteria:

1) all assets for the end of the year preceding reporting - 10 billion som;

2) proceeds from sales of products, goods, from rendering services, performance of works, from construction agreements, agreements of leasing, interest incomes, and also other revenue relating to the main activities of the subject for preceding reporting years - 5 billion som.

The subject stops being in category of the subject of big business if on reporting date during the last two accounting periods does not exceed limits of two criteria.

3. In the relations performed according to the Islamic principles of banking and financing, methodological basis of financial accounting and financial reporting preparation are the accounting standards for Islamic financial institutions accepted according to the legislation of the Kyrgyz Republic.

Article 1-1. Coverage of this Law

1. This Law is applied to the following categories of persons registered in the Kyrgyz Republic (further - subjects):

1) the legal entities performing business activity irrespective of type of property and form of business;

2) budgetary institutions;

3) permanent missions and branches of subjects - nonresidents;

4) non-profit organizations and representations of subjects - nonresidents;

5) individual entrepreneurs (physical persons) performing business activity, except for the individual entrepreneurs performing activities on patent basis and applying simplified taxation system on the basis of the single tax.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.