THE RESOLUTION OF STATE COMMISSION UNDER THE GOVERNMENT OF THE KYRGYZ REPUBLIC ON ACCOUNTING STANDARDS AND AUDIT

of December 31, 2002 No. 35

About approval of the Provision "About Document Flow in Financial Accounting"

According to the International Accounting Standards (IAS) approaches to statement of financial accounting in business entities change, i.e. subjects independently develop accounting policy and issue orders with appendix of samples of source accounting documents, forms of the accounting registers applied to registration of the facts of economic activity. The correct organization of document flow and documentary registration of economic activities allows the subject to keep timely account, control of movement of property and condition of settlement payment discipline, etc. For the purpose of rendering the methodological help to subjects under the organization of work in the field of document flow by State commission under the Government of the Kyrgyz Republic on accounting standards and audit the Provision "About Document Flow in Financial Accounting" is developed.

The board of State commission under the Government of the Kyrgyz Republic on accounting standards and audit decides:

1. Approve the Provision "About Document Flow in Financial Accounting" and recommend it for application of the republic by business entities.

2. Publish this Resolution in mass media.

3. To impose control of execution of this resolution on the head of department on development and deployment of accounting standards and methodology of financial accounting Abekova Zh. T.

Approved by the Resolution of board of State commission under the Government of the Kyrgyz Republic on accounting standards and audit of December 31, 2002 No. 35

Provision "About Document Flow in Financial Accounting"

I. General provisions

This Provision is developed according to the Law of the Kyrgyz Republic "About financial accounting" of 29.04.2002 No. 76 and establishes procedure for creation, acceptance and recognition, and also storage of source accounting documents and accounting registers.

The purpose of development of the Provision "About Document Flow in Financial Accounting" (further the Provision) to help the head and the chief accountant of the subject to organize work in the field of document flow for submission of the reliable and complete information about activities of the subject for certain period or for certain date. The provided information on activities of the subject shall be reliable. The correct organization of documentary confirmation of all economic activities will allow to provide reliability of the published financial reporting of the subject. At the same time one of guarantors of reliability is completeness and reliability of the provided information which can be confirmed with availability of source documents about the facts of economic activities. Clearness and usefulness of financial information in Concepts of the International Accounting Standards (IAS) are determined by the main quality characteristics of the financial reporting and upon transition to IFRS subjects shall provide document flow statement properly.

Untimely registration of the made economic activities confuses financial accounting, and become, as a rule, the reason of disagreements with tax authorities and other monitoring bodies, and result of these disagreements - financial sanctions against the subject.

With introduction of IFRS in the republic (The order of the Government of the Kyrgyz Republic of 28.09.2001 No. 593) change approaches to statement of financial accounting in subjects, i.e. subjects independently develop accounting policy, the most suitable for them which in the best way will be able to reflect financial position and results of transactions.

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