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Ministry of Justice

Republic of Kazakhstan

On September 22, 2012 No. 6505

ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of September 7, 2010 No. 444

About approval of accounting policy

(The last edition from 13-01-2017)

For the purpose of realization of Item 2 of Article 116 of the Budget code of the Republic of Kazakhstan PRIKAZYVAYU:

1. Approve the enclosed accounting policy.

2. To department of methodology of financial accounting, auditor activities of the Ministry of Finance of the Republic of Kazakhstan (Tuleuov A. O.) provide state registration of this order in the Ministry of Justice of the Republic of Kazakhstan and its official publication in the procedure established by the legislation.

3. This order becomes effective since January 1, 2013.

Minister

B. Zhamishev

Approved by the Order of the Minister of Finance of the Republic of Kazakhstan of September 7, 2010 No. 444

Accounting policy

1. Introduction

1. Accounting policy is developed according to the Budget code of the Republic of Kazakhstan and Rules of conducting financial accounting in public institutions approved by the order of the Minister of Finance of the Republic of Kazakhstan of August 3, 2010 No. 393 (registered in the Register of state registration of regulatory legal acts for No. 6443) (further - Accounting rules).

2. Accounting policy includes the principles, bases, provisions, rules and the practice applied by public institutions in case of creation and accounts presentation which is single for all public institutions.

2. Principles and main quality characteristics of financial accounting and creation of the financial reporting

3. The principles of conducting financial accounting and creation of the financial reporting are charge and going concern.

4. The accrual basis is provided with recognition of results of transactions upon their making irrespective of payment time.

5. The going concern principle means that the public institution has intention to work in the near future, there will be no need of liquidation or essential reducing scales of activities.

6. The main quality characteristics of the financial reporting are clearness, relevance, reliability and comparability.

Clearness - information provided in the financial reporting shall be clear to users.

Relevance - information shall be relevant to the users making decisions and to help them to estimate events, to confirm or correct their last estimates.

Reliability - lack of material mistakes and misstatements when users can rely on information as on truthful.

Comparability - opportunity to compare information for the different periods and various public institutions. Financial results of similar transactions are calculated on methodology, single for all public institutions.

3. Financial statement elements and their recognition

7. The financial statement elements connected with assessment of financial position are assets, obligations and net assets / the capital.

The resources controlled by public institution as a result of last events from which receipt of future economic benefits or service potential is expected belong to assets.

The existing obligation of public institution arising from last events which settlement will lead to disposal of the resources containing economic benefits or service potential is the obligation.

Net assets / the capital is the share in assets of public institution remaining after deduction of all its obligations.

8. The elements which are directly connected with measurements of results of activities in the report on results of financial activities are the income and expenses.

The income is increase in economic benefits or service potential during the accounting period in the form of inflow or increments of assets or reduction of obligations which lead to increase in net assets / the capital, other than the increase connected with fees of persons participating in the capital.

Expense is reduction of economic benefits or service potential during the accounting period in the form of outflow or reduction of assets or emergence of obligations which lead to reduction of net assets / the capital, other than the reduction connected with distribution to persons participating in the capital.

9. Article answering to determination of financial statement element is recognized as asset if:

1) there is probability that any future economic benefit or service potential connected with Article will be received by public institution;

2) actual costs on acquisition or project cost can be reliably measured.

Article answering to determination of financial statement element is recognized as the obligation if:

1) the subject has existing obligation as a result of last event;

2) is probability that disposal of the resources comprising economic benefits or service potential for repayment of the obligation will be required;

3) reliable assessment of the obligation can be determined.

10. The asset is classified as turnover if it corresponds to any of the following criteria:

1) its realization or sale is supposed or it is intended for consumption during normal operating cycle;

2) it is intended, generally for the purposes of trade;

3) its realization within 12 months after reporting date is supposed;

4) is money or cash equivalents if only its exchange or use for calculation for the obligation it is not forbidden, at least, for 12 months after reporting date.

All other assets are classified as long-term.

11. The obligation is classified as short-term when it satisfies with any of the following criteria:

1) its repayment is supposed to be made within normal operating cycle;

2) it is intended generally for the trade purposes;

3) it shall be extinguished within 12 months after reporting date;

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