of June 28, 2013 No. 149
About approval of the Instruction for conducting financial accounting of transactions on insurance and reinsurance
According to the subitem 63) of part two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", the subitem 1) of Item 6 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", the Board of National Bank of the Republic of Kazakhstan DECIDES:
1. Approve the enclosed Instruction for conducting financial accounting of transactions for insurance and reinsurance.
3. 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 June 28, 2013 No. 149
1. This Instruction for conducting financial accounting of transactions for insurance and reinsurance (further – the Instruction) is developed according to the subitem 63) of part two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", subitems 1) and 3-4) Items 6 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", international accounting standards and disaggregates conducting financial accounting of the transactions on insurance and reinsurance performed by the insurance (reinsurance) organizations and branches of the insurance (reinsurance) organizations - nonresidents of the Republic of Kazakhstan (further – the insurance (reinsurance) organizations).
2. In the Instruction the concepts provided by the Civil code of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan "About insurance activity", "About fund of guaranteeing insurance payments", "About financial accounting and the financial reporting" and international accounting standards are used.
3. Two accounting methods of groups of insurance contracts (reinsurance) are provided in the Instruction: method of bonus allotment and general model of assessment.
The accounting entries which are not provided by the Instruction are performed according to requirements of the laws of the Republic of Kazakhstan "About financial accounting and the financial reporting", "About insurance activity" and international accounting standards.
4. In case of recognition of acquisition cash flows as expenses at the time of emergence of acquisition costs according to accounting policy, when implementing payment (fully or partially depending on conditions of agreements) acquisition expenses, the following accounting entries are performed:
on payment amount of acquisition expenses:
|
Dt |
1610 01 |
The short-term advance payments issued |
|
Kt |
1030 |
Money on current accounts; |
based on the documents confirming the fact of incurring of acquisition expenses:
|
Dt |
7470 35 |
Acquisition expenses |
|
Kt |
1610 01 |
The short-term advance payments issued. |
5. In case of recognition of acquisition cash flows as expenses at the time of emergence of acquisition costs according to accounting policy, when charging these expenses, the following accounting entries are performed:
when charging acquisition expenses on the amount, the subject payment:
|
Dt |
7470 35 |
Acquisition expenses |
|
Kt |
3390 41 |
Settlings with intermediaries in insurance (reinsurance) activity |
|
3390 43 |
Settlings with reinsurers; |
in case of payment of acquisition expenses:
|
Dt |
3390 41 |
Settlings with intermediaries in insurance (reinsurance) activity |
|
3390 43 |
Settlings with reinsurers | |
|
Kt |
1030 |
Money on current accounts. |
6. If obligations on cash flows according to insurance contracts (reinsurance) decrease by the amount of acquisition cash flows according to accounting policy, in case of payment (fully or partially depending on conditions of agreements) acquisition expenses the following accounting entries are performed:
on payment amount of acquisition expenses:
|
Dt |
1610 01 |
The short-term advance payments issued |
|
Kt |
1030 |
Money on current accounts; |
based on the documents confirming the fact of incurring of acquisition expenses:
|
Dt |
1620 04 |
Requirements for acquisition expenses for insurance contracts (reinsurance) |
|
Kt |
1610 01 |
The short-term advance payments issued. |
7. If obligations on cash flows according to insurance contracts (reinsurance) decrease by the amount of acquisition cash flows according to accounting policy, when charging the following accounting entries are performed:
1) on the amount of acquisition expenses, the subject payment:
|
Dt |
1620 04 |
Requirements for acquisition expenses for insurance contracts (reinsurance) |
|
Kt |
3390 41 |
Settlings with intermediaries in insurance (reinsurance) activity |
|
3390 43 |
Settlings with reinsurers; |
2) in case of payment of acquisition expenses:
|
Dt |
3390 41 |
Settlings with intermediaries in insurance (reinsurance) activity |
|
3390 43 |
Settlings with reinsurers | |
|
Kt |
1030 |
Money on current accounts; |
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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