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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 26, 2013 No. 195

"About approval of the Accounting standard "Accounting and disclosure of information on transactions on pension assets"

(as amended on 15-03-2021)

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", of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" and for the purpose of enhancement of the financial reporting of pension assets in the single accumulation pension fund and the Voluntary accumulation Board of National Bank of the Republic of Kazakhstan DECIDES: pension funds

1. Approve the enclosed Accounting standard "Accounting and disclosure of information on transactions on pension assets".

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

Chairman of National Bank

G. Marchenko

It is approved

Ministry of Finance of the Republic of Kazakhstan

August 29, 2013

 

Minister B. Zhamishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 26, 2013 No. 195

Accounting standard "Accounting and disclosure of information on transactions on pension assets"

1. Purpose and coverage

1. This Accounting standard "Accounting and disclosure of information on transactions on pension assets" (further - the Standard) is developed 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", of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan", is intended for conducting financial accounting of pension assets and creation of the financial reporting concerning pension assets of the single accumulation pension fund and the Voluntary accumulation pension funds (further - fund).

2. The purpose of the Standard is determination of features of conducting financial accounting and submission of information on pension assets which is subject to disclosure in the financial reporting by fund.

3. The questions which are not settled by the Standard are regulated by the Law of the Republic of Kazakhstan of February 28, 2007 "About financial accounting and the financial reporting" and international accounting standards (further - IFRS).

4. Are applied to conducting financial accounting and creation of the financial reporting by fund for own assets by fund by IFRS.

2. The concepts used in the Standard

5. For the purposes of the Standard concepts, stipulated by the legislation the Republic of Kazakhstan about financial accounting and the financial reporting and IFRS are used.

3. Conducting financial accounting of pension assets

Paragraph 1. Financial accounting of pension assets

6. Financial accounting of pension assets, including transactions on receipt of pension contributions and implementation of retirement benefits is performed according to the Instruction for conducting financial accounting of the transactions with pension assets performed by the single accumulation pension fund and the Voluntary accumulation pension funds, the Republic of Kazakhstan approved by the resolution of Board of National Bank of July 1, 2011 No. 69 "About approval of the Instruction for conducting financial accounting of the transactions with pension assets performed by the single accumulation pension fund and the Voluntary accumulation pension funds" (registered in the Register of state registration of regulatory legal acts at No. 7118).

Paragraph 2. Initial recognition of financial assets

7.  No. 30 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 26.02.2014

7-1. The fund classifies financial assets by the following categories:

1) estimated on depreciated cost;

2) estimated at fair value.

Reference of financial assets of fund in one of two categories provided in part one of this Item is performed according to the Rules of implementation of accounting and assessment of pension assets approved by the resolution of Board of National Bank of the Republic of Kazakhstan of February 26, 2014 No. 24 "About approval of Rules of implementation of accounting and assessment of pension assets" (registered in the Register of state registration of regulatory legal acts at No. 9274), (further - Rules of assessment).

8. Transactions on purchase and sale of financial assets, except for transactions with derivative financial assets, are considered on accounting method for date of the conclusion of transactions.

Date of the conclusion of the transaction is acceptance date fund of obligations for purchase or sale of asset.

Financial accounting for date of the conclusion of the transaction provides the following:

1) recognition of the asset which is subject to obtaining and obligations on its payment in day of the conclusion of the transaction;

2) derecognition of the realized asset, recognition of the income or expenses from asset retirement and recognition of receivables to the buyer of asset in day of the conclusion of the transaction.

Calculation of the income or expense from disposal of financial asset is performed by the FIFO method (first in first out) "the first receipt - the first leave" (further - the FIFO method).

Application of the FIFO method is that the assets acquired the first will be realized the first.

9. The financial assets estimated on depreciated cost in case of initial recognition are estimated at fair value which is the transaction price, taking into account costs according to the transaction which are directly connected with acquisition or release of this financial asset.

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