ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of November 11, 2013 No. 609

About approval of Rules of financial accounting and the reporting of small business entities

For the purpose of creation of favorable business environment for development of medium and small business, improvement of quality of financial information, ensuring availability and transparency of financial information by small business entities the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Rules of financial accounting and the reporting of small business entities.

2. Recognize invalid:

- the order of the Government of the Kyrgyz Republic "About suspension of action of Methodical instructions for the simplified form of financial accounting and financial reporting preparation for the individual entrepreneurs approved by the order of the Government of the Kyrgyz Republic "About questions of financial accounting and the financial reporting in the Kyrgyz Republic subjects of entrepreneurship, non-profit organizations (except for budgetary institutions)" of October 7, 2010 No. 231" of July 29, 2011 No. 427;

- the paragraph third Item 1 of the order of the Government of the Kyrgyz Republic "About questions of financial accounting and the financial reporting in the Kyrgyz Republic subjects of entrepreneurship, non-profit organizations (except for budgetary institutions)" of October 7, 2010 No. 231.

3. This resolution becomes effective from the date of official publication and is applied since January 1, 2014.

Approved by the Order of the Government of the Kyrgyz Republic of November 11, 2013 No. 609

Rules of financial accounting and reporting of small business entities

1. General provisions

1. These rules of financial accounting and the reporting of small business entities (further - Rules) are developed according to the Law of the Kyrgyz Republic "About financial accounting" and determine procedure for the organization and financial accounting and financial reporting preparation by small business entities.

2. Small business entities are both legal entities, and individual entrepreneurs whose annual revenue from sales of goods, works and services does not exceed the size of registration threshold on the value added tax according to the tax legislation. Tax accounting is kept by small business entities according to the tax legislation of the Kyrgyz Republic.

3. The small business entities applying according to the tax legislation of the Kyrgyz Republic tax regime on the basis of the single tax also constitute the reporting and keep financial accounting according to these rules.

2. Procedure for the organization of financial accounting

4. The organization of financial accounting by small business entities is performed by means of:

1) creations of accounting service as the structural division headed by the chief accountant or the other person authorized by the head;

2) introductions to the state of position of the accountant;

3) uses of services of the specialized organizations or the specialist accountant on contractual basis;

4) financial accounting personally head of small business entity.

5. The small business entity keeps financial accounting of the transactions and events connected with availability and movement of assets, obligations, the capital, the income and expenses according to the chart of accounts of financial accounting established by these rules.

6. For the organization of financial accounting, compliance with the law in case of accomplishment of economic activities responsibility is born by the head of small business entity.

3. Accounting documents

7. Source accounting documents - the documents confirming the fact of making of transaction or event based on which financial accounting is kept.

8. Source accounting documents which forms are developed by small business entity independently are accepted to accounting if contain the obligatory details provided by the Law of the Kyrgyz Republic "About financial accounting".

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