ORDER OF THE MINISTRY OF HEALTH OF THE KYRGYZ REPUBLIC

of December 30, 2014 No. 705

About approval of "Accounting policy for the organizations of health care system"

For the purpose of further implementation of the Law of the Kyrgyz Republic "About financial accounting" of April 29, 2002 to No. 76 and "Provisions on the organization of financial accounting in budgetary institutions", No. approved by the order of the Government of the Kyrgyz Republic of May 16, 2011 224, of further enhancement of financial accounting and the financial reporting, phased transition on International accounting standards of the public sector I order:

1. Approve Accounting policy for the organizations of health care system (Appendix 1).

2. To heads, chief accountants of the organizations of health care to accept this order to execution.

3. Consider invalid the order of the Ministry of Health of the Kyrgyz Republic No. 720 of December 31, 2012 "About approval of "Accounting policy for the organizations of health care system".

4. To impose control of execution of this order on the secretary of state Suyumbayeva P. U.

Appendix No. 1

to the Order of the Ministry of Health of the Kyrgyz Republic of December 30, 2014 No. 705

Accounting policy for the organizations of health care system

Section 1. Introduction

Chapter 1. General provisions

Accounting policy is applied by all organizations of health care system. The regulating documents regulating procedure for the organization of financial accounting in state-financed organizations are:

- Civil code of the Kyrgyz Republic;

- Tax code of the Kyrgyz Republic;

- The law of the Kyrgyz Republic "About financial accounting";

- The law of the Kyrgyz Republic "About the basic principles of the budget right in the Kyrgyz Republic";

- The order of the Government of the Kyrgyz Republic of 16.05.2011 No. 224 "Provision on the organization of financial accounting in state-financed organizations".

Chapter 2. Accounting principle and going concerns

By preparation of the financial reporting the accrual basis is applied. According to accrual basis of transaction and other events are recognized upon their making, but not at the moment when money is received or paid.

The financial reporting is prepared on accrual basis, constituted on the basis of going concern assumption of organization which creates the reporting.

The accounting period for the financial reporting is calendar year from January 1 to December 31 inclusive. First accounting year for newly created organizations the period from the date of their registration according to the procedure established by the legislation of the Kyrgyz Republic, till December 31 of year of their creation is.

Section 2. Main accounting approaches

Chapter 1. Accounts presentation

§1. Determinations

The income is the increase in economic benefits during the accounting period happening in the form of receipt or increments of assets or reduction of obligations which is expressed in increase in net assets.

The expense is the reduction of economic benefits during the accounting period happening in the form of disposal or use of assets or increase in obligations which leads to reduction of net assets.

Fixed assets are the assets of long-term use (having the term of useful service more than one year), having the physical natural shape.

Original cost - the amount of the paid money or cash equivalents or fair value of other counter provision transferred for acquisition of asset at the time of its acquisition or construction.

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