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ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of March 31, 2015 No. 241

About approval of Rules of financial accounting

(as amended on 04-06-2021)

According to the subitem 2) Item 5 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting" PRIKAZYVAYU:

1. Approve the enclosed Rules of financial accounting.

2. To department of methodology of financial accounting and audit of the Ministry of Finance of the Republic of Kazakhstan (Bekturova A. T.) in the procedure established by the legislation to provide:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days after state registration in the Ministry of Justice of the Republic of Kazakhstan its direction on official publication in periodic printing editions and in information system of law of Ad_let;

3) placement of this order on Internet resource of the Ministry of Finance of the Republic of Kazakhstan.

3. This order becomes effective after ten calendar days after day of the first official publication, except for Item 12 of Rules of financial accounting which becomes effective since January 1, 2016.

Minister

B. Sultanov

It is approved

Minister of Internal Affairs of the Republic of Kazakhstan

March 31, 2015

 

________________ K. Kasymov

Approved by the Order of the Minister of Finance of the Republic of Kazakhstan of March 31, 2015 No. 241

Rules of financial accounting

1. General provisions

1. These rules of financial accounting (further - Rules) are developed according to the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", the international and national accounting standards, establish procedure for financial accounting by individual entrepreneurs, legal entities, branches, representations and permanent organizations of the foreign legal entities registered in the territory of the Republic of Kazakhstan according to the Law of the Republic of Kazakhstan "About state registration of legal entities and accounting registration of branches and representations" (further - subjects).

2. Action of these rules does not extend on:

1) the financial organizations, branches of nonresident banks of the Republic of Kazakhstan, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan, branches of insurance nonresident brokers of the Republic of Kazakhstan and Development bank of Kazakhstan regulation of system of financial accounting and which financial reporting according to the Law performs National Bank of the Republic of Kazakhstan;

2) public institutions, regulation of system of financial accounting and which financial reporting it is established by the budget legislation of the Republic of Kazakhstan.

3. The main objectives of Rules of financial accounting are:

1) forming of complete and reliable information about financial position, results of the activities and changes in financial position of subjects necessary for operational management and management, and also for use by investors, founders, suppliers, buyers, creditors, state bodies, banks and other interested persons according to the legislation of the Republic of Kazakhstan on financial accounting and the financial reporting;

2) providing with information necessary for internal and external users of the financial reporting for decision making, and also for control of compliance with law of the Republic of Kazakhstan when implementing economic activities and their feasibility.

4. Financial accounting and financial reporting preparation of the subject is based on accrual bases and continuity.

On accrual method of transaction are reflected in that period in which actually occurred, irrespective of the period of receipt and payments of money.

In case of use of the principle of continuity the financial reporting is constituted on the basis of assumption that the subject functions continuously and will conduct transactions in the near future.

For the purposes of these rules it is necessary to understand the action or event attracting changes in amount and (or) structure of property and (or) obligations of the organization as economic activity.

5. The financial reporting authentically and in full provides information on financial position, its changes, and also financial results of activities of the subject.

Subjects keep financial accounting, constitute and represent the financial reporting according to the requirement of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting according to their belonging to small, medium and big business.

6. The subject keeps separate account in case the legislation of the Republic of Kazakhstan provides separation in accounting of the income, expenses, assets and liabilities on separate types of activity.

Receivers of target receipts from the budget keep separate account of the income, expenses, the assets and liabilities received (suffered) within target receipts.

The trustee keeps separate account of the income, expenses, assets and liabilities on activities of trust management and constitutes on it separate financial statements.

2. Procedure for the organization of work of accounting service

7. The head of accounting service (further - the chief accountant) is the chief accountant or other official providing financial accounting and financial reporting preparation, forming of accounting policy according to the international or national standards, requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting.

The chief accountant is appointed and dismissed by management of the subject and submits directly to the subject's head.

Person conforming to the qualification requirements imposed according to the Job evaluation catalog of positions of heads, specialists and other employees approved by the order of the Minister of Labour and Social Protection of the population of the Republic of Kazakhstan of December 30, 2020 No. 553 "About approval of the Job evaluation catalog of positions of heads, specialists and other employees" is appointed to position of the chief accountant (it is registered in the Register of state registration of regulatory legal acts at No. 22003). The professional accountant is appointed to position of the chief accountant of the organization of public interest.

Position assignment is drawn up in writing.

Requirements of the chief accountant regarding proper execution and timely submission to accounting service of documents and data are obligatory for all divisions of the subject.

8. For the purposes of these rules under the leadership of the subject it is necessary to understand the individual entrepreneur or the head of the subject or person authorized by them.

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