of December 21, 2016 No. 49/9
About approval of the Provision "About requirements to forming of the financial reporting and submission of information by the non-bank financial credit institutes which are performing activities according to the Islamic principles of banking and financing or having "Islamic window"
1. Approve the Provision "About requirements to forming of the financial reporting and submission of information by the non-bank financial credit institutes which are performing activities according to the Islamic principles of banking and financing or having "Islamic window" it (is applied).
3. To legal management:
- publish this resolution on the official site of National Bank of the Kyrgyz Republic;
- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.
4. To management of methodology of supervision and licensing to bring this resolution to the attention of the operating microfinancial institutions, credit unions, their associations (associations), JSC Finance Company of Credit Unions, OYuL "Association of Islamic Finance", regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.
5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T. Dzhusupov.
to the Resolution of Board of National Bank of the Kyrgyz Republic of December 21, 2016 No. 49/9
1. The provision is developed according to the Laws of the Kyrgyz Republic "About microfinancial institutions in Kyrgyz Republic", "About credit unions" and other regulatory legal acts of the Kyrgyz Republic.
2. This Provision determines structure, rules of creation and accounts presentation by microfinancial institutions (further - IFI) and the credit unions performing activities according to the Islamic principles of banking and financing (further - non-bank financial credit institutions), and also IFI having "Islamic window".
3. Regulations of this provision are applicable to non-bank financial credit institutions (further - NFKO) taking into account the specifics of their activities and form of business determined legislative and regulatory legal acts of the Kyrgyz Republic. NFKU which are in conservation regime also represent to temporary administration the financial reporting according to this Provision.
4. The financial reporting NFKO, the banking performing activities according to the Islamic principles and financing, represents the structured representation of financial position and result of activities, performed by it for the accounting period.
5. The financial reporting NFKO, the banking performing activities according to the Islamic principles and financing, shall reflect objectively its financial position and conform to standards of the Organization of financial accounting and audit for Islamic financial institutions (further - AAOIFI), and in case of lack of the NFKO certain standards uses the IFRS standards provided that they will not contradict the standards of Sharia approved by AAOIFI.
6. The purpose of the financial reporting NFKO is:
- submission of information on financial position, financial results of activities and cash flow of NFKO useful for a wide range of users in case of adoption of economic decisions by them;
- representation of results of resource management, entrusted management of NFKO, by means of submission of information on assets, obligations, the capital, the income and expenses (including profits and losses) and cash flow.
7. Users of financial statements are investors, shareholders, founders, participants, creditors, borrowers, international financial institutions, tax authorities, National Bank and other users.
8. The financial reporting consists of reporting forms which shall be constituted according to the forms attached to this Provision:
- the report on financial condition for the end of the last day of the accounting period (form No. 1 according to Appendix 1 to this Provision);
- the report on profit and losses (form No. 2 according to Appendix 2 to this Provision);
- the cash flow statement (form No. 3 according to Appendix 3 to this Provision);
- the report on changes in capital structure (form No. 4 according to Appendix 4 to this Provision);
- accounting policy and explanatory note (disclosures);
- the report on sources of forming and use of money of cards of fund (form No. 5 according to Appendix 5 to this Provision);
- the conclusion of Sharia council (form No. 6 according to Appendix 6 to this Provision).
The explanatory note (disclosures) to the financial statement shall be capacious and clear, and also have the cross reference to the corresponding financial statement items if it is necessary. The explanatory note (disclosures) attached to the financial reporting is its integral part.
The conclusion of Sharia council shall contain information confirming carrying out transactions for the accounting period according to the principles of Sharia.
9. In the financial reporting it shall be accurately allocated and if it is necessary for due understanding of the provided information, to repeat the following information:
- the name of the reporting NFKO;
- reporting date or the period covered by the financial reporting;
- reporting currency;
- units of measure and the level of accuracy used in case of representation of numbers in the financial reporting.
10. In case of creation of the financial reporting the management of NFKO shall estimate capability of NFKO to continue the activities. The financial reporting shall be constituted on the basis of going concern assumption if only the management has neither intention, nor need for liquidation or for essential reducing scales of activities of NFKO. When the management in the course of forming of opinion is informed on the essential uncertainty connected with events or conditions which can raise considerable doubts in capability of NFKO to perform the activities in the future, these uncertainty shall reveal.
If the financial reporting is constituted not on the basis of going concern assumption, this fact shall be discovered as well as that basis on which the reporting and the reason why NFKO is not considered continuously acting is constituted.
11. NFKO shall constitute the financial reporting except for of the cash flow statement, using accrual method.
12. For the purpose of the financial reporting the accounting period for NFKO is the period from January 1 to December 31 calendar year inclusive.
For NFKO, newly created till October 1, the first accounting period the period from the date of its state registration till December 31 inclusive is considered.
For NFKO created after October 1, the first accounting period the period from the date of its state registration till December 31 of the next year inclusive is considered.
13. In exceptional cases, when the accounting period of NFKO changes, and the financial reporting is provided for the period, is more long or shorter than one year, NFKO shall open in addition to the period covered by the financial reporting:
- reason of use of the period different from year;
- the fact that comparative amounts for comprehensive income statements, about equity changes, cash flow and the corresponding notes are not comparable.
14. Each essential Article in the financial reporting NFKO reveals and it is represented in the financial reporting separately. Insignificant Articles are grouped with the amount of similar nature or appointment.
15. Content and forms of the financial reporting are applied consistently from one accounting period to another (the principle of the sequence).
On each numerical indicator of the financial reporting indicators of the previous accounting year shall be given.
16. Classification and submission of Articles in financial statements shall remain from the period during the period, except as specified:
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