Edict of the President of the Republic of Kazakhstan, having the effect of law, on accounting (the 26 december of 1995 year № 2732)

Edict of the President of the Republic of Kazakhstan,
having the effect of law, on accounting
(The 26 December of 1995 year № 2732)

      CHAPTER I.     General Provisions

      CHAPTER II.    Accounting System and Control

      CHAPTER III.   Accounting for Assets, Liabilities, Equity,

                     Revenue and Expenses 

      CHAPTER IV.    Financial Reporting

      CHAPTER V.     Concluding Provisions

In accordance with article 1 of the Law of the Republic of Kazakstan as of December 10, 1993 "Concerning the temporary delegating additional authority to the President of the Republic of Kazakstan and to the local authorities issue the present Edict.

CHAPTER I

General Provisions

Article 1. Purpose and Scope of the Edict

1.This Edict determines the accounting system in the Republic of Kazakstan and sets forth the basic principles and general rules to be enforced in the course of the preparation, usage, internal control and external audit requirements for entities. This Edict also determines rights and responsibilities for legal entities and individuals engaged in business activities whether they are legal entities or not who are residents of the Republic of Kazakstan, as well as affiliates and non-resident representatives registered in the territory of the Republic of Kazakstan (hereinafter - "entities").

2.All entities operating in the territory of the Republic of Kazakstan are required to perform accounting and financial reporting activities according to the present Edict.

Article 2. Objective of Accounting and Financial Reporting

1. The main objectives of accounting and financial reporting shall be the following;

2. to provide the entity and other interested persons with the complete and fair information on its business activities.

3. to provide the information necessary to government bodies for control of the compliance with the legislation of the Republic of Kazakstan in performing business activities by the entity.

Article 3. Regulatory Bodies for Accounting and Financial Reporting

1. Authorities of the Governmental body (hereinafter "the authorized body") regulating the accounting system and financial reporting in the Republic of Kazakstan, determining the basic principles and general rules of accounting, requirements of internal control and external audit for the entities shall be established by the legislation of the Republic of Kazakstan.

2. The authorized body within its authority shall issue the normative legal acts on accounting and financial reporting.

Article 4. Legislation on Accounting and Financial Reporting

The legislation on accounting and financial reporting consists of the present Edict and other normative acts of the President of the Republic of Kazakstan, legislative acts and regulations of the Government regulating accounting and financial reporting.

Article 5. Principles of Accounting and Financial Reporting