ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of June 22, 2007 No. 221

About approval of Rules of conducting financial accounting

For the purpose of implementation of the subitem 2) of Item 5 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting" I ORDER:

1. Approve the enclosed Rules of conducting financial accounting.

2. To department of methodology of management of the state assets of the Ministry of Finance of the Republic of Kazakhstan (Aytzhanova Zh. N.) provide state registration of this order in the Ministry of Justice of the Republic of Kazakhstan and official publication in the procedure established by the legislation.

3. This order becomes effective since January 1, 2008.

Approved by the order of the Minister of Finance of the Republic of Kazakhstan of June 22, 2007 No. 221

Rules of conducting financial accounting

1. General provisions

1. These rules of conducting financial accounting (daleepravil) 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 conducting financial accounting by individual entrepreneurs and the organizations in the territory of the Republic of Kazakhstan.

2. Action of these rules does not extend on:

the financial organizations and special finance companies created according to the legislation of the Republic of Kazakhstan on securitization, regulation of system of financial accounting and which financial reporting according to the legislation of the Republic of Kazakhstan performs National Bank of the Republic of Kazakhstan;

public institutions, regulation of system of financial accounting and which financial reporting it is established by regulatory legal acts of the Republic of Kazakhstan on financial accounting and the financial reporting for public institutions;

the individual entrepreneurs applying according to the tax legislation of the Republic of Kazakhstan special tax regime on the basis of the one-time coupon or the patent, and also the individual entrepreneurs applying special tax regime on the basis of the simplified declaration, but hired employees which are not using work.

3. The main objectives of financial accounting are:

forming of complete and reliable information about financial position, results of the activities and changes in financial position of individual entrepreneurs and the organizations 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;

providing with information necessary for internal and external users of the financial reporting for control of compliance with law of the Republic of Kazakhstan in case of implementation of economic activities and their feasibility;

prevention of negative results of economic activity and identification of intraeconomic reserves of ensuring financial stability;

control of availability and movement of property, rational use of material, labor and financial resources.

2. Organization of work of accounting service

4. The individual entrepreneur or the organization for implementation of conducting financial accounting, being guided by the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", the international and national accounting standards, and also other regulatory legal acts in the field of financial accounting and the financial reporting, independently create the accounting policy, proceeding from the structure, industry accessory and other features of activities and develop procedure for control of transactions and events, make other decisions necessary for the organization of conducting financial accounting.

5. The individual entrepreneur or the head of the organization can depending on amount of accounting work:

found accounting service as the structural division headed by the chief accountant;

enter position of the chief accountant into the state;

transfer on contractual basis conducting financial accounting and creation of the financial reporting of accounting or auditing organization or to the professional accountant;

keep financial accounting personally.

Action of two last paragraphs does not extend to the organizations of public interest.

6. The head of accounting service (further - the chief accountant) is the chief accountant or other official providing conducting financial accounting, creation and accounts presentation, forming of accounting policy.

7. Functional obligations of the chief accountant are determined according to the regulations on it approved by the individual entrepreneur or the head of the organization.

8. When conducting financial accounting the chief accountant provides:

invariance of the accepted accounting policy of reflection of transactions and events and assessment of assets and liabilities during the accounting period;

completeness of recognition for the accounting period of all transactions and events performed in this period and results of inventory count of assets and liabilities;

correctness of reference of the income and expenses by the accounting periods;

identity of data of analytics to turnovers and account balances of synthetic accounting for the beginning of every month.

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