RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of November 28, 2008 No. 99

About approval of the Instruction for conducting financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan

For the purpose of enhancement of financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan, the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Instruction for conducting financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan.

2. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

3. From the date of enforcement of this resolution to recognize invalid:

1) the resolution of Board of National Bank of the Republic of Kazakhstan of October 27, 2006 No. 107 "About approval of the Instruction for conducting financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 4458);

2) the resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2007 No. 96 "About entering of amendments and changes into the resolution of Board of National Bank of the Republic of Kazakhstan of October 27, 2006 No. 107 "About approval of the Instruction for conducting financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 4957).

4. To accounting department (Shalgimbayeva N. T.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution to bring it to the attention of the interested divisions of central office, territorial branches of National Bank of the Republic of Kazakhstan, Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations, the accumulation pension funds and Consolidation of legal entities "The association of financiers of Kazakhstan".

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Akishev D. T.

 

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of November 28, 2008 No. 99

The instruction for conducting financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan

Chapter 1. General provisions

1. This Instruction is developed according to the Laws of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" of March 30, 1995, "About provision of pensions in the Republic of Kazakhstan" of June 20, 1997, "About financial accounting and the financial reporting" of February 28, 2007, other regulatory legal acts of the Republic of Kazakhstan, international accounting standards and disaggregates conducting financial accounting of the transactions with pension assets performed by the accumulation pension funds of the Republic of Kazakhstan (further - Fund).

2. In this Instruction the concepts provided by the Laws of the Republic of Kazakhstan "About provision of pensions in the Republic of Kazakhstan" of June 20, 1997, "About financial accounting and the financial reporting" of February 28, 2007, other regulatory legal acts of the Republic of Kazakhstan and international accounting standards are used.

3. Making of the additional accounting entries which are not contradicting requirements of this Instruction and the legislation of the Republic of Kazakhstan on financial accounting and the financial reporting is allowed.

Chapter 2. The basic concepts used in this Instruction

4. In this Instruction the following concepts are used:

1) debt securities - the securities certifying the right of its owner to obtaining from the issuer of the amount of principal debt in the amount of and in the terms established by release conditions;

2) book value - the cost at which asset or liability are reflected in the balance sheet less remuneration;

3) costs according to the transaction are the additional expenses which are directly connected with acquisition, release or disposal of financial asset or the financial liability which are the compulsory provision for their acquisition, release or realization;

4) Fixing of the London Association of the market precious the metallovstoimost of the affined precious metals established by the London Association of the market of precious metals. Fixing of the London Association of the market of precious metals is expressed in the American dollars for 1 troy ounce;

5) depreciation of award or discount (discount) is gradual reference of the amount of registered award or discount (discount) for the income or expenses of the organization;

discount (discount) - the amount of negative difference arising between acquisition value of the debt security (without the added remuneration) and its nominal value, forming deferred revenues for the investor (buyer);

award - the amount of positive difference arising between acquisition value of the debt security (without the added remuneration), and its nominal value, forming deferred expenses for the investor (buyer);

6) equity securities - the securities certifying the right to share in net assets (assets less obligations) the organizations. For the purpose of this Instruction shares, depositary receipts on the shares, shares of mutual investment funds and other securities falling under determination of equity securities according to international accounting standards belong to equity securities.

Chapter 3. Financial accounting of transactions on receipt of pension contributions and payment of pension accruals

5. The fund based on payment documents and lists of physical persons in whose advantage compulsory pension contributions and penalty fee are listed, received from the Republican state state company "State Center for Pension Payment", for the previous working day performs the following accounting entry on the debit (further - Dt) and to the credit (further - Kt) the corresponding accounts:

Дт 1060 61 "Money (pension assets) on the current account (investment account)"

Кт 3390 65 "Pension accruals on individual retirement accounts".

6. On the amount of mistakenly enlisted pension contributions and other receipts the following accounting entry is performed:

Дт 1060 61 "Money (pension assets) on the current account (investment account)"

Кт 3390 64 of "The obligation on return of mistakenly credited amount of pension contributions".

7. In case of return to the sender of money, mistakenly enlisted pension contributions and other receipts the following accounting entry is performed:

Дт 3390 64 of "The obligation on return of mistakenly credited amount of pension contributions"

Кт 1060 61 "Money (pension assets) on the current account (investment account)".

8. In case of payments and transfers of pension savings in other Funds and insurance companies the following accounting entries are performed:

on transfer amount from the investment account into the account of payments:

Дт 1060 62 "Money (pension assets) on the current account (accounts of payments)"

Кт 1060 61 "Money (pension assets) on the current account (investment account)";

on the amount of obligations to the investor (receiver):

Дт 3390 65 "Pension accruals on individual retirement accounts"

Кт 3390 61 of "Obligation on payment of pension accruals",

3390 62 "Obligations on transfer of pension savings in other accumulation pension funds",

3390 63 "Obligations on transfer of pension savings in insurance companies";

in case of the actual payment:

Дт 3390 61 of "Obligation on payment of pension accruals",

3390 62 "Obligations on transfer of pension savings in other accumulation pension funds",

3390 63 "Obligations on transfer of pension savings in insurance companies"

Кт 1060 62 "Money (pension assets) on the current account (accounts of payments)",

3120 "The individual income tax".

Chapter 4. Financial accounting of transactions on placement of pension assets in securities

 

1. Accounting of the acquired debt securities intended for trade and available for sale

9. Upon purchase of the debt securities classified in category "the securities intended for trade" and "securities, available for sale" (on the purchase value including costs according to the transaction) the following accounting entries are performed:

on the net value of the acquired debt securities (on the amount which is not exceeding them nominal value):

Дт 1120 01 "The financial assets intended for trade"

1140 01 "Short-term financial investments, available for sale",

2030 01 "Long-term financial investments, available for sale"

Кт 1060 61 "Money (pension assets) on the current account (investment account)";

on the award amount, and also on cost amount according to the transaction:

Дт 1120 03 "Award on the acquired financial assets intended for trade"

1140 03 "Award on the acquired financial investments, available for sale",

2030 03 "Award on the acquired long-term financial investments, available for sale"

Кт 1060 61 "Money (pension assets) on the current account (investment account)";

on the amount of discount (discount):

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