LETTER OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN  

of March 28, 2002 No. 24211/201

Present the National Bank of the Republic of Kazakhstan submits the recommendations about accounting of financial leasing developed according to the Law of the Republic of Kazakhstan "About financial leasing" (dalee-Zakon about leasing).

According to articles 30 and 31 of the Law of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan", banks have the right to perform leasing activities. The procedure for reflection in financial accounting of the transactions of bank (lessor) connected with issue in financial leasing of the acquired leasing subject shall be provided in internal documents of bank and find the reflection in its accounting policy.

The purpose of these recommendations is assistance to banks in creation of the internal document determining procedure for reflection in financial accounting, the transactions made by it connected with acquisition and transfer to financial leasing of property which list is determined by article 4 of the Law on leasing.

In these Recommendations the concepts determined by article 2 of the Law on leasing are used.

1. Procedure for reflection in financial accounting of transactions in bank lessor

1. After the conclusion of the agreement of leasing and its state registration according to the procedure, determined by legal acts of the Republic of Kazakhstan, the leasing subject approved with the leasing recipient and transferred to the leasing recipient to temporary ownership and use for the entrepreneurial purposes for certain payment is reflected in accounting as follows:

1.1. Acquisition at the seller of subject of the leasing approved with the leasing recipient for transfer to the last on terms of the contract of leasing:

a) receipt of fixed assets

Дт 1656 "The fixed assets intended for leasing"

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