LAW OF THE KYRGYZ REPUBLIC

of April 29, 2002 No. 76

About financial accounting

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on April 2, 2002

This Law establishes legal and methodological basis of the organization and conducting financial accounting in the Kyrgyz Republic, determines procedure for state regulation of financial accounting and the financial reporting, the right and obligation of persons performing the organization, conducting financial accounting, creation and accounts presentation.

Chapter I. General provisions

Article 1. Financial accounting and its methodological basis

1. Financial accounting represents system of collection, measurement by data recording, processing and information transfer about assets, obligations, equity, the income and expenses of the subject (legal entity), by means of financial statements on certain subject for acceptance of reasoned decisions.

2. Unified methodological basis of conducting financial accounting and creation of the financial reporting applied in the territory of the Kyrgyz Republic to subjects of public interest and subjects of big business irrespective of pattern of ownership, are the International accounting standards (further - IFRS) accepted by Council for International accounting standards, published in the state and official languages according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic. Subjects of public interest and subjects of big business have the right to apply the changes made to IFRS before their publication, according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic, with the subsequent disclosure in notes to the financial reporting.

For the purposes of this Law the subject of public interest is understood as the subject which is:

- the issuer whose securities are included in listing of stock exchange;

- the bank or other financial credit institute licensed by National Bank of the Kyrgyz Republic;

- investment fund, insurance company, non-state pension fund.

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