LAW OF THE KYRGYZ REPUBLIC

of May 18, 2012 No. 56

About modification and amendments in the Law of the Kyrgyz Republic "About financial accounting"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on April 6, 2012

Article 1. Bring in the Law of the Kyrgyz Republic "About financial accounting" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2002, No. 6, the Art. 273) the following changes and amendments:

1. In Article 1:

in Item 2 of the word "budgetary institutions and" to exclude;

add Article with Item 2-1 of the following content:

"2-1. Unified methodological basis of conducting financial accounting and creation of the financial reporting applied by budget institutions in the territory of the Kyrgyz Republic are the International Financial Reporting Standards for the public sector (further - IFRS of OS) drafted by Council for IFRS of OS under the International federation of accountants.".

2. In Item 2 of Article 5 of the word of "Ministry of Finance" to replace with the word of "Government".

3. To state Items 1 and 2 of Article 6 in the following edition:

"1. Providing common methodological directorship with financial accounting in the Kyrgyz Republic is performed by the authorized state bodies (further - authorized bodies) determined by the Government of the Kyrgyz Republic.

Authorized bodies as state body pursue single state policy on introduction of IFRS and IFRS of OS in the republic and exercise control of their application.

2. Authorized bodies:

- provide conditions for distribution of the changes which are again accepted by Committee on IFRS and Council for IFRS of OS of standards and made to them;

- develop methodical recommendations about application of IFRS and IFRS of OS together with the interested organizations;

- develop and approve the regulatory legal acts regulating the organization and conducting financial accounting;

- render assistance in development of educational programs in the field of financial accounting and the financial reporting according to IFRS and IFRS of OS;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info