RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 24, 1997 No. 26/6

About Policy of accounting of the transactions reflected in off-balance accounts in National Bank of the Kyrgyz Republic

For the purpose of development of accounting rules of the transactions reflected in the off-balance accounts in National Bank of the Kyrgyz Republic corresponding to International accounting standards, the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the enclosed Policy of accounting of the transactions reflected in off-balance accounts in National Bank of the Kyrgyz Republic and enact it since January 1, 1998.

2. To the relevant divisions of NBKR till February 1, 1998 to develop and approve Regulations on stand-alone accounting.

3. To impose control of execution of this resolution on the vice chairman of the board madam Esenaliyeva Zh. S.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of December 24, 1997 No. 26/6

Policy of accounting of the transactions reflected in off-balance accounts in National Bank of the Kyrgyz Republic

1. Introduction

1.1. This procedure determines policy for accounting of the transactions reflected in off-balance accounts (further by the text - "off-balance transactions") in National Bank of the Kyrgyz Republic (further in the text - "Bank"), and corresponds to Regulations on accounting standards and the principles of the financial reporting for National Bank of the Kyrgyz Republic.

1.2. Development of procedures of realization of this Policy is performed by Management of financial accounting and reporting of Bank.

2. Determinations

2.1. Off-balance transactions are transactions which are not recognized as assets or liabilities now the balance statement, but which lead to emergence of uncertain events and contractual commitments, and are considered on off-balance accounts.

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