ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of July 24, 2012 No. 348

About introduction of amendments to the order of the Minister of Finance of the Republic of Kazakhstan of August 3, 2010 No. 393 "About approval of Rules of conducting financial accounting in public institutions"

According to item 4 of Article 116 of the Budget code of the Republic of Kazakhstan, I ORDER:

1. Bring in the order of the Minister of Finance of the Republic of Kazakhstan of August 3, 2010 No. 393 "About approval of Rules of conducting financial accounting in public institutions" (registered in the Register of state registration of regulatory legal acts for No. 6443, No. 242 published in "The Kazakhstan truth" of September 15, 2010 (26303); "The Kazakhstan truth" of September 16, 2010 No. 243 (26304)) the following changes:

in Rules of conducting financial accounting in the public institutions approved by the specified order:

in Item 3:

2) to state the subitem in the following edition:

"2) depreciation - systematic distribution of depreciable cost of asset throughout the term of its useful use;";

5) to state the subitem in the following edition:

"5) cash (monetary) items - units of currency, available, and also the assets and liabilities to the obtaining or payment expressed fixed or determined by the number of currency units;";

6) to state the subitem in the following edition:

"6) cash equivalents - short-term, highly liquid investments which can be easily converted into certain amount of money and changes in value which are put insignificant risk;";

7) to state the subitem in the following edition:

"7) recoverable amount of asset - the greatest value from fair value of asset less costs to sell and its value of use;";

8) to state the subitem in the following edition:

"8) asset impairment - the losses in future economic benefits or service potential of asset exceeding systematic recognition of losses in future economic benefits or service potential of asset through depreciation;";

12) to state the subitem in the following edition:

"12) asset replacement cost - the cost necessary for replacement of gross service potential of asset;";

19) to state the subitem in the following edition:

"19) the active market - the market in which all following conditions are satisfied:

the goods which are traded on the market are homogeneous;

practically at any time there are buyers and sellers wishing to make the transaction;

price information is public;";

third the subitem 37) to state the paragraph in the following edition:

"about exchange of financial instruments with other subject under conditions which are potentially unprofitable;";

43) to state subitem paragraph two in the following edition:

"keep for use in production or delivery of goods or rendering services, for leasing to other persons or for the administrative purposes;";

47) to state the subitem in the following edition:

"47) cost of the investment real estate - the amount of the paid money or their equivalents or fair value of other compensation transferred for the purpose of acquisition of asset at the time of its acquisition or construction;";

50) to state the subitem in the following edition:

"50) service potential - the assets used for rendering services according to functions of public institution, and also productions of goods, but directly not providing net proceeds of money;";

53) to state the subitem in the following edition:

"53) salvage value - the estimative amount which could be received now in case of asset retirement after deduction of estimated costs on disposal if the asset already reached the end of useful life, and its condition it, as expected for the end of term of its useful use;";

to state the paragraph of the eighth part four of Item 18 in the following edition:

"business and identification number (further - BIN/IIN).";

the sixth Item 18 to state part in the following edition:

"In case of creation of source documents and bookkeeping registers on electronic media public institutions shall make copies of such documents on papers.";

the second Item 19 to state part in the following edition:

"Responsible persons submit source documents on receipt and expense of material values according to the register of delivery of documents according to form 442 Albums of forms of accounting documentation for public institutions (further - the Album of forms), the Minister of Finance of the Republic of Kazakhstan approved by the order of August 02, 2011 No. 390 (registered in the Register of state registration of regulatory legal acts for No. 7126) (is filled separately according to receipt and issue documents) constituted in duplicate. After the inspection of correctness of execution of the submitted source documents which is carried out in the presence of the responsible person one copy of the register with the signature of the accounting worker returns to the responsible person, the second copy remains in cases of accounting service.";

the second Item 22 to state part in the following edition:

"The book "Magazine-main" opens records of the amounts of remaining balance for the beginning of year according to the balance sheet for the expired year. Records in it are made in process of creation of memorial orders, and in case of creation of memorial orders of accumulative sheets once in month. The amount of the memorial order registers at first in the column "The Amount according to the Order", and then in the debit and the credit of the corresponding sub-accounts. The amount of turnovers in month on all sub-accounts both on the debit, and on the credit shall be equal to result of the column "The Amount according to the Order". By the second line after turnovers in month the remaining balance for the beginning of the next month on each sub-account is removed.";

state Item 25 in the following edition:

"25. Error correction, found in records of financial accounting for the current year, are made in the following procedure:

1) the found error for this accounting period until submission of the balance sheet which is not requiring change of data of the memorial order improves by deletion by thin line of the wrong amounts and the text so that it was possible to read crossed out and is inscribed over crossed out the corrected text and the amount. At the same time, here on fields against the corresponding line signed by the chief accountant the clause becomes "Is corrected";

2) the found wrong record until submission of the balance sheet caused by mistake in the memorial order depending on its nature improves the additional memorial order or on the method "Red Storno"; errors in all cases when they are found in records of financial accounting for that accounting period for which the balance is already provided are in the same way corrected. Additional accounting entries on error correction, and also corrections by method "Red Storno" are drawn up by memorial orders in which, in addition to regular details, reference to number and date of the memorial order corrected by this memorial order is made.

Some Articles in the financial reporting are based on estimations. Process of determination of estimations is based on the latest, available and reliable information. The estimation can be required, for example, in case of determination of fair value of financial assets or financial liabilities, doubtful debt allowances, estimative obligations. The result of change in estimations is subject to recognition is perspective also to inclusion in calculation of financial results in current period when there was change if it influences only this period or the period when there was change, and in future periods in the presence on them influences.";

state Item 27 in the following edition:

"27. In new financial year in bookkeeping registers on synthetic and analytical accounts the amounts of remaining balance for the beginning of year in full accordance with the balance sheet and accounting registers for the expired year register.

If the administrator of budget programs in case of acceptance of the financial reporting for accounting financial year makes corrections, then based on the corresponding written order these corrections are made to bookkeeping registers of this accounting financial year (by correction of accounting entry), and to bookkeeping registers of the current year (by change of opening balances).";

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