LAW OF THE KYRGYZ REPUBLIC

of April 26, 2013 No. 61

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

Accepted by Jogorku Kenesh of the Kyrgyz Republic on March 14, 2013

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:

state Item 2 in the following edition:

"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 irrespective of pattern of ownership, are the International accounting standards (further - IFRS) accepted by Fund of Committee on IFRS (city of London).

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.

If other is not provided by this Article, unified methodological basis of creation of the financial reporting applied in the territory of the Kyrgyz Republic to subjects, except for subjects of public interest irrespective of pattern of ownership, the International accounting standards for subjects of small and medium entrepreneurship (further - IFRS for MSP) accepted by Fund of Committee on IFRS (city of London) are.";

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

"2-2. Small business entities perform conducting financial accounting and creation of the financial reporting according to the simplified rules established by the Government of the Kyrgyz Republic.

Subjects of the small and medium entrepreneurship having the right on voluntary basis according to the decision of their governing bodies which approved accounting policy to constitute the financial reporting according to IFRS or IFRS for MSP.

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