LETTER OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of January 22, 2013 No. 24015/2/200

Present the National Bank of the Republic of Kazakhstan asks you to bring this letter to the attention of all banks of the second level and the organizations performing separate types of banking activities.

Due to the introduction of amendments to the Tax Code of the Republic of Kazakhstan according to the Law of the Republic of Kazakhstan of December 26, 2012 "About modification and amendments in some legal acts of the Republic of Kazakhstan on the tax matters", and also cancellation of Rules No. 296 (1), we report about need of carrying out by the specified organizations of check on compliance of accounting policy to requirements of international accounting standards, including regarding accounting of provisions on financial assets and charges of interest income on the depreciated assets. In case of discrepancy of accounting policy to the specified requirements, it is necessary to make corresponding changes to accounting policy.

By results of the carried-out work we ask to provide summary information in National Bank of the Republic of Kazakhstan no later than May 1, 2013.

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(1) the Rules of classification of assets, contingent obligations and creation of provisions (reserves) against them approved by the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of December 25, 2006 No. 296

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