ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of October 18, 2013 No. 564

About International accounting standards for subjects of small and medium entrepreneurship in the Kyrgyz Republic

For the purpose of creation of the favorable circle for development of medium and small business, improvement of quality of the financial reporting, ensuring availability and transparency of financial information by subjects of small and medium entrepreneurship, according to article 1 of the Law of the Kyrgyz Republic "About financial accounting", being guided by articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic", the Government of the Kyrgyz Republic decides:

1. Determine that unified methodological basis of conducting financial accounting and creation of the financial reporting applied in the territory in the Kyrgyz Republic are:

- for issuers which securities are included in listing of stock exchange; banks or other financial credit institutes licensed by National Bank of the Kyrgyz Republic; investment funds, insurance companies, non-state pension funds (further - subjects of public interest) the International accounting standards accepted by Fund of Committee on IFRS (city of London) (further - IFRS);

- for subjects of small and medium entrepreneurship, except for subjects of public interest, budgetary institutions, and also the financial institutions applied the Islamic principles of financing - the International accounting standards for subjects of small and medium entrepreneurship accepted by Fund of Committee on IFRS (city of London) (further - IFRS for MSP).

2. To the Ministry of Education and Science of the Kyrgyz Republic:

- bring in the state educational standards of the Kyrgyz Republic of the higher and secondary professional education in the IFRS economic directions for MSP;

- add curricula of the higher and secondary professional education in financial accounting and audit of IFRS for MSP.

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