ORDER OF THE MINISTRY OF FINANCE OF THE KYRGYZ REPUBLIC

No. 52/p of April 25, 1996

About approval of the Regulations on financial accounting and the reporting in investment funds

Due to the conversion of the Regulations on financial accounting and the reporting in investment funds I order:

1. Approve the processed Regulations on financial accounting and the reporting in investment funds.

2. Enact the processed Regulations on financial accounting and the reporting in investment funds since 1996.

3. Declare invalid since 1996 the Regulations on financial accounting and the reporting in investment funds approved by the Ministry of Finance of the Kyrgyz Republic on July 3, 1995, registration number 244 of July 12, 1995.

Approved by the order of the Ministry of Finance of the Kyrgyz Republic of April 25, 1996 No. 52/p

Regulations on financial accounting and the reporting in investment funds

1. General provisions

1.1. The present "Regulations on financial accounting and the reporting in investment funds" determines features of procedure for accounting in investment funds.

1.2. Investment funds constitute and represent accounting records according to the legislation of the Kyrgyz Republic with obligatory filling of the special forms of the reporting approved by this Provision.

2. The organization of financial accounting in investment funds

2.1. According to the Section IX "Provisions on investment funds", approved by the order of the Government of the Kyrgyz Republic of February 22, 1995 N 55 (hereinafter "Provision"), the investment fund shall observe the following requirements of the reporting:

1. The investment fund should provide access to the shareholders, and also to send to the State agency on supervision of transactions with securities (Госагценбумаг), in case of specialized investment fund, - as well to Fund of state-owned property (state property):

- the financial statements which did not undergo audit inspection, quarterly within 30 days after the termination of each reporting quarter; and

- the annual financial reports which underwent audit inspection no later than 90 days after the termination of each accounting year.

The investment fund shall send in writing to Gosagtsenbumag and if it is specialized fund, - that and in the State property fund, information with indication of the name and the description of the managing director, depositary and the independent auditor, and also the list of all his officials and board members of fund and to report about any changes of data in information which is earlier sent to Gosagtsenbumag or to Gosagtsenbumag and to the State property fund within 15 days from the date of when such changes happened. The investment fund shall provide also specified information with all changes to shareholders or other interested persons on their request.

2.2. Financial accounting in investment funds is kept by the principle of building-up which gives the chance to consider the economic factors influencing financial position of fund even if transactions by cash were not made.

Financial accounting on the basis of the principle of building-up is accounting in case of which the income and expenses are recognized at the time of their origin though they are not encashed yet or are not paid.

2.3. The Section IX of the Provision determines that the fund shall within five years from the moment of creation of message and store the accounts, ledgers and other documents forming basis of the financial reporting which without fail goes to the relevant departments and is provided to shareholders, and the auditor references relating to these documents and also any documentation on the agreements relating to carrying out transactions with coupons. Each managing director and depositary of investment fund shall conduct and store within 5 years from the moment of creation of the account, the book and the other documents necessary for accounting of the transactions made by it on behalf of fund or with fund. The investment fund shall record securities in:

1. Magazines in which all carried-out transactions on purchase and sale of securities are daily entered under Articles obtaining and delivery of securities, and also payment and receipt of money for securities are registered.

2. To the ledger of investments, showing unit, quantity and the price under each Article of portfolio and each transaction on purchase and sale for date of its carrying out.

3. Register all transactions on purchase and sale on each Article of portfolio.

2.4. Securities of investment company shall be kept in depositary, according to the Section II of Provisions. Storage of securities is performed according to the conditions established by "The standard agreement with depositary".

3. Financial accounting of investment income

The investment income of investment fund consists of dividends and interest income.

3.1. Dividends

The dividends paid by the issuer to investment fund in the form of money are considered as investment income. Share split is not the income of investment fund. The dividend can be paid by shares (earnings capitalization), bonds, goods if it is provided by charter of joint-stock company.

Dividends on securities of investment fund are considered for date the ex-dividend.

Date the ex-dividend (or date "without dividend") is date when the share loses the right to the dividend. Dividends are charged to shareholders who were those on closing date of the register. The date following closing date of the register is date the ex-dividend and the buyer registered as the shareholder in day of the ex-dividend or in the next days has no right to the dividend.

3.2. Interest income

Interest income according to debt securities, such as the government or local bonds and other similar securities, is reflected in accounting at least once a month.

The investment fund shall consider possibility of collection of percent for building-up.

4. Determination of realized profit and loss from realization of investments

Implemented profit or loss from realization of investments, often called by surplus or loss of the capital, arise when investments are realized at the price other than the cost of their acquisition. The profit is realized profit when investments are realized at the price, high prices of their acquisition whereas the realized loss is created when investments are realized at the price below, than the price of their acquisition. For determination of realized profits and losses, acquisition value shall include the commission and other expenses connected with acquisition and realization of investments.

5. Financial statements of investment fund

Investment funds shall submit the following reports:

 
----------------------------------------------------------------------
                    Название отчета                       ¦Номер отчета
----------------------------------------------------------+-----------
Отчет об активах и пассивах                               ¦      1
Отчет о финансовых результатах и их использовании         ¦      2
инвестиционного фонда                                     ¦
Отчет об операциях                                        ¦      3
Отчет об инвестициях                                      ¦      4
Отчет об изменениях в выпущенном капитале                 ¦      5
Отчет об изменениях в чистых активах                      ¦      6
Отчет о реализованной прибыли (убытке) от реализации      ¦      7
инвестиций                                                ¦
Отчет об изменениях в нереализованном увеличении стоимости¦      8
(обесценивании) инвестиций                                ¦
Финансовые показатели                                     ¦      9
Инвестиции в и платежи аффилированным компаниям           ¦     10
Пояснительная записка к финансовым отчетам                ¦
----------------------------------------------------------------------
      
      
                 Типовой инвестиционный фонд - Отчет 1
      
                                 ОТЧЕТ
                         об активах и пассивах
      
Номер                                                   31 декабря
строки                                                1993      1994
     Активы
 101 Инвестиции в ценные бумаги, по справедливой      370300    720375
     стоимости (установленная стоимость 370300 сом
     31 декабря 1993 года и 595800 сом 31 декабря
     1994 года)
      
 111 Денежные средства                                 68550    517050
      
 121 Причитающиеся суммы по реализованным акциям фонда     0         0
 122 Причитающиеся суммы по реализованным инвестициям      0      6000
 123 Дивиденды и проценты к получению                      0     25000
 124 Другие причитающиеся суммы                            0      2000
 129   Итого причитающихся сумм                            0     33000
      
 141 Другие активы (в т.ч. недвижимость 0 сом, 0%          0     26000
     Уставного капитала)
 149   Всего активы                                   438850   1296425
      
     Пассивы
 151 Счета к оплате за перекупленные/выкупленные акции     0     20000
 152 Начисленные обязательства                          3000      3000
 153 Другие обязательства                                  0         0
 159   Всего пассивы                                    3000     23000
      
 160 Чистые активы                                    435850   1273425
      
     Чистые активы
 171 Капитал, оплаченный по номинальной стоимости     500000   1000000
     акции, по цене 1 сом за акцию, 2000000 акций
     разрешено к выпуску/зарегистрировано, 500000
     акций выпущено в 1993 году и 500000 акций
     выпущено в 1994, соответственно
 172 Дополнительный оплаченный капитал по стоимости,       0    230000
     превышающей номинальную
 173 Минус: Стоимость перекупленных/выкупленных акций      0   (20000)
     (0 акций за 1993 год и 20000 акций за 1994 год,
     соответственно)
 174 Чистый оплаченный капитал                        500000   1210000
      
 175 Чистое нереализованное увеличение стоимости           0    124575
     (обесценивание) инвестиций
      
 181 Нераспределенная инвестиционная прибыль (убыток) (64150) (127650)
 182 Нераспределенная реализованная прибыль (убыток)       0     66500
     от реализации инвестиций
 183 Нераспределенная внереализационная прибыль            0         0
     (убыток)
 184 Обязательные резервы                                  0         0
 185   Итого нераспределенная прибыль                 (64150)  (61150)
      
 186   Чистые активы                                  435850   1273425
      
 190 Стоимость чистых активов на одну акцию в           0,87      1,30
     обращении (чистых активов 435850:500000 акций
     = 0,87 за акцию и чистых активов 1273425:980000
     акций = 1,30 за акцию, соответственно)
      
     Прилагаемые пояснительные  записки являются составной частью дан-
ных финансовых отчетов.
    Все названия и суммы вымышлены и приводятся только для обсуждения.
      
      
                 Типовой инвестиционный фонд - Отчет 2
      
                                 ОТЧЕТ
                       о финансовых резу�

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