ORDER OF THE MINISTRY OF FINANCE OF THE KYRGYZ REPUBLIC

of April 21, 2000 No. 127-p

About approval of the Regulations on financial accounting and the financial reporting in the Kyrgyz Republic and Methodical recommendations about transfer of the companies and the organizations on conducting financial accounting using the Kyrgyz accounting standards and the Chart of accounts

For the purpose of enhancement of system of the accounting and financial reporting in the Kyrgyz Republic and its reductions in compliance with International accounting standards, proceeding from interests of the public, including business entities, investors and other users of financial information, I order:

1. Approve the enclosed Provision on conducting financial accounting and the financial reporting in the Kyrgyz Republic.

2. Approve the enclosed Methodical recommendations about transfer of the companies and the organizations on conducting financial accounting using the Kyrgyz accounting standards and the Chart of accounts.

3. To legal department (Dzhumagulova S. M.) to carry out registration of the above-stated documents in the Ministry of Justice of the Kyrgyz Republic.

4. Publish Regulations on financial accounting and the financial reporting in the Kyrgyz Republic and Methodical recommendations about transfer of the companies and the organizations on conducting financial accounting and the Chart of accounts in mass media.

5. Recognize invalid the Regulations on financial accounting and the reporting in the Republic Kyrgyzstan approved by the order of the Ministry of Economics and finance of the Republic Kyrgyzstan of September 11, 1992 N 27-p.

 

Approved by the order of the Ministry of Finance of the Kyrgyz Republic of April 21, 2000 No. 127-p

Provision on conducting financial accounting and the financial reporting in the Kyrgyz Republic

I. GENERAL PROVISIONS

1. This Provision determines procedure for the organization and conducting financial accounting, creation and submission of accounting records by legal entities in the territory of the Kyrgyz Republic irrespective of their form of business (except for credit institutions and National Bank of the Kyrgyz Republic), and also relations of the organization with external users of accounting information.

Branches and representative offices of the foreign organizations which are in the territory of the Kyrgyz Republic can keep financial accounting proceeding from the rules established in the country of finding of the foreign organization if the last do not contradict the International Financial Reporting Standards drafted by the International accounting standards board.

2. The Ministry of Finance of the Kyrgyz Republic based on this provision develops, claims and publishes standards on financial accounting, other regulatory legal acts and methodical instructions for financial accounting creating system of normative regulation of financial accounting and obligatory to execution by the organizations in the territory of the Kyrgyz Republic including when implementing activities outside the Kyrgyz Republic.

3. According to this Provision:

a) financial accounting represents the arranged system of collection, registration and generalization of information in terms of money on property, obligations of the organization and their movement by continuous, continuous and documentary accounting of all economic activities;

b) objects of financial accounting are the property of the organizations, their obligations and economic activities performed by the organizations in the course of their activities.

4. The main objectives of financial accounting are:

- forming of complete and reliable information about organization activity and its property status, accounting records necessary for internal users - to heads, founders, participants and owners of property of the organization, and also external - to investors, creditors and other users of accounting records;

- providing with information necessary for internal and external users of accounting records for control of compliance with law of the Kyrgyz Republic in case of implementation of economic activities by the organization and their feasibility, availability and movement of property and obligations, use of material, labor and financial resources according to the approved regulations, standard rates and estimates;

- prevention of the negative phenomena of economic activity of the organization and identification of intraeconomic reserves, ensuring its financial stability.

5. To the organizations for accomplishment of tasks of financial accounting, being guided by this Provision, regulatory legal acts of the Ministry of Finance of the Kyrgyz Republic which by the laws of the Kyrgyz Republic are granted the financial accounting regulation right, independently create the accounting policy proceeding from the structure, industry accessory and other features of activities.

6. Responsibility for the organization of financial accounting to the organizations, compliance with law in case of accomplishment of economic activities is brought by the head of the organization.

7. The accounting policy accepted by the organization affirms the order or other written order of the head of the organization.

The head shall create necessary conditions for the correct conducting financial accounting, provide strict accomplishment by all divisions and services, employees of the company of requirements of the chief accountant regarding procedure for registration and representation for accounting of documents and data. The chief accountant submits directly to the director.

At the same time affirm:

- evaluation methods of separate types of property and obligations;

- procedure for carrying out inventory count of property and obligations;

- rules of document flow and technology of processing of accounting information;

- procedure for control of economic activities, and also other decisions necessary for the organization of financial accounting;

- working chart of accounts of financial accounting;

- forms of source accounting documents applied to registration of economic activities on which standard forms of source accounting documents, and also document forms for internal accounting records are not provided.

8. The head of the organization can depending on amount of accounting work:

a) found accounting service as the structural division headed by the chief accountant;

b) enter position of the accountant into the state;

c) transfer on a contract basis conducting financial accounting of centralized accounts department, specialized organization or to the specialist accountant;

d) keep financial accounting personally.

II. BASIC RULES OF CONDUCTING FINANCIAL ACCOUNTING

 

Requirements to conducting financial accounting

9. The organization keeps financial accounting of property, obligations and economic activities (the facts of economic activity) by double record on the interconnected accounts of financial accounting included in the working chart of accounts of financial accounting.

The working chart of accounts of financial accounting affirms the organization on the basis of the Chart of accounts of the financial accounting recommended by the Ministry of Finance of the Kyrgyz Republic.

Financial accounting of property, obligations and economic activities (the facts of economic activity) is conducted in currency of the Kyrgyz Republic - in som. Documentation of property, obligations and other facts of economic activity, maintaining bookkeeping registers and accounting records are performed in the state and official languages. Source accounting documents constituted in other languages shall have line-by-line transfer into the state and official languages.

10. For conducting financial accounting in the organization the accounting policy assuming property isolation and going concern of the organization, the sequence of application of accounting policy, and also temporary definiteness of the facts of economic activity is created.

Accounting policy of the organization shall meet the requirements of completeness, discretion, content priority before form, consistency and rationality.

The accounting policy accepted by the company affirms the order or the written order of the director.

At the same time affirm:

The chart of accounts of financial accounting, applied at the company, necessary for accounting:

- forms of source accounting documents applied to registration of economic activities and also document forms for internal accounting records;

- evaluation methods of separate types of property and obligations;

- procedure for carrying out inventory count of property and obligations;

- rules of document flow and technology of processing of accounting information;

- procedure for control of economic activities, and also other decisions necessary for the organization of financial accounting.

11. In financial accounting of the organization current costs on the production, performance of works and rendering services and costs connected with the capital and financial investments are considered separately.

 

Documentation of economic activities

12. All economic activities performed by the organization shall be drawn up by substantiating vouchers. These documents serve as source accounting documents based on which financial accounting is kept.

Requirements of the chief accountant (further the chief accountant is understood also as persons keeping financial accounting in the cases provided by subitems "b", "v", "g" of Item 7 of this provision) for documentary registration of economic activities and submission to accounting service of documents and data obligatory for all employees of the organization.

13. Source accounting documents shall contain the following obligatory details:

- name of the document (form), form code;

- date of creation;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info