Accounting according to international standards

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How do we ensure application of standards in our country? Who and how regulates the field of accounting? What financial reporting standards are used by business operators according to their belonging to one or the other category?

Answers to these and other questions were given at the "round table" organized by the National Chamber of Entrepreneurs "Atameken" together with the Ministry of Finance.

Business representatives spoke about the international auditing standards, explained the rules of the financial statements.

As noted the Head of Accounting Methodology of the Department of accounting methodology and audit of the Ministry of Finance of the Republic of Kazakhstan Shapiga Nasyrov, according to the amendments to the Law "On Accounting", the preparation of the financial statements should be executed in accordance with International Financial Reporting Standard for Small and Medium Enterprises (IFRS).

According to her, the large companies use International Financial Reporting Standards (IFRS), as for SMEs – there was developed a simplified standard.

"At the same subjects of small business can prepare financial statements in accordance with national standards adopted in 2013", - added Shapiga Nasyrova.

According to the Ministry of Finance in order to provide entrepreneurs with IFRS documentation, Kazakhstan has concluded an indefinite contract with IFRS Foundation, giving Kazakhstan the right to translate and to publish IFRS documents in the national language, as well as to publicate the standards in Russian. At present, IFRS documents are being translated to the state language each year, and translated versions are officially published on the website of the Ministry of www.minfin.gov.kz.

"In connection with the transition of the real sector to IFRS, auditors and audit organizations should observe the requirements of international auditing standards. Thus, in May 2006 international auditing standards were adopted in the Republic of Kazakhstan", - informed the head of the Accounting Methodology of MF RK.

In order to implement these standards in Kazakhstan there was signed another agreement with the International Federation of Accountants, which allows the Ministry of Finance to translate ISA into the official language in Kazakhstan and publish on the website of the Ministry www.minfin.gov.kz.

The representative of the Ministry of Finance also reported that in 2008 was created the Depositary of financial statements for public interest organizations, which is an electronic database of annual financial statements, submitted by public interest organizations with open access for users (www.dfo.kz).

"Depositary ensures availability and transparency of financial reporting, which leads to the growth of their investment attractiveness, and also helps to improve the quality and reliability of the information", - said Shapiga Nasyrova.

As it was noted, the quality of financial reporting of market entities, as well as an understanding of the accounting standards directly affects the competitiveness of our country.

Representatives of the Ministry of Finance answered questions of entrepreneurs.