On the norms of tax reporting in simple words
Changes in the international taxation and liquidation procedures of legal entities and SP were discussed at the meeting of the Club of Accountants in Almaty. The invited employees of the State Revenue Department answered the questions of Almaty accountants about completing the tax reporting. They also talked about the changes in international taxation in 2017 and the procedures for eliminating legal entities and SP. At the request of the Club members, a small training seminar was held. Elvira Ramazanova, a professional accountant, member of the Chamber of Tax Consultants and Auditors of the Republic of Kazakhstan, spoke about the relationship between tax legislation and IFRS. "Many make up financial statements based on 1C. We do not have such a rule in the law. We have a standard for small and medium business - IFRS. This is the foundation for the preparation of your financial statements. Another issue is the accounting policy. In it you need to describe which method or accounting rule you apply for certain balance items, what model for which groups, the class of funds you apply for those or other items of the balance sheet. Well, we take the basic means, we have a method of revaluation or actual costs. Unfortunately, half of the companies have no accounting policy at all", - said Elvira Ramazanova. She also noted that many questions arise on discounting. "This is a reflection of money taking into account the time factor. If you buy or sell goods with a deferred payment. For example, the reserves for dismantling, we pay 100 thousand today. But we understand that the dismantling will be in 10-20 years. We need to see how much we will spend in 20 years, what amount, discount to include in the value of the fixed asset today. As accountants, the future value is turned into the current one. And this should be reflected in the reporting. Often the report reflects interest-free financial assistance. The question arises as to how this can be reflected in the financial statements. If you issue a loan or receive it, it is on an interest-free basis and at a rate lower than the market rate, then you must reflect the lost profit or the income received if you take the money", - stressed Elvira Ramazanova. Those who could not attend the meeting of the Club could watch the events via the online broadcast on the Facebook page.
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