Law of the Republic of Kazakhstan «On Accounting and Financial Reporting» (No. 234-III)

Reference card for a regulatory legal act. The full text is available in the official «Adilet» system (adilet.zan.kz).

Requisites

Parameter	Value
Type of act	Law of the Republic of Kazakhstan
Number and date	No. 234-III of 28 February 2007
Status	In force (as of June 2026)
Official code	Z070000234_

Subject of the document

It governs the system of accounting and financial reporting in the Republic of Kazakhstan: the principles of accounting, the application of International Financial Reporting Standards (IFRS), and the obligations for the preparation and submission of financial statements. For financial organisations, including insurers, it is the framework law on the basis of which sectoral accounting and reporting rules have been adopted.

Relevance for actuarial practice

It makes accounting and reporting under IFRS mandatory, including IFRS 17 «Insurance Contracts».
It is the foundation for sectoral acts: the instruction on accounting in insurance (No. 149), the standard chart of accounts (No. 251), and the reporting rules (No. 86, No. 41).
It defines the environment in which actuarial valuations of insurance liabilities for financial reporting are prepared.

Official source

Full text in force: adilet.zan.kz/rus/docs/Z070000234_.

English Translation (Auto-generated)

Official source: Adilet / https://adilet.zan.kz/rus/docs/Z070000234_ The relevance of the editorial office has been verified: 2026-06-20.

As amended: 06/19/2024

This Law regulates the accounting and financial reporting system in the Republic of Kazakhstan, establishes the principles, basic qualitative characteristics and rules for accounting and financial reporting.

Chapter 1. GENERAL PROVISIONS

Article 1. Basic concepts used in this Law

For the purposes of this Law, the following basic concepts are used:

accreditation - recognition by the authorized body of the powers of professional organizations of accountants and organizations for professional certification of accountants, provided for by this Law, confirmed by a certificate in the form approved by the authorized body in agreement with the authorized body in the field of permits and notifications and the authorized body in the field of informatization;

2) primary accounting documents (hereinafter referred to as primary documents) - documentary evidence, both on paper and on electronic media, of the fact of a transaction or event and the right to carry it out, on the basis of which accounting records are kept;

3) an accredited organization for professional certification of accountants (hereinafter referred to as the certification organization) - a legal entity that carries out certification of candidates for professional accountants, accredited in accordance with the rules of accreditation of professional organizations and certification organizations (hereinafter referred to as the accreditation rules);

4) accredited professional organization of accountants (hereinafter referred to as the professional organization) - a non-profit organization that is an association of accountants and (or) accounting organizations, accredited in accordance with the accreditation rules;

5) accounting registers - forms for generalizing, systematizing and accumulating information contained in primary documents accepted for accounting, for its reflection in the accounting and financial reporting system;

6) accounting organization - an organization providing services in the field of accounting, which is a member of a professional organization;

6-1) subsidiary organization - an organization that, in accordance with international standards, is recognized as controlled by the main organization and submits financial statements of the main organization for the preparation of consolidated financial statements in accordance with international standards;

7) organizations of public interest - financial organizations (with the exception of legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of the Republic of Kazakhstan for exchange transactions with cash foreign currency, credit partnerships and pawnshops created in the form of a business partnership, as well as microfinance organizations created in the form of a business partnership that do not provide unsecured microloans specified in paragraph 3-1 of Article 4 of the Law of the Republic of Kazakhstan "On Microfinance activities), endowment funds, joint-stock companies (except for non-profits), subsoil user organizations (except for organizations extracting common minerals), grain receiving enterprises, developers in the field of shared participation in housing construction, authorized companies operating in accordance with the legislation of the Republic of Kazakhstan on shared participation in housing construction, state enterprises based on the right of economic management, subjects of state monopoly, special law, as well as organizations in whose authorized capital there is a share of participation of the state, and subsidiaries, dependent and other legal entities that are affiliated with them in accordance with the laws of the Republic of Kazakhstan;

8) professional accountant - an individual who has a certificate of a professional accountant and is a member of a professional organization;

8-1) Code of Ethics for Professional Accountants (hereinafter referred to as the Code of Ethics) – a set of ethical rules of conduct for professional accountants, accounting and professional organizations in the performance of their professional activities, issued by the International Federation of Accountants;

9) certificate of a professional accountant (hereinafter referred to as the certificate) - a document issued by a certification organization certifying the professional qualifications of an accountant;

financial reporting depository (hereinafter referred to as the depository) - an electronic database containing annual financial statements and audit reports submitted annually by organizations, lists of affiliates of joint-stock companies, as well as information on corporate events of joint-stock companies, with open access to users;

11) financial reporting standard - a document establishing the principles and methods of accounting and preparation of financial statements;

12) national financial reporting standards (hereinafter referred to as national standards) - financial reporting standards approved by the authorized body;

13) international financial reporting standards (hereinafter referred to as international standards) and the international financial reporting standard for small and medium-sized businesses (hereinafter referred to as the international standard for small and medium-sized businesses) - financial reporting standards issued by the Fund according to international financial reporting standards;

13-1) main organization - an organization that, in accordance with international standards, is recognized as controlling one or more subsidiaries and presents consolidated financial statements in accordance with international standards;

14) authorized body - the central government body that regulates activities in the field of accounting and financial reporting.

Article 2. Scope of this Law

This Law applies to:

individual entrepreneurs;

legal entities, branches, representative offices and permanent establishments of foreign legal entities registered on the territory of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan (hereinafter referred to as organizations).

2. Individual entrepreneurs have the right not to maintain accounting records (except for the preparation and storage of primary documents) and prepare financial statements if they simultaneously comply with the following conditions:

apply, in accordance with the tax legislation of the Republic of Kazakhstan, a special tax regime on the basis of a simplified declaration, and whose income for the calendar year does not exceed 135,000 times the monthly calculation index established by the law on the republican budget for the corresponding financial year and effective as of January 1 of the corresponding financial year;
are not registered for value added tax;
are not subjects of natural monopolies.

If there is a discrepancy with one of the conditions specified in this paragraph, the individual entrepreneur is obliged to maintain accounting records and prepare financial statements from the month following the month in which such discrepancy arose.

An individual entrepreneur who meets the conditions specified in this paragraph and who has independently made a decision on maintaining accounting records and financial statements has the right to maintain such records from the month following the month in which such a decision was made.

3. Small businesses, as well as legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of the Republic of Kazakhstan for exchange transactions with cash foreign currency, prepare financial statements in accordance with the national standard, unless otherwise provided by this article.

3-1. Medium-sized businesses, as well as state-owned enterprises based on the right of operational management (state-owned enterprises), prepare financial statements in accordance with the international standard for small and medium-sized businesses, unless otherwise provided by this article.

3-2. Small and medium-sized businesses, which are organizations engaged in microfinance activities that are not classified as organizations of public interest, maintain accounting records and prepare financial statements in accordance with the international standard for small and medium-sized businesses and regulations of the National Bank of the Republic of Kazakhstan on accounting and financial reporting issues.

4. Large businesses and public interest organizations are required to prepare financial statements in accordance with international standards.

Financial organizations (with the exception of organizations engaged in microfinance activities that are small and medium-sized businesses that are not related to organizations of public interest) maintain accounting records and prepare financial statements in accordance with international standards and regulations of the National Bank of the Republic of Kazakhstan on accounting and financial reporting issues.

Special financial companies and Islamic special financial companies carry out accounting and financial reporting in accordance with international standards.

Branches of banks - non-residents of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan carry out accounting and reporting on accounting data in accordance with international standards and regulatory legal acts of the National Bank of the Republic of Kazakhstan.

5. By decision of the governing bodies that approved the accounting policy:

the organizations specified in paragraph 3 of this article have the right to prepare financial statements in accordance with international standards or the international standard for small and medium-sized businesses;
the organizations specified in paragraphs 3-1 and 3-2 of this article have the right to prepare financial statements in accordance with international standards.

Article 3. Legislation of the Republic of Kazakhstan on accounting and financial reporting

The legislation of the Republic of Kazakhstan on accounting and financial reporting is based on the Constitution of the Republic of Kazakhstan and consists of this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. If an international treaty ratified by the Republic of Kazakhstan establishes rules other than those contained in this Law, then the rules of the international treaty apply.

Chapter 2. ACCOUNTING AND FINANCIAL REPORTING SYSTEM

Article 4. Purpose of accounting and financial reporting

The purpose of accounting and financial reporting is to provide stakeholders with complete and reliable information about the financial position, performance results and changes in the financial position of individual entrepreneurs and organizations.

Article 4-1. The challenge of regulation in the field of accounting and financial reporting

The objective of regulation in the field of accounting and financial reporting is to establish a legal basis for providing reliable information to interested parties.

Article 5. Principles and main qualitative characteristics of accounting and financial reporting

The principles of accounting and financial reporting are accrual and continuity.

2. The main qualitative characteristics of financial statements are understandability, relevance, reliability and comparability.

Article 6. Accounting system

Accounting is an orderly system for collecting, registering and summarizing information about transactions and events of individual entrepreneurs and organizations, regulated by the legislation of the Republic of Kazakhstan on accounting and financial reporting, as well as accounting policies.

2. Accounting policies represent specific principles, fundamentals, regulations, rules and practices adopted for use by an individual entrepreneur or organization for maintaining accounting records and preparing financial statements in accordance with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting, international or national standards, the international standard for small and medium-sized businesses and the standard chart of accounts, based on their needs and characteristics of the activity.

3. Transactions and events are reflected in the accounting system, and the following must be ensured:

adequate support of accounting records with originals of primary documents and reflection of all transactions and events in accounting records;
chronological and timely recording of transactions and events;
bringing synthetic (total) accounting into line with analytical (detailed) accounting.

4. Transactions and events are reflected in synthetic accounts using the double entry method based on the chart of accounts of organizations, corresponding to the standard chart of accounts approved by the authorized body and (or) the National Bank of the Republic of Kazakhstan.

The procedure for maintaining analytical records of operations and events is established by an individual entrepreneur or officials of a legal entity (hereinafter referred to as management), who, in accordance with the legislative acts of the Republic of Kazakhstan and constituent documents, carry out the current management and conduct of affairs, based on the needs of the individual entrepreneur or organization.

5. Individual entrepreneurs and organizations ensure accounting and preparation of financial statements in the state and (or) Russian languages.

Article 7. Accounting documentation

RCPI note! Until January 1, 2013, according to the text of Article 7 of the Law of the Republic of Kazakhstan “On Accounting and Financial Reporting”, the words “identification number” shall be considered the words “taxpayer registration number” in accordance with the Law of the Republic of Kazakhstan dated 07/05/2012 No. 30-V (shall be enforced upon the expiration of ten calendar days after its first official publication).

Accounting documentation includes primary documents, accounting registers, financial statements and accounting policies.

Accounting records are made on the basis of primary documents.

2. Forms or requirements for primary documents used to document transactions or events are approved by the authorized body and (or) the National Bank of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan.

3. Primary documents, both on paper and electronic media, the forms or requirements for which are not approved in accordance with paragraph 2 of this article, individual entrepreneurs and organizations develop independently or apply forms or requirements approved in accordance with the legislation of the Republic of Kazakhstan, or apply for accounting forms submitted by non-resident individuals or non-resident legal entities not registered in the territory of the Republic of Kazakhstan, which must contain the following mandatory details:

name of the document (form);
date of compilation;
the name of the organization or the surname and initials of the individual entrepreneur on whose behalf the document was drawn up;
the content of the operation or event;
units of measurement of an operation or event (in quantitative and monetary terms);
names of positions, surnames, initials and signatures of persons responsible for the transaction (confirmation of the event) and the correctness of its (his) execution;
identification number.

3-1. Depending on the nature of the transaction or event, the requirements of regulatory legal acts of the Republic of Kazakhstan and the method of processing accounting information, if this does not contradict the legislation of the Republic of Kazakhstan, additional details may be included in the source documents.

4. Primary documents must be drawn up at the time of the transaction or event or immediately after its completion.

5. The information contained in the primary documents accepted for accounting is accumulated and systematized in accounting registers.

Data from accounting registers in grouped form is transferred to financial statements.

6. When compiling primary documents and accounting registers on electronic media, individual entrepreneurs and organizations must make copies of such documents on paper for other participants in transactions, as well as at the request of government bodies to which such a right of claim is granted in accordance with the legislation of the Republic of Kazakhstan.

7. Corrections to cash and bank primary documents are not allowed. Corrections can be made to other primary documents only with the agreement of the participants in the transactions, which must be confirmed by the signatures of the same persons who signed the documents indicating the date of the corrections.

Article 8. Organization of accounting

Management or individual entrepreneur:

agrees and (or) approves the accounting policy;
ensures the organization of accounting, including the availability of approved internal documents regulating the procedure for reflecting in the accounting records all transactions performed by the organization.

The accounting policy is approved in the manner established by the legislation of the Republic of Kazakhstan and the charter (regulations) of the organization.

2. Management or an individual entrepreneur may, depending on the volume of accounting work:

establish an accounting service as a structural unit headed by a chief accountant;
introduce the position of chief accountant into the staff;
transfer on a contractual basis the maintenance of accounting and the preparation of financial statements to an accounting or auditing organization or a professional accountant;
keep accounting records personally.

The departments of the National Bank of the Republic of Kazakhstan and state Islamic special financial companies are not subject to subparagraphs 1), 2), 3) and 4) of this paragraph.

Maintaining accounting records and preparing financial statements of state Islamic special financial companies is carried out by the central authorized body for budget execution.

Organizations of public interest, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan are not subject to subparagraphs 3) and 4) of this paragraph.

When transferring accounting and financial reporting on a contractual basis, the requirements established by paragraph 2 of Article 16 of this Law must be observed.

Article 9. Head of the accounting service

The head of the accounting service (hereinafter referred to as the chief accountant) is the chief accountant or other official who ensures the maintenance of accounting records, the preparation and presentation of financial statements, and the formation of accounting policies.

A professional accountant is appointed to the position of chief accountant of an organization of public interest, a branch of a bank - a non-resident of the Republic of Kazakhstan, a branch of an insurance (reinsurance) organization - a non-resident of the Republic of Kazakhstan, a branch of an insurance broker - a non-resident of the Republic of Kazakhstan.

Article 10. Right to sign accounting documents

Management or an individual entrepreneur determines the persons who have the right to sign accounting documents. In this case, a hierarchy of signature rights can be established depending on the position held by the person, the amount of money, the scope and essence of the operation.

2. Individual entrepreneurs or organizations using electronic signatures must establish appropriate precautions and controls regarding the right to use and access electronic signatures, in accordance with the legislation of the Republic of Kazakhstan.

Article 11. Storage of accounting documentation

Individual entrepreneurs and organizations are required to store primary documents, accounting registers on paper and (or) electronic media, financial statements, accounting policies, programs for electronic processing of accounting data for the period established by the legislation of the Republic of Kazakhstan.

Article 12. Secrecy of accounting information

The content of primary documents and accounting registers is information constituting a trade secret, access to which is provided only to persons who have permission from management or an individual entrepreneur, as well as officials of state bodies in accordance with the laws of the Republic of Kazakhstan.

2. Persons who have access to these documents are obliged not to disclose the information contained in them without the consent of their owner and do not have the right to use it for personal interests. Persons who have access to information constituting a trade secret are responsible for its disclosure in accordance with the laws of the Republic of Kazakhstan.

Chapter 3. FINANCIAL REPORTING

Article 13. Elements of financial statements

The elements of financial statements relevant to the assessment of financial position are assets, liabilities and equity.

Assets are resources controlled by an individual or organization as a result of past events from which future economic benefits are expected to flow.

A liability is a present obligation of an individual entrepreneur or organization, arising from past events, the settlement of which will result in the outflow of resources containing economic benefits.

Capital is the share in the assets of an individual entrepreneur or organization that remains after deducting all liabilities.

2. The items directly related to the performance measures in the income statement are revenues and expenses.

Income is an increase in economic benefits during an accounting period in the form of inflows or increases in assets or decreases in liabilities that result in an increase in capital other than an increase attributable to contributions from equity partners.

Expense is a decrease in economic benefits during an accounting period in the form of outflows or decreases in assets or incurrence of liabilities that result in a decrease in capital other than a decrease attributable to distribution to equity partners.

Article 14. Evaluation and accounting of elements of financial statements

Evaluation of elements of financial statements - determination of the monetary amounts for which these elements are recognized and recorded in accounting and financial statements. Methods and procedures for applying estimates are established in accordance with international standards, the international standard for small and medium-sized businesses and the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.

2. Accounting methods and the procedure for recognizing elements of financial statements are established in accordance with international standards, the international standard for small and medium-sized businesses and the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.

Article 15. Financial reporting

Financial statements provide information on the financial position, results of operations and changes in the financial position of an individual entrepreneur or organization.

2. Financial statements, with the exception of statements of government institutions, include:

balance sheet;
profit and loss statement;
cash flow statement;
statement of changes in capital;
explanatory note.

The procedure for preparing financial statements and additional requirements for them are established in accordance with international standards, the international standard for small and medium-sized businesses and the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.

3. The volume, forms and procedure for preparing financial statements of state institutions, with the exception of the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations, are established by the budget legislation of the Republic of Kazakhstan.

4. Financial statements are signed by the management and chief accountant of the organization, individual entrepreneur.

The financial statements of an organization in which accounting is maintained by an accounting organization or a professional accountant are signed by management, as well as by the head of the accounting organization or a professional accountant.

The financial statements of a public interest organization are signed by management and the chief accountant, who is a professional accountant.

Article 16. International Financial Reporting Standards and Code of Ethics

Preparation of financial statements is carried out by organizations in accordance with international standards and the international standard for small and medium-sized businesses.

2. International standards and the international standard for small and medium-sized businesses can be published in the state language and, if necessary, in Russian by an organization that has written permission for their official translation and (or) publication in the Republic of Kazakhstan from the International Financial Reporting Standards Foundation.

Professional accountants, accounting and professional bodies are required to conduct their activities in accordance with the Code of Ethics. The Code of Ethics may be published in the state language and, if necessary, in Russian by an organization that has written permission for its official translation and (or) publication in the Republic of Kazakhstan from the International Federation of Accountants.

Article 17. Consolidated financial statements

Organizations that have subsidiaries, in addition to financial statements on the activities of the main organization, are required to prepare and present consolidated financial statements in accordance with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting.

Article 18. Reporting period

The reporting period is the period for which the organization presents financial statements.

The reporting period for annual financial statements is the calendar year, starting from 1 January to 31 December.

2. The first reporting year for a newly created organization begins from the moment of its state registration until December 31 of the same year.

Article 19. Presentation of financial statements

Organizations submit financial statements:

founders (participants) in accordance with the constituent documents;
the authorized body in the field of state statistics at the place of state registration;
state control and supervision bodies of the Republic of Kazakhstan in accordance with their competence;
their main organization, in relation to which they are subsidiaries, in the manner determined by the main organization, including the list, forms and deadlines.

2. Financial statements are presented in the national currency of the Republic of Kazakhstan.

3. Organizations, with the exception of organizations that are subject to the requirements of paragraph 3-1 of this article, submit annual financial reports no later than April 30 of the year following the reporting year.

3-1. Financial organizations (with the exception of legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of the Republic of Kazakhstan for exchange operations with cash foreign currency, and legal entities whose exclusive activity is the collection of banknotes, coins and valuables) submit annual financial reports within the deadlines established by the National Bank of the Republic of Kazakhstan in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations.

4. Within the period specified in Article 18 of this Law, the founders (participants) have the right to determine the timing of submission of interim financial statements and establish other frequency, but not less than once a year.

4-1. To ensure the transparency and reliability of the data included in the consolidated financial statements, the main organization has the right to determine the procedure for the application by subsidiaries of a unified accounting policy, inventory of the property of subsidiaries and other issues related to the transparency and reliability of the financial statements of subsidiaries.

5. The presentation of consolidated financial statements is carried out in accordance with paragraphs 1, 2, 3, 3-1 and 4-1 of this article.

6. Excluded by the Law of the Republic of Kazakhstan dated November 24, 2015 No. 422-V (to come into effect from January 1, 2016).

7. By decision of the Government of the Republic of Kazakhstan, a depository is created for organizations of public interest, which are required to submit financial statements to it in the manner determined by the authorized body.

Article 19-1. Submission of reports based on accounting data by branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan

Branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan submit reports on accounting data within the time limits established by the regulatory legal acts of the National Bank of the Republic of Kazakhstan in agreement with the authorized body for regulation, control and supervision of the financial market and financial organizations.

Chapter 4. REGULATION OF THE ACCOUNTING AND FINANCIAL REPORTING SYSTEM

Article 20. State regulation of the accounting and financial reporting system

State regulation of the accounting and financial reporting system in the Republic of Kazakhstan is carried out by the President of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan and the authorized body.

1-1. The Government of the Republic of Kazakhstan performs the functions assigned to it by the Constitution, laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

2. State regulation of the accounting and financial reporting system in state institutions, except for the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations, is established by the budget legislation of the Republic of Kazakhstan.

3. State regulation of the accounting and financial reporting system in the National Bank of the Republic of Kazakhstan and its departments is carried out by the Board of Directors of the National Bank of the Republic of Kazakhstan.

State regulation of the accounting and financial reporting system in the authorized body for regulation, control and supervision of the financial market and financial organizations is carried out by the authorized body for regulation, control and supervision of the financial market and financial organizations through the development and approval, in agreement with the National Bank of the Republic of Kazakhstan:

the procedure for maintaining accounting records in the authorized body for regulation, control and supervision of the financial market and financial organizations;

2) a standard chart of accounts and financial reporting forms of the authorized body for regulation, control and supervision of the financial market and financial organizations.

4. State regulation of the accounting and financial reporting system in financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan, the Development Bank of Kazakhstan is carried out by the National Bank of the Republic of Kazakhstan.

5. Authorized body:

forms and implements state policy in the field of accounting and financial reporting;
develops and approves regulatory legal acts of the Republic of Kazakhstan in the field of accounting and financial reporting in accordance with the purpose and objective of this Law and the legislation of the Republic of Kazakhstan;
ensures, taking into account the proposals of the advisory body, in case of conflicts between the legislation of the Republic of Kazakhstan on issues of accounting and financial reporting, the requirements of international standards, the international standard for small and medium-sized businesses, introducing appropriate amendments to the legislation of the Republic of Kazakhstan;
excluded by the Law of the Republic of Kazakhstan dated January 13, 2014 No. 159-V (shall be enforced upon the expiration of ten calendar days after the day of its first official publication);
considers proposals from the advisory body on the development of draft regulatory legal acts of the Republic of Kazakhstan on issues of accounting and financial reporting;
carries out accreditation of professional organizations, certification organizations;
develops and approves rules for accreditation of professional organizations and certification organizations;

11-1) approves the rules for certification of candidates for professional accountants;";

approves the qualification requirements for candidates for professional accountants, taking into account the recommendations of the advisory body;

12-1) approves the rules for advanced training of professional accountants;

issues a warning to professional organizations and certification organizations in case of facts of non-compliance with accreditation rules;
decides to revoke the accreditation certificate of a professional organization or certification organization;
publishes in periodicals distributed throughout the territory of the Republic of Kazakhstan, which have received, in accordance with the established procedure, the right to officially publish regulatory legal acts, in the state and Russian languages, a list of professional organizations, certification organizations;
agrees on the form of the certificate;
exercises state control in the field of accounting and financial reporting and over the activities of professional organizations and certification organizations;
excluded by the Law of the Republic of Kazakhstan dated December 29, 2014 No. 269-V (to come into effect from January 1, 2015);
exercises other powers provided for by this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

6. National Bank of the Republic of Kazakhstan:

develops and approves financial reporting standards for financial organizations on issues not regulated by international standards, as well as methodological recommendations for them;

2) to achieve the goals and objectives established by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan, develops and approves regulatory legal acts of the Republic of Kazakhstan on issues of accounting and financial reporting for financial organizations, branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations - non-residents of the Republic of Kazakhstan, branches of insurance brokers - non-residents of the Republic of Kazakhstan and the Development Bank of Kazakhstan, as well as legal acts on issues of accounting and financial reporting for subsidiaries of the National Bank of the Republic of Kazakhstan;

3) exercises control over compliance by legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of the Republic of Kazakhstan for exchange transactions with cash foreign currency, the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting and international standards;

4) performs other functions provided for by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

6-1. The authorized body, together with the National Bank of the Republic of Kazakhstan, approves the procedure for determining the market currency exchange rate.

7. Control over compliance by financial organizations (with the exception of legal entities operating exclusively through exchange offices on the basis of a license from the National Bank of the Republic of Kazakhstan for exchange operations with cash foreign currency, and legal entities whose exclusive activity is the collection of banknotes, coins and valuables), branches of non-resident banks of the Republic of Kazakhstan, branches of non-resident insurance (reinsurance) organizations of the Republic of Kazakhstan, branches of non-resident insurance brokers of the Republic of Kazakhstan with the requirements of the legislation of the Republic of Kazakhstan on accounting accounting and financial reporting is carried out by the authorized body for regulation, control and supervision of the financial market and financial organizations.

Article 20-1. State control in the field of accounting and financial reporting

State control in the field of accounting and financial reporting is carried out in the form of an audit carried out for compliance with qualification or permitting requirements for issued permits, requirements for sent notifications in accordance with the Law of the Republic of Kazakhstan “On Permits and Notifications”, and preventive control with a visit to the subject (object) of control.

2. Inspections carried out for compliance with qualification or permitting requirements for issued permits, requirements for sent notifications in accordance with the Law of the Republic of Kazakhstan “On Permits and Notifications”, and preventive control with a visit to the subject (object) of control are carried out in accordance with the Entrepreneurial Code of the Republic of Kazakhstan.

Article 21. Non-state regulation of the accounting and financial reporting system

The advisory body is created in the form of a consultative and advisory body, the composition of which is approved by the authorized body in agreement with the National Bank of the Republic of Kazakhstan, and operates on the basis of the regulations on it.

2. The advisory body includes representatives of government bodies, non-profit organizations, private businesses, organizations with state participation, and state enterprises.

3. The advisory body has the right:

make proposals to the authorized body to improve the legislation of the Republic of Kazakhstan on issues of accounting and financial reporting;
make proposals to the authorized body for the revision and development of methodological recommendations for the application of financial reporting standards;
participate in the development of national standards and methodological recommendations for them;
interact with international organizations in the field of accounting and financial reporting.

4. The advisory body is obliged:

conduct an analysis for the presence of contradictions of the legislation of the Republic of Kazakhstan on accounting and financial reporting with the requirements of international standards, the international standard for small and medium-sized businesses and make appropriate proposals to the authorized body;
participate in the development of regulatory legal acts of the Republic of Kazakhstan on accounting and financial reporting issues.

5. The professional organization must meet the following permitting requirements:

the presence of at least three hundred professional accountants in the professional organization;
the presence of a system for improving the qualifications of its members;
compliance with accreditation rules.

6. The structure and working bodies of a professional organization are determined by its charter and must comply with the rules of accreditation.

7. The head of a professional organization should not be a person who has an unexpunged or unexpunged criminal record.

The head of a professional organization is elected for a term of no more than four years and cannot be re-elected for two consecutive terms.

8. A professional organization has the right:

carry out in relation to its members the functions provided for by its charter and not contradicting this Law;
participate in the development of national standards and methodological recommendations for them;
participate in the development of regulatory legal acts of the Republic of Kazakhstan on accounting and financial reporting issues;
analyze, summarize and disseminate positive experience in the field of accounting and financial reporting;
participate in the consideration of materials on the accreditation of certification organizations.

9. A professional organization is obliged to:

comply with the legislation of the Republic of Kazakhstan on accounting and financial reporting and the Code of Ethics;
delegate members of the professional organization to the advisory body in the number established by the accreditation rules, and ensure their full-fledged work;
submit reports on their activities to the authorized body in the manner established by it;
consider requests for the application of international and national standards;
enter into agreements on interaction with one or more certification organizations;
demand compliance by accounting organizations and professional accountants carrying out business activities in the field of accounting, who are its members, with the Law of the Republic of Kazakhstan “On Combating the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction”;
report to the authorized body for financial monitoring information about violations by accounting organizations and professional accountants carrying out business activities in the field of accounting and being its members of the Law of the Republic of Kazakhstan “On combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.”

10. The certification organization is obliged to:

comply with the legislation of the Republic of Kazakhstan on accounting and financial reporting;
submit reports on their activities to the authorized body in the prescribed manner;
provide information on measures taken to completely eliminate violations and shortcomings;
conduct exams on examination modules that comply with the legislation of the Republic of Kazakhstan on accounting and financial reporting.

Article 22. Conditions for certification of candidates for professional accountants

Certification of candidates for professional accountants is carried out by a certification organization.

2. The certification organization develops, publishes and distributes materials on certification programs for candidates for professional accountants and organizes the examination process.

3. The certification organization must meet the following permitting requirements:

the presence of an examination system independent of training;
the availability of examination modules, including a review of the legislation of the Republic of Kazakhstan on accounting and financial reporting, the system for updating them;
the existence of an agreement on interaction with one or more professional organizations;
compliance with the accreditation rules approved by the authorized body.

4. Admission of candidates for professional accountants to participate in exams to obtain a certificate is carried out in accordance with the qualification requirements for candidates for professional accountants.

5. Persons who have passed the exams receive a uniform certificate in the form agreed with the authorized body. The validity period of the certificate is unlimited.

Article 23. Revocation of accreditation certificate

The authorized body makes a decision to revoke the accreditation certificate of a professional organization or certification organization if:

within the period established by the accreditation rules, the professional organization did not delegate its representatives to the advisory body;
systematically (more than three times) during the last three years violated the accreditation rules;
provided knowingly false information to the authorized body about herself and her activities;
did not eliminate within two months the reasons for which a warning was issued from the authorized body or administrative penalties were imposed.

2. A professional organization, certification organization has the right to appeal the decision of the authorized body in the manner established by the laws of the Republic of Kazakhstan.

Article 24. Internal control

Organizations, in order to ensure compliance with the legislation of the Republic of Kazakhstan on accounting and financial reporting, accounting policies, effective conduct of operations, including measures for the safety of assets, prevention and detection of cases of theft and errors in accounting and preparation of financial statements, have the right to organize internal control.

2. The organization of internal control is ensured by management.

3. Control of state institutions is carried out by state bodies in accordance with the legislation of the Republic of Kazakhstan.

Chapter 5. FINAL PROVISIONS

Article 25. Responsibility for violation of the legislation of the Republic of Kazakhstan on accounting and financial reporting

Violation of the legislation of the Republic of Kazakhstan on accounting and financial reporting entails liability provided for by the laws of the Republic of Kazakhstan.

Article 26. Transitional provisions

This Law comes into force upon the expiration of ten calendar days after its first official publication, with the exception of the second part of Article 9, which comes into force on January 1, 2012.

2. Documents confirming the qualifications of a professional accountant and recognized by the authorized body, issued before the entry into force of this Law, are valid.

3. Individual entrepreneurs and organizations specified in paragraph 3 of Article 2 of this Law shall apply accounting standards before the entry into force of national standards.

4. The Law of the Republic of Kazakhstan dated December 26, 1995 “On Accounting and Financial Reporting” (Gazette of the Supreme Council of the Republic of Kazakhstan, 1995, No. 24, Art. 171; Gazette of the Parliament of the Republic of Kazakhstan, 1997, No. 13-14, Art. 205; 1999, No. 20, Art. 727; 2001 г., N 24, ст. 338; 2002 г., N 12, ст. 116; 2003 г., N 15, ст. 139; 2004 г., N 11-12, ст. 66; 2006 г., N 4, ст. 24; N 8, ст. 45).

President of the Republic of Kazakhstan

Law «On Accounting and Financial Reporting» (No. 234-III)