Article 1. Basic concepts used in this Law Chapter 1. GENERAL PROVISIONS of the Law on Accounting and Financial Reporting

Home / RLA / Article 1. Basic concepts used in this Law Chapter 1. GENERAL PROVISIONS of the Law on Accounting and Financial Reporting

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

1) accreditation is the recognition by an 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 coordination 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 on both paper and electronic media of the fact of an operation or event and the right to commit it, on the basis of which accounting records are maintained;

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

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

5) accounting registers are forms for summarizing, 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) a subsidiary is an organization that, in accordance with international standards, is recognized as controlled by the parent organization and submits financial statements to the parent organization for the preparation of consolidated financial statements in accordance with international standards.;

IZPI's note! Subparagraph 7) is amended by the Laws of the Republic of Kazakhstan dated 30.06.2025 No. 200-VIII (effective sixty calendar days after the date of its first official publication); dated 30.06.2025 No. 204-VIII (effective sixty calendar days after the date of its first official publication).

7) Public interest organizations – 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 foreign currency in cash, credit partnerships and pawnshops established in the form of a business partnership, as well as microfinance organizations established in the form of a business partnership that do not provide unsecured micro-loans specified in paragraph 3-1 Article 4 of the Law of the Republic of Kazakhstan "On Microfinance activities", joint-stock companies (except for non-commercial ones), organizations that are subsurface users (except for organizations that extract common minerals), grain receiving enterprises, developers in the field of equity participation in housing construction, authorized companies operating in accordance with the legislation of the Republic of Kazakhstan on equity participation in housing construction, state-owned enterprises based on the right of economic management, subjects of state monopoly, special rights, and also, organizations with state participation in their authorized capitals and subsidiaries, dependent and other legal entities affiliated with them in accordance with the laws of the Republic of Kazakhstan;

8) professional accountant – an individual who holds a professional accountant's certificate and is a member of a professional organization;

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

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

10) financial reporting depository (hereinafter referred to as the depository) is an electronic database containing annual financial statements and audit reports submitted annually by organizations, lists of affiliated persons of joint–stock companies, as well as information about corporate events of joint–stock companies, with open access for users;

11) financial reporting standard - a document that establishes the principles and methods of accounting and financial reporting;

12) national financial reporting standards (hereinafter referred to as national standards) are 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) are financial reporting standards issued by the Foundation for 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 state body responsible for regulating activities in the field of accounting and financial reporting.

The Law of the Republic of Kazakhstan dated February 28, 2007 No. 234.

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

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Republic of Kazakhstan

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