Article 129. Purpose, principles and main qualitative characteristics of accounting and financial reporting Budget Code of the Republic of Kazakhstan

Home / Codes / Article 129. Purpose, principles and main qualitative characteristics of accounting and financial reporting Budget Code of the Republic of Kazakhstan

1. The purpose of accounting and financial reporting is to provide stakeholders with complete and reliable information about the financial situation of state institutions.

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

The accrual principle is ensured by the recognition of the results of transactions upon their completion, regardless of the time of payment.

The principle of business continuity means that a state institution intends to operate in the foreseeable future, and there will be no need to liquidate or significantly reduce the scale of its activities. If such an intention or necessity exists, the financial statements are prepared according to special rules.

3. The main qualitative characteristics of financial statements are clarity, relevance, fair presentation, comparability, timeliness and verifiability.

Code of the Republic of Kazakhstan dated March 15, 2025 № 171-VIII.

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