Article 13. Elements of Financial Reporting Chapter 3. FINANCIAL REPORTING of the Law on Accounting and Financial Reporting

Home / RLA / Article 13. Elements of Financial Reporting Chapter 3. FINANCIAL REPORTING of the Law on Accounting and Financial Reporting

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

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

An obligation is an existing obligation of an individual entrepreneur or organization arising from past events, the settlement of which will lead to the outflow of resources containing economic benefits.

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

2. The elements directly related to measuring performance in the income statement are income and expenses.

Income is an increase in economic benefits during the reporting period in the form of inflows or increases in assets or decreases in liabilities that result in an increase in capital other than the increase associated with contributions from individuals participating in the capital.

Expenses are a decrease in economic benefits during the reporting period in the form of an outflow or decrease in assets or incurring liabilities that result in a decrease in equity other than a decrease related to distribution to equity participants.

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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