Article 20. State Regulation of the Accounting and Financial Reporting System of the Accounting and Financial Reporting Act
1. The 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.
1) excluded by the Law of the Republic of Kazakhstan dated 09/29/2014 No. 239-V (effective ten calendar days after the date of its first official publication);
2) excluded by the Law of the Republic of Kazakhstan dated 11/24/2021 No. 75-VII (effective ten calendar days after the date of its first official publication).
3) excluded by the Law of the Republic of Kazakhstan dated 09/29/2014 No. 239-V (effective ten calendar days after the date of its first official publication);
3-1) excluded by the Law of the Republic of Kazakhstan dated December 29, 2014 No. 269-V (effective from 01.01.2015);
3-2) excluded by the Law of the Republic of Kazakhstan dated December 29, 2014 No. 269-V (effective from 01.01.2015);
4) performs other functions assigned to him 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. The 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 development and approval in coordination with the National Bank of the Republic of Kazakhstan:
1) accounting procedures in the authorized body for regulation, control and supervision of the financial market and financial organizations;
2) a standard accounting chart 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 insurance (reinsurance) organizations of non-residents of the Republic of Kazakhstan, branches of insurance brokers of non-residents 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:
1) formulates and implements the state policy in the field of accounting and financial reporting;
2) 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;
3) Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication). 4) Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication).
5) ensures, taking into account the proposals of the advisory body, that if the legislation of the Republic of Kazakhstan on accounting and financial reporting contradicts the requirements of international standards, the international standard for small and medium-sized businesses, appropriate amendments are made to the legislation of the Republic of Kazakhstan.;
6) Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication). 7) excluded by the Law of the Republic of Kazakhstan dated 11/24/2021 No. 75-VII (effective ten calendar days after the date of its first official publication).
8) excluded by the Law of the Republic of Kazakhstan dated January 13, 2014 No. 159-V (effective ten calendar days after the date of its first official publication);
9) considers the proposals of the advisory body on the development of draft regulatory legal acts of the Republic of Kazakhstan on accounting and financial reporting;
10) carries out the accreditation of professional organizations, certification organizations;
11) develops and approves the rules of accreditation of professional organizations, certification organizations;
11-1) approves the rules for certification of candidates for professional accountants;";
12) approves the qualification requirements for candidates for professional accountants, taking into account the recommendations of the advisory body;
12-1) approves the rules for professional accountants' professional development;
13) issues a warning to professional organizations and certification organizations in case of non-compliance with the rules of accreditation;
14) decides to revoke the certificate of accreditation of a professional organization, a certification organization;
15) Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication).
16) publishes in periodicals distributed throughout the territory of the Republic of Kazakhstan, which have received the right to officially publish regulatory legal acts in the state and Russian languages, a list of professional organizations and certification organizations.;
17) Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication). 18) excluded by the Law of the Republic of Kazakhstan dated 11/24/2021 No. 75-VII (effective ten calendar days after the date of its first official publication). 18-1) Is excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication).
19) approves the form of the certificate;
20) exercises state control in the field of accounting and financial reporting and over the activities of professional and certification organizations;
21) excluded by the Law of the Republic of Kazakhstan dated December 29, 2014 No. 269-V (effective from 01.01.2015);
22) exercise 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:
1) 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, develop and approve normative legal acts of the Republic of Kazakhstan on accounting and financial reporting for financial institutions, branches of foreign banks – non-residents of the Republic of Kazakhstan, branches of the 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 accounting and financial reporting for subsidiaries of the National Bank of the Republic of Kazakhstan;
3) monitors 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 operations with foreign currency in cash by payment organizations of the first category with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting and international standards;
4) performs other functions stipulated by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.
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 foreign currency in cash, and legal entities whose exclusive activity is the collection of banknotes, coins and valuables, payment organizations of the first category), branches of non-resident banks of the Republic of Kazakhstan, branches of insurance (reinsurance) organizations that are non-residents of the Republic of Kazakhstan, branches of insurance brokers who are non-residents of the Republic of Kazakhstan comply with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting by the authorized body for regulation, control and supervision of the financial market and financial organizations.
The Law of the Republic of Kazakhstan dated February 28, 2007 No. 234.
The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII SAM.
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.
President
Republic of Kazakhstan
Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases Declaration Decree Order Resolution Decision Report Conclusion Statement Conclusion Convention Contract Memorandum Methodology Norms Note Rules Program Charter Charter Article Commentary Resolution Regulations Protocol Draft Program Rules Messages
