Article 6. Accounting system of the Law on Accounting and Financial Reporting

Home / RLA / Article 6. Accounting system of the Law on Accounting and Financial Reporting

1. 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 policy.

2. Accounting policy is a set of specific principles, fundamentals, regulations, rules and practices adopted by an individual entrepreneur or an organization for accounting and financial reporting 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 a standard chart of accounts. accounting, based on their needs and the specifics of their activities.

3. Transactions and events are reflected in the accounting system, while ensuring that:

1) adequate backup of accounting records with originals of primary documents and reflection of all transactions and events in accounting records;

2) chronological and timely registration of transactions and events;

3) bringing synthetic (final) accounting into line with analytical (detailed) accounting.

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

The procedure for conducting analytical accounting of transactions 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 current management and business management based on the needs of an individual entrepreneur or organization.

5. Individual entrepreneurs and organizations ensure that accounting records and financial statements are prepared in the state and/or Russian languages.

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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