Article 8. Organization of accounting of the Law on Accounting and Financial Reporting

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1. Management or sole proprietor:

1) coordinates and/or approves the accounting policy;

2) ensures the organization of accounting, including the availability of approved internal documents regulating the accounting procedure for all transactions performed by the organization.

2. Management or an individual entrepreneur can, depending on the amount of accounting work:

1) establish an accounting service as a structural unit headed by the Chief Accountant;

2) add the position of chief accountant to the staff;

3) transfer, on a contractual basis, the accounting and preparation of financial statements to an accounting or auditing organization or a professional accountant;

4) keep accounting records personally.

Sub-paragraphs 1), 2), 3) and 4) of this paragraph do not apply to departments of the National Bank of the Republic of Kazakhstan and state-owned Islamic special financial companies.

Accounting and financial reporting of state-owned Islamic special financial companies is carried out by the central authorized body for budget execution.

Subitems 3) and 4) of this paragraph do not apply to organizations of public interest, 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.

When transferring accounting and financial reporting on a contractual basis, the requirements established by paragraph 2 of Article 16 of this Law must be observed.

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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