Article 21. Non-governmental regulation of the accounting and financial reporting system of the Law on Accounting and Financial Reporting

Home / RLA / Article 21. Non-governmental regulation of the accounting and financial reporting system of the Law on Accounting and Financial Reporting

1. An advisory body is established in the form of an advisory body, the composition of which is approved by the authorized body in coordination with the National Bank of the Republic of Kazakhstan, and operates on the basis of its regulations.

2. The advisory body includes representatives of government agencies, non-profit organizations, private business entities, organizations with state participation, and state-owned enterprises.

3. The Advisory Body may:

1) submit proposals to the authorized body on improving the legislation of the Republic of Kazakhstan on accounting and financial reporting issues;

2) submit proposals to the authorized body on the revision and development of methodological recommendations on the application of financial reporting standards;

3) participate in the development of national standards and methodological recommendations to them;

4) to cooperate with international organizations in the field of accounting and financial reporting.

4. The Advisory Body is obliged to:

1) to analyze whether 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 and make appropriate proposals to the authorized body;

2) participate in the development of regulatory legal acts of the Republic of Kazakhstan on accounting and financial reporting.

5. A professional organization must meet the following licensing requirements:

1) the presence of at least three hundred professional accountants in a professional organization;

2) excluded by the Law of the Republic of Kazakhstan dated 05/13/2020 No. 325-VI (effective six months after the date of its first official publication);

3) the existence of a professional development system for its members;

4) compliance with the rules of accreditation.

6. The structure and working bodies of a professional organization are determined by its charter and must comply with the rules of accreditation.

7. The head of a professional organization should not be a person with an outstanding or outstanding criminal record.

The head of a professional organization is elected for a term of no more than four years and cannot be re-elected for two consecutive terms.

8. A professional organization has the right:

1) perform functions provided for by its charter and not contradicting this Law in relation to its members;

2) participate in the development of national standards and methodological recommendations for them;

3) participate in the development of regulatory legal acts of the Republic of Kazakhstan on accounting and financial reporting;

4) analyze, summarize and disseminate positive work experience in the field of accounting and financial reporting;

5) participate in the review of materials on the accreditation of certification organizations.

9. A professional organization must:

1) comply with the legislation of the Republic of Kazakhstan on accounting and financial reporting and the Code of Ethics;

2) delegate the members of the professional organization to the advisory body in the number established by the rules of accreditation, and ensure their full-fledged work;

3) submit reports on their activities to the authorized body in accordance with the procedure established by it.;

4) consider requests for the application of international and national standards;

5) conclude cooperation agreements with one or more certification organizations;

6) require accounting organizations and professional accountants engaged in business activities in the field of accounting, which are its members, to comply with the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime, the financing of terrorism and the financing of the proliferation of weapons of mass Destruction";

7) to inform the authorized financial monitoring body of information on violations by accounting organizations and professional accountants engaged in business activities in the field of accounting, who are its members, of the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime, the financing of terrorism and the financing of the proliferation of weapons of mass Destruction."

10. The certification organization must:

1) comply with the legislation of the Republic of Kazakhstan on accounting and financial reporting;

2) submit reports on their activities to the authorized body in accordance with the established procedure;

3) provide information on the measures taken to fully eliminate violations and deficiencies;

4) to conduct exams on examination modules that comply with the legislation of the Republic of Kazakhstan on accounting and financial reporting.

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.

President

Republic of Kazakhstan

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