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Press Release “On the Advisory Body Meeting to Discuss Accounting and Audit Issues”

A regular meeting of the Advisory Body took place on April 1, 2011.

The agenda included the following issues:

1. Information on the work done during the period of 2007-2011in accordance with the report on the Observance of Standards and Codes (ROSC);
2. Presentation on International Financial Reporting Standards for small and medium size enterprises (IFRS for SME);
2.1. International experience of implementing the IFRS for SME;
2.2. Classification of the companies qualified for the IFRS for SME in view of the legislation of Kazakhstan;
3. Information on the possibility of cooperation with European Union in the sphere of auditing.

In the framework of the Technical Task of the Joint Economic Research Program (JERP), signed between the government of Kazakhstan and World Bank, the World Bank representative Mr. Shebnem Akkaya (Permanent Representative of World Bank in the Republic of Kazakhstan) and Mr. Anrdei Busuyok (a representative of the World Bank’s Center of Financial Reporting Reforms, the head of the project) also participated in the meeting.
Based on the results of discussion of the first issue, the Finance Ministry together with the professional community were put in charge of continuing the work on World Bank’s recommendations, represented in the framework of the Report on the Observance of Standards and Codes (ROSC). Members of the Advisory Body will have to put forward their suggestions on clarifying the notion of public interest organizations and their classification by defining criteria of small, medium size and micro enterprises. Based on the accumulated suggestions, a detailed draft of the Plan of Actions should be developed on Further Implementation of the World Bank’s Recommendations concerning the Report on the Observance of Standards and Codes (ROSC) with the indication of the deadlines and executors.

On the second issue it was decided to continue the work with World Bank on using the IFRS for SME in the Republic of Kazakhstan in the framework of Stage II of the Joint Economic Research Program (JERP) between the government of the RK and World Bank for 2012 financial year.

On the third issue the Finance Ministry decided to do preliminary work preparing for signing a Memorandum among the Finance Ministry of the Republic of Kazakhstan, Agency of the Republic of Kazakhstan on Regulation of the Activity of Almaty Regional Financial Center, the Kazakhstan Stock Exchange “KASE” and professional audit organizations for the purpose of allowing the Kazakhstan audit companies to audit the companies listed in the EU members-states.

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