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Press Release of the Session of the Consulting Council under the Ministry of Finances of the RK

The press release concerns the regular session of the Consulting Council regarding accounting and auditing activities.

A regular session of the Consulting Council regarding accounting and auditing activities took place on October 7, 2011.

The session was opened by the Minister of Finances Bolat Zhamishev, who congratulated his colleagues on their professional holiday. Representatives of the state bodies and professional communities of accountants and auditors took part in the session. The agenda included both issues of international values (results of the Global Competitiveness Index of the World Economic Forum (GCI WEF) and cooperation with the World bank), and important legal initiatives in Kazakhstan.

The GCI WEF index of “Auditing and Reporting Level” improved by five points. In 2010, Kazakhstan was ranked 93 out of 142 countries, which was slightly better than the level set by the strategic plan of the Ministry of Finances. Apart from this, in discussing the World Bank’s report on the results of Kazakhstan’s activity for the period of 2010-2011, it was noted that the country had fulfilled recommendations given by this reputable international institution. Measures to improve the accounting system in the Republic of Kazakhstan were defined at the session as well. For example, introduction of a depository for financial reports significantly increased transparency and quality of financial reports of public companies. Users now have access to their reporting documents at the website www.dfo.kz. Every seventh inquiry comes from abroad.

In order to reduce pressure on small businesses, it is planned to put them into a separate category that will not have to undertake comprehensive accounting activities, but will only be required to carry out tax accounting and prepare reports. Other small businesses will use the National Financial Reporting Standard #1, which will be simplified, and will help entrepreneurs to reduce their expenses. Medium size companies will use IFRS for Small and Medium Size Businesses (SMEs). These are much simpler than the full set of IFRS, and have available formal teaching materials. The Ministry of Finances together with the professional community planned two seminars on ISFR for SMEs in 2012 in Astana and Almaty.

At the end of the Consulting Council session, representatives of professional organizations participating in the discussions generally supported the suggestions of the Ministry of Finances. They pointed to the importance of the Consulting Council’s activity, which helps the regulator to take into account market opinions and proposals.

The source: Press service of the Ministry of Finances of the RK

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