All - about Accounting and Auditing

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Business asks the Ministry of Finance to prepare a "manual" on the management of accounting and auditing in order to avoid different interpretations of questions related to expense allocation by the tax authorities and entrepreneurs

Such a proposal was made during a roundtable on accounting and the application of financial reporting standards, which took place at NCE with participation of employees of the Department of methodology of accounting and audit of the Ministry of Finance.

Other issues were raised. So, Sarah Zhunusova, who heads the Association of taxpayers and accountants of Karaganda, asked about the requirements for the professional development of accountants and professional organizations of accountants.

"The certificate of a professional accountant – is a requirement set only for chief accountants of public interest organizations, and the requirement for the members of all accredited professional organizations of accountants (about a dozen of such organizations operating today) by the Ministry of Finance organizations to improve the skills must be introduced", - explained the head of the Department of accounting methodology and audit of the Ministry of Finance Shapiga Nasyrova. The representative of the state agency also added that the requirement for further training becomes necessary due to the convergence of accounting systems in the CIS countries, the application of international accounting standards, possible competition from colleagues from the CIS countries and the increasing requirements of the accounting profession as a whole.

The representatives of the Ministry of Finance responded to the frequently asked questions of foreign exchange gains on monetary and non-monetary items, the application of IFRS IAS 20 "Accounting for Government Grants and Disclosure of Government Assistance", planned changes in regulations.

However, the most acute issue for all the participants of the round table was the question on the application of accounting and auditing requirements during tax audits: often questions related to expense allocation are variously interpreted by the tax authorities and entrepreneurs. In this connection entrepreneurs asked the relevant department of the Ministry of Finance to develop a manual to be used by accountants.

The head of the Department of accounting methodology and audit of the Ministry of Finance of the RK Shapiga Nasyrova also spoke about the ongoing World Economic Forum Survey in terms of "Perfection auditing and reporting standards" in the Global Competitiveness Index. Rating of Kazakhstan in the current period decreased to 88 position compared to the previous 74 place.

Nevertheless, the results of the work carried out by the Ministry of Finance are impressive: Kazakhstan was first elected as an official member of the Intergovernmental Working Group of Experts on International Standards and Reporting (ISAR) under UN Economic and Social Council, which meets in Geneva and promotes the quality of financial and non-financial reporting of enterprises worldwide.

In addition, Kazakhstan became the first chairman of the Coordination Council of accounting at the CIS Executive Committee (during the existence of this body, this position was held by a representative of the Russian Federation).

This Coordination Council has set a task on approximation and harmonization of national systems of accounting and audit, applied in the CIS countries, with the requirements of IFRS and ISA.