Pursuant to Order No 695 of the Minister of Finance of Kazakhstan dated 28 December 2015 amendments and additions were introduced to the Order No 393 dated 3 August 2010 “Concerning approval of the accounting regulations in the government institutions” Zakon.kz informs .
The Regulations were aligned with the effective regulatory legal acts, the references to the newly adopted and enacted documents were modified.
Thus, paragraph 13 removed the obligation of the chief accountant to sign agreements on state purchases together with the director of the government institution.
In paragraph 14 – in the event of dismissal of the chief accountant, the deed of delivery/acceptance of affairs shall reflect, among others, actions required for the organization of accounting, government’s audit and fiscal control.
The modifications introduced removed the obligation of the chief accountant to sign agreements on state purchases together with the director of the government institution.
in the event of dismissal of the chief accountant, the deed of delivery/acceptance of affairs shall reflect, among others, actions required for the organization of accounting, government’s audit and fiscal control.
The grounds for booking expenses on the correspondent bank’s commission when paying the charges in Kazakhstan is an accounting certificate prepared on the basis of a diplomatic letter of an international organization.
In addition, paragraph 28 was supplemented by a statement that in cases when goods are purchased, work is performed, services are rendered – the documents that are the basis for booking expenses on the liabilities of the government institutions (using or not using the norms of the RoK legislation on state procurement (civil-legal transactions for acquisition of goods (work, services), bill, invoices, completion certificates and other documents established by the regulations of the budget administration and its cash service, shall be numbered, sewn and bound in the chronological order.
According to the amendments made in paragraph 39, an item that meets the definition of an element of financial statements is recognized as an asset if it is probable that any future economic benefit or service potential associated with the item will be obtained; actual costs of acquisition or cost of the object can be measured reliably.
Changes were made in the recommendations for the use of the standard chart of accounts in public institutions, forms of the Album of accounting documents for public institutions, as well as general accounting principles, in particular:
– Cash and cash equivalents;
– Operations on revaluation (value increase), transfer of assets for the formation or replenishment of the authorized capital, depreciation of fixed assets;
– Operations on the movement of intangible assets;
– Providing budget loans on internal crediting;
– Transactions on general transfers and targeted transfers;
– Refund to the budget of unused amounts of target transfers of previous years;
– Planned financing on capital investments;
– Shortages and theft of non-current assets, inventories and other assets and other operations identified by an inventory.
Terms and conditions of concluded civil-legal transactions for the acquisition of goods (works and services) at the expense of the republican and local budgets shall be fulfilled in accordance with the rules of budget administration and the budget’s cash management.
Government institutions are obliged to spend budget funds in strict accordance with the purpose, indicated in the approved financing plans. Accounting for budget expenditures is maintained in terms of the entity, program, subprogram and specifics of the budget classification.
The Order is effective from 26 January 2016.