Changes in the bookkeeping in Kazakhstan 2021 - FCHAIN

Accounting rules, approved by Order No. 241 of the Minister of Finance of the Republic of Kazakhstan dated March 31, 2015 are planned to be revised in Kazakhstan in 2021. Changes in the bookkeeping will affect individual entrepreneurs, legal entities, branches, representative offices and permanent establishments of foreign legal entities registered in the Republic of Kazakhstan.

We offer to your attention a list of the main changes:

• Changes in the accounting of property under a trust agreement, clause 6 of the Rules – according to the new rules, the transferred property into trust will be reflected by the Trustee on a separate balance sheet, such property will be independently recorded and separate financial statements will be drawn up;
• In clause 7 of the Rules was changed the condition of the accountant’s subordination: the chief accountant in practice can be subordinate to the person authorized by the head on financial matters;
• In paragraph 12 planned to make changes in connection with the introduction of a general rule for primary documents in paragraph 24 of the Rules, which excludes the requirement for mandatory certification of the primary document with a seal;
• Clause 25: the rules for correcting errors in primary documents on an electronic medium will be changed, and when a corrected primary document is drawn up on an electronic medium, the previously drawn up primary document is canceled. In this case, the revised document will contain a link to the previously drawn up primary document;
• Clause 26 will be supplemented by a clarification providing for the receipt of assets outside the buyer’s warehouse by a person authorized by the buyer, and powers of attorney will be issued to persons with whom a written agreement has been concluded on full liability for the storage of money and assets. A power of attorney is not required for the head of the executive body, who acts without a power of attorney;
• In order to reduce administrative barriers in terms of enabling retailers using a cash register machine, not to issue an invoice for the issue of inventories, changes in clauses 32 and 32 are supplemented with a new paragraph: for retail trade using a cash register, instead of a vacation invoice stocks, a control (commodity) check is issued;
• Clause 59 will be amended and under the new rules, accountable amounts will be issued only to employees of the entity;
• A new clause 75-1 on offsetting surpluses and shortages as a result of re-sorting: from now on, offset is allowed as an exception once in the same audited period for the same audited entity, in relation to stocks of the same name and in identical quantities. Financially responsible persons submit detailed explanations to the commission about the allowed re-sorting

Minor changes are also planned to be made to Order No. 50 of the Minister of Finance of the Republic of Kazakhstan dated January 31, 2013 “On Approval of the National Financial Reporting Standard”. This NLA will change the headings and add to those who are not covered by the standard.

FChain’s team of accountants offers quality accounting services in Kazakhstan. There is no need to delve into the intricacies of accounting rules and study changes, entrust it to professionals.

Article is prepared by Ekaterina Kassumova