On the procedure and deadlines for submitting financial statements to the depositary

In Kazakhstan, there are rules for submitting annual financial statements by public interest organizations. Such organizations include joint-stock companies (except for non-commercial joint-stock companies), subsoil users (except for extracting common minerals (OPI), financial organizations (except for exchangers, credit partnerships, pawnshops in the form of an economic partnership and microfinance organizations in the form of an economic partnership that do not provide unsecured microloans), grain receiving enterprises and organizations with state participation.

In accordance with the Order of the Minister of Finance of the Republic of Kazakhstan dated January 28, 2022 No. 94
"On Approval of the Rules for Submitting Financial Statements by Organizations of Public Interest to the Depository," a procedure has been established for submitting financial statements to the depository of financial statements.

Deadlines and reporting procedure

Public interest organizations are obliged annually, no later than August 31 of the year following the reporting year, to submit to the organization determined by the authorized body for maintaining the depositary (hereinafter referred to as the Authorized Organization), the annual financial statements approved in accordance with the established procedure.
Reporting shall be made according to the forms and list established by the authorized body.

• Newly created organizations submit annual reports for the period from the date of registration to December 31 of the same year.
• Organizations with subsidiaries additionally submit annual consolidated financial statements compiled in accordance with the legislation of the Republic of Kazakhstan on accounting and financial reporting.

Audit accounts

Organizations for which a mandatory audit is provided in accordance with the legislation of the Republic of Kazakhstan shall submit to the Authorized Organization:

• Audit report in electronic PDF format (scanned copy of a paper copy signed and stamped by the audit organization).
• If there are subsidiaries, the auditor's report on the consolidated statements.

It is also allowed to submit an audit report based on the results of an initiative audit.

Liability for failure to comply with reporting deadlines and procedures

According to Articles 239 and 250 of the Code of Administrative Offenses of the Republic of Kazakhstan, for:

• refusal to submit reports;
• violation of the terms of its provision;
• non-presentation without good reason;
• evasion of mandatory audit;
• preventing its implementation -

provides for administrative responsibility in relation to legal entities.

Statistics for 2024

Based on the results of the analysis of the timeliness of the submission of financial statements for 2024, the Department of Internal State Audit in the Kostanay region attracted 4 organizations of public interest to administrative responsibility for a total of 1,015,300 tenge.