On amendments and additions to some orders of the Minister of Finance of the Republic of Kazakhstan

The draft order of the Minister of Finance of the Republic of Kazakhstan «On Amendments and Additions to Certain Orders of the Minister of Finance of the Republic of Kazakhstan» (hereinafter referred to as the Draft) provides for amendments and additions to 2 orders:

1) «On Approval of the Accounting Rules» dated March 31, 2015 No. 241 was developed in order to improve the legislation and supplemented with new standards:

- on the procedure for accounting for trust management operations;

- in which cases a power of attorney is not required to obtain assets;

- in which cases it is allowed to set off the re-grading of stocks based on the inventory result.

In addition, an additional rule has been introduced to correct errors in electronic primary documents, in order to reduce administrative barriers and provide organizations with the opportunity to make corrections to primary accounting documents on an electronic medium.

2) «On Approval of the National Financial Reporting Standard» dated January 31, 2013 No. 50 was developed in order to bring it into compliance with paragraph 4 of Article 20 of the Law of the Republic of Kazakhstan «On Accounting and Financial Reporting».

In addition, the above-mentioned orders provide for the exclusion of the date of legislative acts throughout the text of the order and editorial edits, in order to bring it into line with paragraph 5 of Article 25 of the Law of the Republic of Kazakhstan «On Legal Acts».

The draft order is posted on the Internet portal of open regulatory legal acts (https://legalacts.egov.kz/arm/admin/viewcard?id=9212475) on June 4, 2021.

The deadline for public discussion of the Draft Order is until June 18, 2021.