On the adoption of the order of the Minister of Finance of the Republic of Kazakhstan «On amendments and additions to some orders of the Minister of Finance of the Republic of Kazakhstan»

    On December 14, 2021, the information and legal system of regulatory legal acts of the Republic of Kazakhstan published the Order of the Minister of Finance of the Republic of Kazakhstan No. 1261 dated December 2, 2021 «On Amendments and Additions to some orders of the Minister of Finance of the Republic of Kazakhstan», which provides for amendments and additions to 2 orders:

1) «On approval of the Rules for Professional Accountants' Professional Development» dated June 25, 2014 №290 was developed in order to improve the system of professional development and bring it in line with best practice. Thus, at the initiative of the professional community, the requirement for professional accountants to improve their qualifications for 120 hours for 3 years has been replaced by at least 20 (twenty) hours per year.

         At the same time, the attachment of professional accountants to organizations that interact with a Professional organization of accountants during advanced training is excluded, which provides them with a choice of a place to improve professional skills.

2) «On approval of the Rules for certification of candidates for Professional Accountants» dated June 25, 2014 №291 was developed in order to improve the system of professional development and bring it into line with the Code of Ethics for Professional Accountants introduced by the Law of the Republic of Kazakhstan dated May 13, 2020 «On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime and the financing of terrorism» in the LRK «On Accounting and Financial Reporting».  

     From January 1, 2022, candidates for professional accountants take exams in six disciplines instead of three:

- financial accounting and reporting according to international financial reporting standards;

- management accounting;

- finance and financial management;

- taxes;

- law (civil law, banking, insurance and pension legislation);

- ethics.

       So, at the initiative of the professional community, the project provides for the opportunity to take exams online. 

      Also, an additional norm has been introduced to clarify the actions of both members of the commission and a representative of the authorized body to ensure transparency and avoid corruption risks.

     In addition, the above 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».