The Ministry of Finance answered the questions
Business worries about financial accounting and audit
On 26th of June 2017, the Department of Taxation of NCE RK "Atameken" jointly with the Department of Accounting and Auditing Methodology of the Ministry of Finance of the Republic of Kazakhstan held a round table on accounting and application of financial reporting and auditing standards in video conferencing with regions.
Participants learned about the reforms in accounting and auditing conducted to improve Kazakhstan's position in "Perfection of audit and reporting standards" index of the Global Competitiveness Index of the World Economic Forum (in 2016, Kazakhstan took 88th place).
Representatives of the Ministry of Finance of the Republic of Kazakhstan made presentations on the topics "Contribution of the accountant and auditor to improving the country's competitiveness" and "Application of Financial Reporting Standards", told about the main tasks of accountants and auditors during the period of globalization and integration of Kazakhstan into the world economy.
In addition, participants were informed about the existing and forthcoming changes in the legislation on accounting and financial reporting, as well as in IFRS.
After the speeches of representatives of the Ministry of Finance of the Republic of Kazakhstan, all participants had the opportunity to ask questions of interest.
Participants of the round table were asked to organize seminars for young specialists in the regions on these topics. In their opinion, it is necessary to raise the level of knowledge not only of accountants, but also business executives who must be able to read financial statements.
Within the framework of the round table in general, participants were concerned with the following aspects:
1. Certification and professional development of accountants working in organizations that are not PIU;
2. Problems of applying IFRS 9 (Financial Instruments), it comes into force as of 1st of January 2018;
3. Application of tax legislation.
It should be noted that before the start of the round table, a large number of problematic issues from the business environment were received to the electronic addresses of NCE RK "Atameken", the answers to which are posted on www.atameken.kz. The Ministry of Finance of the Republic of Kazakhstan provided answers to the received inquiries.
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