Accounting and Auditing in Kyrgyzstan

Written by Sandeep Nehra

Unified state policy to reform the system of accounting and auditing in the Kyrgyz Republic by the State Commission under the Kyrgyz Republic for Financial Reporting Standards and Audit Committee (the State). The state commission is working on implementation of financial reporting standards, provides methodological assistance to economic entities in the transition to International Financial Reporting Standards (IFRS), is developing regulations for the management of accounting and financial reporting.

Normative legal acts regulating accounting in the Kyrgyz Republic:

1. Law of the Kyrgyz Republic “On Accounting”;

2. Chart of Accounts for financial and economic activities of actors and guidelines for its use;

3. Guidelines for a simplified form of accounting and financial reporting for individual entrepreneurs;

4. Guidelines for the transition to accounting in accordance with IFRS;

5. Recommendations for the formation of accounting policy actors;

6. Regulation on the circulation of documents in accounting;

7. Guidelines to IFRS 2 “Inventories”;

8. Regulations on the procedure for keeping the register of legal acts adopted by government agencies in the field of accounting and financial reporting in the Kyrgyz Republic “;

Normative legal acts regulating audit activities in the Kyrgyz Republic:

Law of the Kyrgyz Republic “On audit activity”.

Rules for the qualifying examination (certification) candidates for the right to obtain a qualification certificate issuance and revocation.

Resolution of the State Committee on Standards of financial reporting and auditing “On Amendments to” Rules of the qualifying examination (certification) candidates for the right to obtain a qualification certificate issuance and revocation. ”

The new version of Chapter 23, “Provisions on licensing certain types of entrepreneurial activity.

Regulation on the conduct of public registers of auditors, audit firms and individual auditors, professional audit associations.

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