The company’s accounting policy presence is the obligatory and important option for the financial reporting formation on International Financial Reporting Standards, the effective financial planning and compliance with the legislation of the Republic of Kazakhstan.
At the same time, International Financial Reporting Standards is the concept paper with a compromise nature. The application of certain principles and methods of International Financial Reporting Standards is matter of the assumption. The assumption is the professional valuation of all objective factors which allow making a decision in conditions of indeterminacy.
Financial accounting policy takes on also particular importance because tax legislation of the Republic of Kazakhstan (Internal Revenue Code) on many aspects of tax accounting refers to International Financial Reporting Standards and the legislation of the Republic of Kazakhstan about accounting and financial reporting. Thus, International Financial Reporting Standards in taxation system of the Republic of Kazakhstan forms, on one hand, high-risk area due to the risks of ambiguous interpretation and practical application of its regulations from taxpayer and taxing authorities’ side. On the other hand, International Financial Reporting Standards acts as one of the key tools of tax planning.
Our company’s specialists have considerable experience on development of financial accounting policy and also other documents regulating accounting for different companies including subjects of large business, mineral resources users, metallurgical complex companies, construction companies and others.