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Wednesday, September 23rd, 2020

KAZAKHSTAN TO CHAIR THE INTERGOVERNMENTAL GROUP OF ISAR FOR FIRST TIME

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by October 31, 2019 Legal

The Ministry of Finance of Kazakhstan represented by Arman Bekturova, director of the methodology of accounting and audit, has assumed the chairmanship of the Intergovernmental Group of International Standards of Accounting and Reporting for first time. It was announced during the 36th session of ISAR taking place in Geneva, Switzerland, Strategy2050.kz informs with reference to the Kazakh Finance Minister.

Established following the United Nations Conference on Trade and Development, the Intergovernmental Group of International Standards of Accounting and Reporting acts as a global and inclusive forum to detect most current issues and priorities in the development of accounting and audit, to exchange advanced experiences.

ISAR conducts analytical studies, holds yearly sessions and seminars, and draws up documents to promote the practical application of international standards and world’s best practices, technical assistance projects.

The 36th session of ISAR focused on the latest events in accounting and audit, as well as solutions to emerging issues.

Kazakhstan is the only CIS country to have a law on State audit and financial control aimed at preventing financial violations.

In an effort to form an accountable State in line with the National Plan 100 concrete steps the Ministry of Finance together with the World Bank and the European Union after 9 years re-assessed the budget under the PEFA methodology for the period 2015-2017.

According to the assessment of the World Bank experts, there were improvements in 14 assessment criteria (systems of taxation, financial control, payments and audit were efficient), but despite of significant progress questions remained over transparency, accountability and people’s engagement in decision-making. The Kazakh Finance Ministry and the Investigation Committee and the National Ministry develop a road map to that end.

Kazakhstan also intends to establish an Inter-regional Sustainable Development Centre for Central Asian countries and Afghanistan, put forth by President Kassym-Jomart Tokayev at the High-Level Forum on Sustainable Development under the auspice of the United Nations General Assembly in September 2019 in New York.

Here the Kazakh Finance Minister works within the United Nations Conference on Trade and Development (UNCTAD).

So the Kazakh Finance Ministry’s representative, being an official member of ISAR, takes an active participation in increasing the quality and international comparability of accounting to promote sustainable development.

Between 2015 and 2016, Kazakhstan saw the assessment of the infrastructure of corporate accounting and received the recommendations.

Now, the Ministry of Finance and the Kazakh professional community actively engage in implementing supervision regardless of occupation, as well as improving the system of certification of accountants and auditors.

Source: Kazakhtan 2050

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