Kazakhstan has been elected Vice Chair of ISAR for the first time

26 October, 2018, 14:00 262
Kazakhstan has been elected Vice Chair of ISAR for the first time

The ISAR facilitates the introduction of the international standards and best world practices in the field of financial reporting.  

 

Kazakhstan has been elected as Vice Chair of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), BNews.kz reports referring to the Ministry of Finance of Kazakhstan. 

Geneva holds the 35th session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting from October 22 to 26 in 2018. 

Kazakhstan's representative has been elected Vice Chair of the ISAR for the first time. 

Reporting and Accounting is one of the main directions of the United Nations Conference on Trade and Development (UNCTAD). 

In this regard, the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting was established as a global and inclusive forum to define the most current issues and priorities in the sphere of development of reporting and accounting, and sharing best practices. 

Analytical studies, yearly session and seminars, guidance documents to assist in the practical introduction of international standards and best world practices, technical assistance projects are held within the ISAR. 

The 36th session deals with the following issues: 


- digital currencies and blockchain: implications for accounting;

- latest events in the sphere of financial and non-financial reporting and their implications for SDG;

- to increase the comparability of reporting on sustainable development; 

- issues of the practical introduction of the international standards and reporting in government and private sectors. 

Within the CIS, Kazakhstan firstly adopted the law 'On State Auditing and Financial Control'. 

Assessment of the effectiveness of the services of an internal audit of government bodies was introduced, and a methodology for an audit of efficiency (the procedural standard of an internal state audit and financial control "Assessment of the effectiveness of activities of internal audit services", a procedural standard to conduct an audit of the efficiency by internal audit services) was developed.  

In Kazakhstan, in the period from 2015-16, an evaluation of the infrastructure of corporate reporting was held, following which recommendations were obtained.  

At the present tie, the Ministry of Finance held an active work with Kazakhstan's professional communities to introduce supervision independent from the profession of supervision, as well as to improve the certification system of accountants and auditors.