• National Professional Accountancy Organisation Website: Chamber of Auditors of the Republic of Kazakhstan (in Kazakh)
• World Bank ROSC Accounting and Auditing Report
• Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)

Update for January 2011
Update for October 2007
Update for October 2004

Companies other than banks

Starting 1 January 2005, IFRSs required for all joint stock companies. This includes all listed companies plus some others.

Starting 1 January 2006, IFRSs required for other companies with significant public interest, incljuding extractive industry companies and companies with Governmental ownership.

All banks

Some banks and financial institutions in Kazakhstan were required to implement IFRSs beginning in 2003. Further, banks in Kazakhstan that chose to participate in that country's deposit insurance fund have been required to prepare financial statements using IFRSs as well as Kazakh reporting standards. Starting in 2004, all banks are required to participate in the deposit insurance programme. Therefore, all Kazakh banks began preparing IFRS financial statements for 2004.

Kazakhstan considers adopting IFRS for SMEs

Kazakhstan may introduce the IFRS for Small and Medium-sized Entities (IFRS for SMEs). The World Bank and the IFRS Foundation were invited to hold a workshop in Astana to present the main features of the standard. Around 50 participants from the prime-minister’s office, ministry of finance, state property commission, financial control commission, tax and customs authorities, professional accounting bodies and universities attended the workshop. The Government of Kazakhstan is currently considering whether to adopt the IFRS for SMEs for business entities which are not Public Interest Entities (PIEs) in place of the existing Kazakh National Accounting Standards (KNAS). After the workshop Michael Wells from the IFRS Foundation said: "Seventy countries are either using or are planning to consider using the IFRS for SMEs standard in the next few years. I hope that Kazakhstan will be the first country in Central Asia to adopt the standard."

Click for:

• World Bank press release (link to World Bank website)
• Our summary of the IFRS for SMEs

Companies other than banks

In 2002 the Law on Accounting and Financial Reporting required transition to IASs/IFRSs beginning 1 January 2004 for Joint Stock Companies and 1 January 2005 for all other companies except for very small businesses. This law was amended to delay the dates for transition to 1 January 2005 (joint stock companies) and 1 January 2006 (others except very small), respectively.

All banks in Kazakhstan must use IFRSs

Some banks and financial institutions in Kazakhstan were required to implement IFRSs beginning in 2003. Further, banks in Kazakhstan that chose to participate in that country's deposit insurance fund have been required to prepare financial statements using IFRSs as well as Kazakh reporting standards. Starting in 2004, all banks are required to participate in the deposit insurance programme. Therefore, all Kazakh banks began preparing IFRS financial statements for 2004.