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Kazakhstan National Professional Accountancy Organisation Website: Chamber of Auditors of the Republic of Kazakhstan [Website not functioning in April 2008] World Bank ROSC Accounting and Auditing Report Update for October 2007 Update for October 2004 Financial Reporting Framework in Kazakhstan (October 2007 Update) 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. October 2004 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.