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Kazakhstan

Financial reporting framework in Kazakhstan

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, including 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.