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Kazakhstan considers adopting IFRS for SMEs

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26 Jan 2011

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."

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