Accounting services

Outsourcing of account record maintenance

According to item 2 Article 8 of the Law «On Accounting and financial statements» the management or individual entrepreneur, depending on volume of reporting activity, may:

1. establish the accounting department as a business unit lead by a chief accountant;
2. institute the staff position of the chief accountant;
3. transfer on a contractual basis the accountant records maintenance and preparation of financial statements to accounting or audit organization or professional accountant;
4. maintain accounting records personally.

According to item 6 Article 1 of the Law «On Accounting and financial statements» an accounting organization is a service provider in the area of accounting and a member of professional organization.

«Kaz Legal & Accounting Services (KLAS)» LLP is a member of The Professional organization of accountants «Chamber of Professional Accountants» of the Republic of Kazakhstan, under number 074.

The information is confirmed by the official source http://accountant.kz/index.php?do=static&page=list

«Kaz Legal & Accounting Services (KLAS)» LLP has the possibility to accept for outsourcing the whole or partial maintenance of accounting records, namely:

• accounting of cash payment;
• accounting of bank transactions including currency transactions;
• accounting of realization and receipt of goods (works, services) including import, export;
• accounting of payroll and personal income;
• accounting of fixed assets;
• accounting of settlement payments;
• accounting of taxes and obligatory payments;
• closing of periods and preparation of financial statements.

Recovery and correction of accounts

According to the Code of «Administrative violations»

1. Taxpayer’s lack of accounting records and(or) failure to comply with the requirements for preparation and keeping of accounting records established by legislation of the Republic of Kazakhstan:
   – Subject to warning.
2. Actions provided for by part one of this article, taken repeatedly within one year after imposition of an administrative penalty:
   – subject to penalty on small business enterprises or non-commercial organizations in the amount of twenty five, on medium-sized enterprises – I the amount of fifty and on large-sized enterprises – in the amount of seventy five of monthly calculation indexes.
3. Failure to record the operations in accounting records concerning the accounting and realization of goods (works, services):
   – entails a fine on small businesses enterprises or owners in the amount of three, on medium-sized enterprises – in the amount of five and on large-sized enterprises – in the amount of ten percent of the cost of unaccounted goods (works, services).

Note: Taxpayer’s unavailability of accounting records should be understood as an absence of accounting documents and (or) tax forms of the tax accounting policy, other documents constituting grounds for definition of activity, estate or assets subject to tax and (or) tax objects associated with taxation and for computation of tax liability.

According to the Code of «Administrative violations»

1. Taxpayer’s lack of accounting records and(or) failure to comply with the requirements for preparation and keeping of accounting records established by legislation of the Republic of Kazakhstan: – Subject to warning.
2. Actions provided for by part one of this article, taken repeatedly within one year after imposition of an administrative penalty: – subject to penalty on small business enterprises or non-commercial organizations in the amount of twenty five, on medium-sized enterprises – I the amount of fifty and on large-sized enterprises – in the amount of seventy five of monthly calculation indexes.
3. Failure to record the operations in accounting records concerning the accounting and realization of goods (works, services): – entails a fine on small businesses enterprises or owners in the amount of three, on medium-sized enterprises – in the amount of five and on large-sized enterprises – in the amount of ten percent of the cost of unaccounted goods (works, services).

Note: Taxpayer’s unavailability of accounting records should be understood as an absence of accounting documents and (or) tax forms of the tax accounting policy, other documents constituting grounds for definition of activity, estate or assets subject to tax and (or) tax objects associated with taxation and for computation of tax liability.

Consulting in the matter of accounting and financial statements

The specialists holding membership of the professional organization of accountants «Chamber of Professional Accountants of the Republic of Kazakhstan» are working in «Kaz Legal & Accounting Services (KLAS)» LLP and may offer one-shot consultations or consultations on a permanent basis on accounting issues.

Preparation of accounting policy (introduction of amendments to accounting policy)

According to item 2 Article 6 of the Law «On Accounting and Financial Statements» the accounting policy is represented by specific principles, framework, provisions, regulations and practice accepted to use by individual entrepreneur or organization for maintenance of accounting records and preparation of financial statements in compliance with the requirements of the legislation of the Republic of Kazakhstan on accounting and financial statements, international or national standards, international standard for small and medium business and typical plan of business accounts based on their demands and peculiarity of activity.

The accounting policy is a part of accounting records. The unavailability of accounting policy is a violation according to the Code «On administrative violations».

«Kaz Legal & Accounting Services (KLAS)» LLP will render the assistance to provide services for development, follow-up revision of accounting policy and introduction of amendments to accounting policy.