Topic: Taxes and Taxation. Changes in the Functions of the Ministry of Finance of the Republic of Kazakhstan.

In October 2024, significant updates were introduced to regulatory documents in the field of taxation and accounting. As part of these changes, the Ministry of Finance of the Republic of Kazakhstan was assigned new functions, effective from September 1, 2024.

New Functions of the Ministry of Finance:

Certification of Auditor Candidates:
Development and approval of the certification procedure.

National Financial Reporting Standards:
Development, approval, and implementation of national standards and related methodological guidelines.

Standard Chart of Accounts:
Development and approval of the standard chart of accounts for accounting.

Reporting by Professional Organizations:
Determination and approval of the list, format, and frequency of reports submitted by professional and certification organizations.

Advisory Bodies:
Development and approval of regulations on advisory bodies.

Annual Financial Reporting:
Establishment of the list and format of annual financial reports for organizations of public interest.

Comments from Industry Professionals:

AS Stroy Group LLP’s Financial Director, Diana Baltabaykyzy Bukaeva, shared her perspective on these changes:
"The new functions assigned to the Ministry of Finance aim to improve the management of accounting and tax reporting. The development of national standards, in particular, will ensure a unified approach to financial reporting for all organizations of public interest."

Conclusion:

These changes highlight the Ministry of Finance's commitment to enhancing transparency and standardization in accounting and financial reporting. Professionals are encouraged to familiarize themselves with the new requirements to implement them effectively in their work.