Publication: The Kyrgyz Republic : Accounting and Auditing
Date
2008-11
ISSN
Published
2008-11
Author(s)
World Bank
Abstract
This report provides an assessment of
accounting, financial reporting, and auditing requirements
and practices within the enterprise and financial sectors in
the Kyrgyz Republic. The report uses International Financial
Reporting Standards (IFRS) and International Standards on
Auditing (ISA) as benchmarks and draws on international
experience and good practices in the field of accounting and
audit regulation to assess the quality of financial
information and make policy recommendations. The main
finding of this report is that enhancements in accounting
and auditing legislation have often not been carried through
to improvements in practice. Greater efforts need to be made
to apply and enforce legal requirements properly.
Compounding this challenge is the lack of compliance with
existing public disclosure requirements and there is a need
for greater public availability of financial information.
Otherwise, even if accounting and auditing improves, users
will not be able to access and make use of this information,
reducing the overall benefits to society and the potential
for private-sector-led economic growth. The Kyrgyz economy
has achieved moderate growth (5.4 percent in 2004, -0.2
percent in 2005, and 2.7 percent in 2006); however, in order
to enhance growth, promote further economic development, and
decrease the cost of capital, additional reforms in
accounting and auditing are required to produce financial
information of high quality.
Link to Data Set
Citation
“World Bank. 2008. The Kyrgyz Republic : Accounting and Auditing. © Washington, DC. http://hdl.handle.net/10986/7974 License: CC BY 3.0 IGO.”