World Bank2012-06-122012-06-122007-05https://hdl.handle.net/10986/7841This report on the report on the observance of standards and codes (ROSC) in Kazakhstan provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Kazakhstan. The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA), and draws on international experience and good practices in the field of accounting and audit regulation, including in European Union (EU) Member States, to assess the framework for financial reporting and to make policy recommendations. The policy recommendations aim to help the Kazakhstan Government to support the country's integration into the global economy, in particular through strengthening the corporate sector's accounting, financial reporting and auditing practices. The financial sector, which is dominated by private commercial banks, has been one of the fastest growing sectors in Kazakhstan. However, while lending to the private sector has increased, credit risk analysis remains underdeveloped and there are problems with assessing the underlying portfolios owing to a significant lack of transparency regarding related parties and ultimate economic beneficiaries. The role of the non-banking financial sector is still limited but growing. This report shows much remains to be done if Kazakhstan wishes to raise the quality of accounting and auditing practices to a level in line with more-developed economies.CC BY 3.0 IGOACCOUNTACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING POLICIESACCOUNTING PRACTICESACCOUNTING RECORDSACCOUNTING RULESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING TREATMENTACCOUNTSACCRUAL ACCOUNTINGACQUISITIONACQUISITION DATEACTIVE MARKETADVISORY GROUPAMOUNT OF LOANSASSESSMENT PROCESSAUDIT REPORTSAUDIT STANDARDSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITOR ROTATIONAUDITORSAUDITSBAD INVESTMENTBALANCE SHEETBALANCE SHEETSBANK OFFICERSBANKING INSTITUTIONSBANKING LAWBANKING SECTORBENEFICIARIESBENEFIT PLANSBOND ISSUESBOOKKEEPINGBORROWERBUSINESS COMBINATIONSBUSINESS COMMUNITYBUSINESS MANAGEMENTBUSINESS OPERATIONSBUSINESS PARTNERSHIPSCAPITAL MARKETCASH FLOWCASH TRANSACTIONSCENTRAL ASIANCIVIL CODECOLLATERALCOMMERCIAL BANKSCOMPANY LAWCOMPLIANCE GAPCOMPLIANCE GAPSCONSUMERCONSUMERSCONTINGENT LIABILITIESCONTRIBUTIONCONTRIBUTION PLANCOOPERATIVESCORPORATE BONDCORPORATE BOND MARKETCORPORATE GOVERNANCECOST ACCOUNTINGCOST ALLOCATIONCOST INCREASESCREDIBILITYCREDIT RISKCREDITORSCURRICULUMDEBTDEFINED-BENEFIT PENSIONDEPOSITORSDOMESTIC FINANCIAL MARKETDUE DILIGENCEECONOMIC DEVELOPMENTECONOMICS EDUCATIONEDUCATION PROGRAMSEDUCATION STANDARDEDUCATION STANDARDSEMPLOYEE BENEFITSENTRY REQUIREMENTSEQUIPMENTEQUITY FINANCINGEQUITY MARKETFAIR VALUEFAIR VALUESFINANCE EDUCATIONFINANCIAL ACCOUNTINGFINANCIAL ASSETFINANCIAL ASSETSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INSTRUMENTSFINANCIAL INVESTMENTSFINANCIAL MARKETSFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL RESOURCESFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL SERVICESFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFIXED ASSETSFOREIGN DIRECT INVESTMENTFOREIGN INVESTMENTFUTURE CASH FLOWSGLOBAL ECONOMYGOOD PRACTICEGOOD PRACTICESGOODWILLGOVERNMENT GRANTSGROSS DOMESTIC PRODUCTHOLDINGINCOMEINCOME TAXINCOME TAXESINDIVIDUAL ACCOUNTSINFLATIONINFORMATION SYSTEMSINFORMED DECISIONINFORMED DECISIONSINITIAL PUBLIC OFFERINGINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE PREMIUMSINTANGIBLEINTANGIBLE ASSETSINTEREST RATEINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL DEVELOPMENTINTERNATIONAL STANDARDSINVENTORIESINVESTMENT CAPITALINVESTMENT FLOWSINVESTMENT OPPORTUNITIESINVESTOR PROTECTIONIPOJOB TRAININGJOINT STOCK COMPANIESJOINT-STOCK COMPANIESJOINT-STOCK COMPANYLACK OF INFORMATIONLACK OF KNOWLEDGELACK OF TRANSPARENCYLARGE BUSINESSESLARGE COMPANIESLEGAL ADVICELEGAL AUTHORITYLENDERLENDERSLIABILITYLIQUIDITYLOANLOAN PORTFOLIOSLOCAL ECONOMYLONG-TERM LOANSMARKET CAPITALIZATIONMARKET ECONOMYMARKET EFFICIENCYMASS MEDIAMICRO-ENTERPRISESMONETARY ASSETSMONETARY FUNDNATIONAL BANKNET ASSETSOIL PRICESPENSIONPENSION FUNDPENSION FUNDSPENSION PLANSPENSION REGIMEPENSION SCHEMESPENSIONSPORTFOLIOPORTFOLIO INVESTMENTPORTFOLIOSPRESENT VALUEPRIVATE PENSIONPROFESSIONAL ASSOCIATIONPROFESSIONAL ASSOCIATIONSPRUDENTIAL REGULATIONPUBLIC CONFIDENCEPURCHASINGQUALITY ASSURANCEQUALITY CONTROLREAL ESTATEREGULATORY AUTHORITYRESPONSIBILITIESRETIREMENTSALESALESSECURITIESSECURITIES MARKETSHARE CAPITALSHAREHOLDERSHAREHOLDERSSKILL DEVELOPMENTSTAKEHOLDERSSTATUTORY AUDITORSSTOCK EXCHANGESUPERVISORY AGENCIESSUPERVISORY AUTHORITIESTAXTAX CODETAX SYSTEMTIME DEPOSITSTRADINGTRANSACTIONUNAUDITED FINANCIAL STATEMENTSVALUATIONVALUATIONSWITHDRAWALWORK EXPERIENCEWORTHWorld Bank10.1596/7841