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DOC - ICNL - The International Center for Not-for-Profit Law

By Janet Rivera,2014-05-16 01:51
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DOC - ICNL - The International Center for Not-for-Profit Law

     I n t e r n a t I o n a l C e n t e r f o r N o t f o r P r o f i t L a w

    On compulsory certification for accountants of public In This Issue:

    interest organizations

     ? On compulsory

    certification for Starting from January 1, 2009 only a professional accountant, accountants of public i.e., an individual that has received a certificate of professional accountant

    interest organizations may occupy the position of chief accountant of an “organization of public

    interest” in Kazakhstan. This provision is set forth in Article 9 of the Law of the Republic of Kazakhstan No. 234-III of February 28, 2007 “On International Center for accounting and financial reporting” (hereinafter referred to as the “Law”). Not-for-Profit Law (ICNL)

     is an international expert

    The new requirement has generated concern among managers of organization providing

    many noncommercial organizations who have asked us if the term technical assistance on a

    “organization of public interest” will include civil society organizations global basis to facilitate

    and therefore provide yet another basis for enhanced scrutiny on the part and support the

    of Kazakh state agencies. In order to respond to such questions and development of civil

    inquiries the International Center for Not-for-Profit Law has researched society and freedom of

    the matter and would like to present you with the following information. association.

    Other materials are Under paragraph 7 of Article 1 of the Law, the following available on ICNL’s organizations are constituted as “organizations of public interest”:

    official website at financial organizations, joint-stock companies (except for

    www.icnl.org (in English) noncommercial ones), mineral developers (except for organizations and www.icnl.org/car (in developing widespread mineral deposits), organizations established with

    Russian). the state as one of its capital partners, as well as state enterprises

     established on the basis of economic control rights.

    No form of noncommercial organization is included in this list. Contacts The definition also does not include micro-lending noncommercial organizations due to the following reasons. Article 1 of the Law of the Elizabeth Warner Republic of Kazakhstan No. 474-II of July 4, 2003 “On state regulation Program Director and monitoring of financial market and financial organizations” (amended for Central Asia as of February 19, 2007) defines “financial organization” to be “a ewarner@icnl.org.kz legal entity engaged in entrepreneurial activity for rendering financial services.” Financial services are defined in the same law as “activity of Vsevolod Ovcharenko actors (participants) of the insurance market, securities market, saving Regional Legal Consultant pension funds, banking activities, activities of organizations carrying out carlawyer@icnl.org.kz separate types of banking operations on the basis of licenses acquired in accordance with the legislation of the Republic of Kazakhstan, as well as Address: 36 Zhandosov Str., activities of central depository and mutual insurance societies exempt Almaty, 050057 Kazakhstan from licensing”. Tel: +7 727 250 19 50 Fax: +7 727 250 19 49 In accordance with paragraph 1 of Article 30 of the Law of the

     Republic of Kazakhstan No. 2444 of August 31, 1995 “On banks and

     banking activities in the Republic of Kazakhstan” (amended as of

    February 28, 2007): “banking activity means implementation by the bank . Pursuant to

    of banking and other operations provided by this Article”paragraph 3 of Article 30: “activities for lending of micro loans by legal

    entities registered as micro-lending organizations in the procedure

    established by the legislation of the Republic of Kazakhstan does not

    constitute banking operations”.

    Accordingly, noncommercial organizations are not considered to be

    organizations of public interest” under the Law. Therefore, the

    requirement to hire a certified professional accountant does

    not apply to noncommercial organizations as such, unless the

    noncommercial organization is engaged in licensed banking operations.

    If an accountant of a noncommercial organization, nevertheless, is

    interested in certification, this procedure is regulated by Order of the

    Minister of Finance of the Republic of Kazakhstan No. 455 of

    December 13, 2007 “On approval of qualifying requirements for

    professional accountants”. You can find the text of mentioned document

    (in Russian language), as well as additional information on certification

    and accounting at the official website of the Ministry of Finance:

    http://www.minfin.kz/index.php?uin=1145429273&chapter=1209354844

    &lang=rus

    This Newsletter is a regular publication of the International Center for Not-for-Profit Law originally produced in the Russian language for distribution among NGOs and NGO lawyers in Kazakhstan. In limited cases, however, an English translation of the newsletter may be distributed beyond the

    designated target group where the topics covered in the newsletter are deemed to be of interest to a

    broader audience.

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