|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards are required for all listed companies, financial institutions and large unlisted companies.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Permitted. Alternatively, foreign companies may use US GAAP.|
|The IFRS for SMEs Standard is required or permitted||Large SMEs must use full IFRS Standards. Medium-sized SMEs may choose either full IFRS Standards or the IFRS for SMEs Standard. Small SMEs have an added choice of national standards.|
|The IFRS for SMEs Standard is under consideration|
Ministry of Finance (MoF)
National Bank of Kazakhstan (NBK)
The MoF has statutory responsibility for accounting standards in Kazakhstan, except with respect to financial institutions.
The NBK has statutory responsibility for financial accounting and reporting by financial institutions.
The Law on Accounting and Financial Reporting of the Republic of Kazakhstan dated 28 February, 2007 No.234, as subsequently amended, provides:
Article 16. International standards of financial reporting.
Preparation of financial reporting shall be carried out by organizations in accordance with international standards and international standards for small and medium business, published in the Kazakh and Russian languages.
An unofficial translation of the law is here.
The regulations of the MoF and the National Bank of Kazakhstan (NBK) and the listing rules of the Kazakhstan Stock Exchange have adopted IFRS Standards for all listed companies, financial institutions, and large unlisted companies.
The listing rules of the Kazakhstan Stock Exchange are available on the 'KASE Rules' page of their website.
Both full IFRS Standards and the IFRS for SMEs Standard have been adopted by The Law on Accounting and Financial Reporting of the Republic of Kazakhstan. Further, the listing rules of the Kazakhstan Stock Exchange require that all listed companies must use IFRS Standards.
In addition to listed companies, full IFRS Standards are mandatory for financial statements of large business enterprises and public-interest companies, including all financial institutions. Medium-sized business enterprises and state enterprises are required to use either full IFRS Standards or the IFRS for SMEs Standard. Small enterprises must choose between the IFRS for SMEs Standard and a national standard developed by MoF.
Public-interest and listed companies are required to publish financial statements through the web-site of DFO, an online financial reports depositary created by the Government of the Republic of Kazakhstan.
Listed companies also publish financial information in conformity with IFRS Standards on the website of the Kazakhstan Stock Exchange.