Regulatory Alerts2004-10-23 | 118737Regulation on Requirements for Accounting Policy of Commercial Banks and Other Financial and Credit Organizations Licensed by the National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued this regulation to establish mandatory requirements for the accounting policies of commercial banks and other licensed financial and credit organizations. The document mandates that these entities align their accounting practices with International Financial Reporting Standards (IFRS) and define clear internal controls, responsibilities, and specific procedures for recording financial transactions. It further stipulates that accounting policies must be approved by the governing bodies of the organizations and subject to annual review to ensure ongoing compliance with evolving regulatory and accounting standards.
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