The Kyrgyz Republic : Accounting and Auditing

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.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2008-11
Subjects:	ACCESS TO FINANCIAL INFORMATION, ACCOUNT, ACCOUNTABILITY, ACCOUNTANCY, ACCOUNTANTS, ACCOUNTING, ACCOUNTING POLICIES, ACCOUNTING PRACTICES, ACCOUNTING RECORDS, ACCOUNTING REFORM, ACCOUNTING RULES, ACCOUNTING SERVICES, ACCOUNTING STANDARDS, ACCOUNTS, ADB, AUDIT EVIDENCE, AUDIT REPORTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING PROCEDURES, AUDITING PROFESSION, AUDITING STANDARDS, AUDITORS, AUDITS, BALANCE SHEET, BALANCE SHEETS, BANK BRANCHES, BANK HOLDING COMPANIES, BANK LOANS, BANKING LAWS, BANKING LEGISLATION, BANKING SECTOR, BANKING SECTOR REFORMS, BANKING SUPERVISION, BANKRUPTCY, BANKS, BEST PRACTICE, BROCHURE, BUSINESS COMMUNITIES, BUSINESS COMMUNITY, BUSINESS INFORMATION, BUSINESS OPERATIONS, BUSINESS PLAN, BUSINESS PLANS, CAPITAL REQUIREMENTS, CASH ACCOUNTING, CASH FLOW, CASH FLOWS, CERTIFIED PUBLIC ACCOUNTANT, CHARTS OF ACCOUNTS, COLLATERAL, COMMERCIAL BANKS, COMMERCIAL ENTERPRISES, CONSOLIDATED FINANCIAL STATEMENTS, CONSUMER, COOPERATIVES, COST OF CAPITAL, CREDIT UNIONS, CREDITORS, CURRICULA, DEBTS, DIRECT INVESTMENT, DISCLOSURE REQUIREMENTS, DOMESTIC CREDIT, ECONOMIC ACTIVITIES, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMICS EDUCATION, EDUCATION PROGRAMS, EDUCATION STANDARD, EDUCATION STANDARDS, EDUCATIONAL PROGRAMS, EXTERNAL AUDITORS, EXTERNAL FINANCING, FINANCIAL ANALYSIS, FINANCIAL INFORMATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL SECTORS, FINANCIAL STATEMENTS, FINANCING SOURCES, FISCAL PERFORMANCE, FOREIGN BANKS, FORM OF INVESTMENT, GENERAL PUBLIC, GOOD PRACTICE, GOOD PRACTICES, GOVERNMENT PENSION, INCOME, INCOME STATEMENTS, INSURANCE, INSURANCE COMPANIES, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, LARGE COMPANIES, LAWS, LEGAL ADVICE, LEGAL FRAMEWORK, LEGISLATION, LIABILITY, LIFE INSURANCE, LOAN, MACROECONOMIC PERFORMANCE, MARKET DISCIPLINE, MICROFINANCE, NATIONAL BANK, PEER REVIEW, PENALTIES, PENSION FUND, PENSION FUNDS, PRINT MEDIA, PRIVATE PENSION, PRIVATE PENSION FUND, PROFESSIONAL ASSOCIATION, PROFESSIONAL ASSOCIATIONS, PUBLIC DISCLOSURE, PUBLIC SERVICES, QUALITY ASSURANCE, QUALITY AUDITS, QUALITY CONTROL, REGULATORY FRAMEWORK, REGULATORY REPORTS, REORGANIZATION, RESPONSIBILITIES, RETIRED, SECURITIES, SENIOR, SMALL BANKS, STAKEHOLDER, STAKEHOLDERS, STATE PENSION, STATUTORY AUDITORS, STOCK EXCHANGE, SUBSIDIARIES, TAXABLE INCOME, TAXATION, TERMINATION, TRAINING MATERIALS, VALUATION,
Online Access:	http://documents.worldbank.org/curated/en/2008/11/10034693/kyrgyz-republic-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/7974
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