Mukanbetov pays official visit to IFRS Foundation in Great Britain and Northern Ireland

Bishkek, Oct. 30, 2018. /Kabar/. Chairman of the State Service for Regulation and Supervision of Financial Markets under the Government of the Kyrgyz Republic Mukanbetov paid n official visit on October 1-5, 2018, to the International Financial Reporting Standards Foundation (IFRS Foundation) in London, the United Kingdom of Great Britain and Northern Ireland.

The press service of the Ministry reported that the purpose of the visit was the official re-signing of the updated open licensing agreement on the adoption of IFRS standards and the IFRS standard for SMEs between the IFRS Foundation and the State Service for Regulation and Supervision.

As part of this re-signing of the IFRS Agreement, the Kyrgyz Republic received the rights to publish IFRS standards and IFRS standards for SMEs in Russian and Kyrgyz. The IFRS standards have been recognized by the Kyrgyz Republic since 2002 on the basis of the Law on Accounting of the Kyrgyz Republic, and the International Financial Reporting Standards for small and medium-sized enterprises since 2013 on the basis of amending the Law on Accounting of the Kyrgyz Republic.

As a result of negotiations with the management of the IFRS Foundation, an agreement was reached on reducing the payment of the Kyrgyz Republic to the IFRS Foundation by 40% over the next 5 years, which is also reflected in the Agreement on IFRS.

In addition, the Kyrgyz side took part in the World Conference of regulators of IFRS standards during the visit. "This conference is an excellent example of consolidating the efforts of regulators around the world in unification, improvement and dissemination of IFRS standards around the world and in each country separately," the Ministry’s press service reported.

The State Service for Regulation and Supervision also seeks to make its own contribution to the extention of application of the use of IFRS standards by incorporating them into regulatory acts, the use and application of IFRS standards in the Kyrgyz Republic.

The State Service for Regulation and Supervision participated in the above-mentioned activities within the framework and at the expense of the project on the development of audit and financial reporting with the financial support of the Swiss State Secretariat for Economic Affairs (SECO).