Changes in accounting - insurance companies of the Republic of Kazakhstan

The National Bank of the Republic of Kazakhstan has prepared a draft resolution on amendments to the accounting rules. The main objective of the draft is to improve the accounting of transactions with insurance contracts and make editorial amendments to regulations. In connection with the entry into force of IFRS 17 from January 1, 2023, the Accounting Instructions for insurance and reinsurance organizations, mutual insurance companies and branches of non-residents of the Republic of Kazakhstan were updated. Amendments were also made to the documents approved by the resolutions of the Board of the National Bank, including the accounting rules and the standard chart of accounts for insurance companies. The changes will come into force after the approval of the draft. Public discussion of the draft is open until November 1, 2024 on the egov.kz portal.