In 2026, accounting in Kazakhstan is conducted on the basis of accrual and going concern, as stipulated by the Law of the Republic of Kazakhstan “On Accounting and Financial Reporting”: transactions are recorded when they occur, supported by source documents, systematized in registers and grouped by account. These provisions should be distinguished from the principles of tax legislation—mandatory taxation, certainty, fairness, transparency, taxpayer good faith, unity of the tax system and publicity (Article 25 of the Tax Code of the Republic of Kazakhstan).
Accounting fundamentals: what an accountant must ensure
Accounting is necessary not only for calculating taxes or preparing annual financial statements. Its practical purpose is to consistently record business transactions and generate information that can be used to assess an organization’s financial position.
The Law of the Republic of Kazakhstan “On Accounting and Financial Reporting” provides for two principles:
- accrual—a transaction is recognized in the period to which it relates, rather than only when money is received or transferred;
- going concern—accounting and financial reporting are prepared on the assumption that the organization will continue its operations.
Financial statements must be understandable, relevant, reliable and comparable. Therefore, an accountant must do more than simply enter a document into the software: they must ensure a consistent approach to similar transactions, a link between analytical and synthetic accounting, and the ability to verify the final figures.
For state institutions, Article 129 of the Budget Code of the Republic of Kazakhstan defines the purpose of accounting and financial reporting: to provide stakeholders with complete and reliable information about the financial position of state institutions. This article also sets out the principles and key qualitative characteristics of accounting and financial reporting for state institutions.
Fixed assets in accounting
Fixed assets are a separate area of accounting for an organization’s assets. A specific item cannot be classified as a fixed asset based solely on its common name: the accountant must apply the applicable financial reporting standards, the organization’s accounting policy and its working chart of accounts.
When accounting for an item, it is generally necessary to document and consistently record:
- the receipt and preparation of the item for use;
- recognition of the item in the accounts under the applicable rules;
- its transfer and use by the responsible departments;
- subsequent costs, if any;
- disposal, including sale or other derecognition;
- inventory count results and identified discrepancies.
Fixed asset groups in accounting must provide meaningful analytical detail and data comparability. The composition of the groups, valuation rules, subsequent accounting procedures and accounts used should be established in the accounting policy, taking into account the applicable standard. The same group cannot be universally assigned to all similar property: the intended purpose of the item and the conditions of its use are relevant.
A document serves as the basis for an accounting entry but does not replace the professional assessment of the transaction. Information from accepted source documents is accumulated and systematized in accounting registers. Under paragraph 18 of the Accounting Rules, transactions are recorded chronologically in the registers and grouped by the relevant accounts.
Balance sheet, accounting entries and accounting in 1C
The fundamentals of the balance sheet can be expressed through the relationship between assets and the sources from which they are financed. However, the balance sheet is the result of systematized accounting data, not a separate calculation that exists independently of source documents and registers.
The main balance sheet accounts are selected in accordance with the applicable chart of accounts and the organization’s working chart of accounts. Each transaction is recorded through interrelated debit and credit entries, while analytical accounting must make it possible to determine the item, counterparty or department to which an amount relates. Exact account numbers cannot be selected solely on the basis of the transaction name: they depend on the applicable chart of accounts, the nature of the transaction and the accounting policy.
Accounting entries for the sale of fixed assets are prepared after analyzing the documents and terms of the transaction. The accounts must reflect the disposal of the item, settlements with the buyer, sales revenue and the financial result in accordance with the applicable rules. The accountant determines the specific accounts and tax implications based on the working chart of accounts, standards, agreement and status of the transaction.
In “1C:Accounting,” fixed assets should be accounted for in a way that ensures the software data corresponds to the source documents and the approved accounting policy. The names of documents, sections and commands may vary depending on the configuration and release, so the interface path should be checked directly in the version being used. Before posting a document, it is advisable to check:
- the organization and transaction date;
- the item and its analytical attributes;
- the substance and basis of the transaction;
- the accounts and related analytical dimensions;
- whether the printed form corresponds to the source documents;
- the posting result and register movements.
At the end of the month, the register totals must be calculated. Paragraph 19 of the Accounting Rules provides for reconciling the final entries in synthetic and analytical registers by comparing trial balance reports and bringing these entries into agreement. The persons who prepare and sign the registers are responsible for the correct recording of transactions, while grouped register data is transferred to the financial statements—this follows from paragraphs 20–21 of the Rules.
In practice, this means that before closing the period, the accountant checks not only account turnover but also discrepancies in analytical accounting, unsupported balances and whether transactions have been assigned to the correct period. Correcting an error only in the final form without adjusting the accounting data would break the link between the financial statements and the registers.
Frequently asked questions
What are the main principles of accounting in Kazakhstan? — The Law of the Republic of Kazakhstan “On Accounting and Financial Reporting” provides for accrual and going concern. For state institutions, the purpose, principles and key qualitative characteristics of accounting and financial reporting are defined by Article 129 of the Budget Code of the Republic of Kazakhstan.
When is a transaction recognized in the accounts: upon payment or when it occurs? — Under the accrual principle, the result of a transaction is recognized when it occurs, rather than only at the time of payment. The entry must also have an appropriate documentary basis.
How should fixed asset groups be determined in accounting? — The applicable standards, the intended purpose of the assets and the organization’s accounting policy must be followed. The composition of the groups must support reliable analytical accounting and comparability of financial statements.
Which accounting entries should be made when a fixed asset is sold? — The entries must reflect the disposal of the item, settlements, income and the result of the transaction. Account numbers are selected in accordance with the applicable working chart of accounts and the terms of the transaction, so a universal account correspondence cannot be specified without this information.
Can automated entries in 1C be relied upon completely? — No. The accountant must check the document details, accounts, analytical dimensions and posting result and, at the end of the month, compare the data in the synthetic and analytical registers.