--- title: "IFRS Reporting in Kazakhstan in 2026: How to Prepare and Review It" country: KZ lang: en author: Сапа Т.И. (https://buhgpt.kz/authors/sapa-ti) date: 2026-10-15 canonical: https://buhgpt.kz/suraqtar/otchetnost-po-msfo-v-kazahstane-v-2026-godu-kak-podgotovi-en source: BuhGPT --- # IFRS Reporting in Kazakhstan in 2026: How to Prepare and Review It > **TL;DR:** What IFRS Reporting Is International Financial Reporting Standards (IFRS) financial statements are financial statements prepared in accordance with the applicable international standards. They reflect an organization’s financial position, financial performance and cash flows a --- What IFRS Reporting Is International Financial Reporting Standards (IFRS) financial statements are financial statements prepared in accordance with the applicable international standards. They reflect an organization’s financial position, financial performance and cash flows and contain the explanations and disclosures that users need to understand its activities. In Kazakhstan, the applicable standard depends on the organization’s category and statutory requirements. Large organizations and public interest entities generally prepare financial statements under IFRS, medium-sized enterprises under the IFRS for SMEs, and small enterprises under the national standard, unless otherwise provided by law. Therefore, work on the financial statements should begin by determining the applicable standard, reporting period and composition of the financial statements. The source accounting data should then be reviewed, material differences between the accounting rules applied and the requirements of the relevant standard identified, well-founded adjustments made, and the necessary disclosures prepared. Preparing IFRS Financial Statements: Key Stages The preparation of IFRS financial statements usually begins not with completing the final forms, but with reviewing the source data and accounting policies. The accountant should agree in advance on the reporting scope, reporting date, functional currency, significant professional judgments and the persons responsible for providing information. The process can be organized as follows: - determine the applicable requirements and composition of the financial statements; - verify the completeness of the trial balance and analytical accounting records; - compare the current accounting policies with IFRS requirements; - identify areas where the recognition or measurement rules applied differ from IFRS requirements; - prepare and document the rationale for adjustments; - reconcile figures between the statements and notes; - review comparative information; - perform a final review of disclosures and approve the period-end closing working file. Estimates and assumptions usually require particular attention: the useful lives of assets, indications of impairment, expected recoverability of receivables, classification of contracts, provisions and events after the reporting date. The specific list depends on the organization’s activities and the nature of its transactions. Each material adjustment must be supported by a calculation, an explanation and a reference to supporting documents. If the financial statements are prepared by transforming accounting data, a separate adjustment register should be maintained. It can conveniently record the basis for the transaction, the affected line items, the amount, period, responsible person and impact on related disclosures. Such a register simplifies the repeated preparation of financial statements, internal control and subsequent audit. IFRS: Presentation of Financial Statements and Internal Control IFRS financial statements must be presented as a coherent whole. Producing arithmetically correct statements is not enough: their figures must be consistent with the notes, accounting policies and description of significant judgments. Terminology and the classification of line items should be used consistently, while comparative data should be presented so that they can be compared with the current-period figures. Before submitting the financial statements to management or the auditor, the accountant is advised to perform the following control procedures: - reconcile balances with registers and supporting documents; - check the interrelationship between the statement of financial position, statement of profit or loss, statement of cash flows and statement of changes in equity; - ensure that material breakdowns do not contradict the totals; - review intragroup transactions and their elimination when preparing consolidated financial statements; - analyze unusual changes compared with the previous period; - ensure that all material estimates have been considered as of the reporting date; - verify the authority of the persons approving and signing the set of financial statements. It is useful to use a closing calendar. It records the deadlines for obtaining source data, conducting inventory counts, performing calculations and consolidation procedures, preparing notes and obtaining internal approvals. The organization determines specific dates with due regard to mandatory reporting deadlines, corporate procedures and the audit schedule. Statutory deadlines are included in the working calendar as applicable to the specific organization and relevant reporting period. Audit of IFRS Financial Statements and Preparation for the Audit The need for an audit should be determined separately for each specific organization. The mere fact that financial statements are prepared under IFRS does not mean that an audit is mandatory: the basis may be applicable statutory provisions, contractual terms, a decision by the owners or the requirements of a financing party. Even when an audit is conducted voluntarily, preparation should be systematic. Audit procedures may require accounting policies, the trial balance, transformation and consolidation schedules, contracts, reconciliation statements, inventory count results, calculations of accounting estimates, minutes of governing bodies and confirmations of material balances. To reduce the number of follow-up requests, a single list of documents should be created in advance and responsible persons assigned to each section. File versions must be controlled: working calculations, the draft financial statements and the final set must not be mixed. Corrections made after documents have been submitted to the auditor should be logged, explaining the reason and reflecting their impact on the financial statement figures and related notes. The work is completed not when the forms are filled in, but after the consistency of the entire set has been reviewed, material events have been considered and internal approval procedures have been completed. Before submitting the financial statements to the intended recipient, the Kazakhstan regulations and versions of the standards applicable to the organization and the relevant reporting period must be reviewed. Frequently Asked Questions How do IFRS financial statements differ from ordinary financial statements? — The difference is determined by the applicable system of requirements for recognition, measurement, presentation and disclosure. Simply transferring balances to another template is not sufficient. Can IFRS financial statements be prepared by transforming accounting data? — Transformation may be used as a working method of preparation if the differences have been identified, the adjustments calculated and documented, and the final set complies with the applicable requirements. Are IFRS financial statements always subject to audit? — The need for an audit is determined for each specific organization based on the applicable statutory provisions, contractual terms and decisions of the owners. The mere fact that IFRS financial statements have been prepared is not sufficient to reach such a conclusion. What should be prepared for the auditor? — The list depends on the nature of the activities and the audit procedures. It usually includes accounting registers, working calculations, contracts, balance confirmations, accounting policies, transformation or consolidation schedules and supporting rationale for material estimates. Where should the preparation of IFRS financial statements begin? — By determining the obligation and purpose of preparation, the reporting period, scope, applicable requirements, responsible persons and closing calendar. Sources When preparing financial statements, the version of the applicable International Financial Reporting Standards effective for the relevant period and the legislation of the Republic of Kazakhstan that sets requirements specifically for the particular organization should be used. Tax provisions concerning subsoil users’ expenses, investment contracts and refunds of excess VAT do not establish the procedure for preparing and auditing IFRS financial statements. --- _BuhGPT — ИИ-помощник для бухгалтеров Казахстана: https://buhgpt.kz_