In 2026, accounting is the systematic collection, verification, recording, and consolidation of information about the assets, liabilities, and transactions of an organization or entrepreneur; tax implications are determined under the rules applicable to the specific transaction and period. For example, for priority investment projects under contracts concluded before January 1, 2026, the terms established by the contract remain in effect until the contract expires (Article 837 of the Tax Code of the Republic of Kazakhstan).
What Accounting Means in Practice
Accounting helps answer several key questions: what assets the business has, where they came from, what obligations must be fulfilled, and how business transactions have changed the position of the organization or IE. To this end, transactions are supported by documents, classified, and recorded in the appropriate registers or information system.
It is important to distinguish between a business event and its recording. The purchase of equipment, receipt of payment from a customer, or assessment of tax occurs in the course of the enterprise's activities, while accounting presents information about these events in an organized manner. Based on the recorded data, the accountant prepares reports, monitors settlements, and compares documents with the transactions actually performed.
Accounting should be conducted consistently. If identical transactions are recorded under different rules without justification, the indicators become incomparable and errors are more difficult to detect. Organizations therefore document their approaches in internal documents and regularly check whether actual practices comply with the established procedures.
It is useful for an accountant to structure the process as follows:
- determine which business event occurred;
- obtain and verify the supporting document;
- establish the date, amount, and parties to the transaction;
- determine the accounting item and register;
- record the transaction in the information system;
- verify the result and its impact on reporting indicators.
During verification, it is important to consider not only the substance of the transaction but also the period to which it relates. For certain transitional situations, the Tax Code of the Republic of Kazakhstan expressly preserves the previous procedure. Thus, applications and claims for the refund of excess VAT submitted before January 1, 2026 are reviewed in accordance with the procedure and within the time limits prescribed by the Tax Code dated December 25, 2017 (Article 833 of the Tax Code of the Republic of Kazakhstan).
What Types of Accounting a Business Needs
The term “accounting” is used in different senses. Financial accounting systematizes information about a company's transactions, assets, and liabilities. Tax accounting provides the data required to fulfill tax obligations. Management accounting is organized for internal decision-making: analyzing costs, the profitability of business areas, cash flows, and budget performance.
A single event may simultaneously affect several areas of accounting, but the composition and purpose of the recorded data may differ. It is therefore not sufficient for an accountant to compare only the final figures: the documents, analytical data, registers, and information system settings used to process the transaction must also be checked.
Special attention is required for transactions for which transitional conditions have been preserved by law. Under investment agreements concluded with the authorized state body before January 1, 2026, the taxation terms and the guarantee of stability of tax legislation remain in effect until the agreement expires (Article 838 of the Tax Code of the Republic of Kazakhstan). Under investment contracts concluded before this date, the VAT exemption for imports of raw materials and supplies remains in effect until the contract expires, subject to the exceptions established by the Code (Article 839 of the Tax Code of the Republic of Kazakhstan).
When maintaining different areas of accounting, it is necessary to determine in advance which data will be used for reporting, tax calculations, and internal decisions. The rules for processing similar transactions should be documented in internal documents so that the accountant applies a consistent approach throughout the relevant period.
Accounting for an IE: Where an Entrepreneur Should Start
Accounting for an IE should begin not with selecting software, but with describing the actual business processes and applicable procedures. The entrepreneur needs to understand which transactions they perform, which documents they receive and issue, and whether they have employees, property, inventory, and cashless and cash settlements.
A practical procedure may be as follows:
- prepare a list of recurring transactions;
- determine the documents required for each type of transaction;
- separate personal and business settlements;
- appoint persons responsible for receiving and transferring documents;
- establish the frequency of reconciliations with the bank, customers, and suppliers;
- document the applicable rules and accounting system settings.
Even when there are few transactions, it is better to process documents regularly. If they are postponed until reporting is prepared, there is a greater risk of missing a payment, recording the same document twice, or discovering a discrepancy with a counterparty too late.
The composition of registers, reports, and tax procedures for an IE is determined based on their status, transactions, and applicable tax regime. The settings and documents of another entrepreneur cannot be adopted automatically without comparing the conditions of their activities. Before work begins, the IE's actual transactions should be described and accounting configured accordingly.
If a transaction relates to a transitional period, the accountant must take into account the document date and the special rule of the Tax Code of the Republic of Kazakhstan. For example, the procedure for reviewing an application for the refund of excess VAT depends on whether it was submitted before January 1, 2026 (Article 833 of the Tax Code of the Republic of Kazakhstan).
Accounting for Fixed Assets and Monitoring Individual Items
Accounting for fixed assets generally means working with items that the organization recognizes as fixed assets under the applicable financial accounting procedures. The accountant monitors the entire life cycle of an item: receipt, preparation for use, commissioning, transfer, repair, changes in characteristics, and disposal.
Identifying information and supporting documents are required for each item. A distinction should be made between the acquisition of the asset itself, additional costs, and subsequent work. They are combined or separated based on the substance of the transaction and the adopted accounting procedures, rather than solely on the convenience of entering data into the software.
To organize the accounting of an item, it is necessary to determine in advance exactly what will be monitored, which documents will confirm changes, who will be responsible for entering and verifying data, and in which registers the information will be stored. This procedure makes it possible to trace the item's history and compare the information in the system with the documents and the actual availability of the property.
To control the quality of accounting, the accountant should regularly compare documents, the actual availability of items, and information in the information system. Software settings should also be checked after changes to the accounting policy, workflows, or the nature of transactions. The successful processing of a document by the software does not in itself confirm that the selected analytics are correct or that the source information is reliable.
When an item is disposed of, it is important to check the complete set of documents, the transaction date, and the completeness of the recorded information. If the data concerning the item changed during its useful life, the verification results must take into account the entire sequence of recorded changes, rather than only the latest state of the item's record.
Frequently Asked Questions
Is accounting limited to accounting entries? — No. It includes obtaining and verifying documents, recording and systematizing data, maintaining analytical records, performing reconciliations, and preparing reporting information.
How does accounting for an IE differ from accounting for an organization? — The procedures are determined based on the entity's status, actual transactions, and applicable tax rules. Accounting for a specific IE is therefore organized after analyzing their activities rather than copied from another company.
What does fixed asset accounting include? — The work begins when an item is received and continues throughout its use until disposal. The accountant monitors the documents, information about the item, changes in its condition, and the consistency of the data in the registers.
Can accounting be considered correct if the software shows no errors? — No. The software processes the entered data in accordance with its settings, but the accountant must separately verify the documents, the substance of the transaction, the analytical records, and the final figures.
Why should accounting rules be documented? — A consistent procedure makes data from different periods comparable, assigns responsibility, and reduces the risk of similar transactions being processed differently.
How should transitional tax rules be applied in 2026? — The date of the transaction, application, contract, or agreement must be compared with the conditions of the relevant provision. For example, applications for the refund of excess VAT submitted before January 1, 2026 are subject to a transitional review procedure (Article 833 of the Tax Code of the Republic of Kazakhstan), while certain investment contracts and agreements provide for the established conditions to remain in effect until they expire (Articles 837, 838, 839 of the Tax Code of the Republic of Kazakhstan).
Sources
- Tax Code of the Republic of Kazakhstan, Article 833: transitional provisions on the review of applications and claims for the refund of excess VAT submitted before January 1, 2026.
- Tax Code of the Republic of Kazakhstan, Article 837: preservation of the terms of investment contracts and investment commitment agreements concluded before January 1, 2026.
- Tax Code of the Republic of Kazakhstan, Article 838: preservation of the terms of investment agreements concluded before January 1, 2026.
- Tax Code of the Republic of Kazakhstan, Article 839: preservation of the VAT exemption for imports of raw materials and supplies under certain investment contracts.