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IFRS Implementation in Kyrgyzstan

Overview

The Kyrgyz Republic has made efforts to adopt International Financial Reporting Standards (IFRS) for small to medium-sized enterprises (SMEs). However, there are still some challenges and limitations in its implementation.

Key Points on IFRS Adoption

• IFRS Adoption: The Kyrgyz Republic has adopted IFRS for some SMEs.
• Translation of IFRS Standards: There is no official translation of IFRS standards into the local language, but translations are being prepared and will be published on the SSRSFM website.

Implementation Details

• Application of IFRS for SMEs Standard: The jurisdiction has adopted the IFRS for SMEs Accounting Standard for some SMEs. Small businesses are required to prepare financial statements in accordance with simplified rules established by the Government.
• Modification to IFRS Standards: None mentioned.
• Endorsement/Adoption Process: There is no formal process for the endorsement or adoption of new or amended IFRS Accounting Standards.

Application by SMEs

Some SMEs are required to use the IFRS for SMEs Standard, while others may do so on a voluntary basis.

Conclusion

Overall, it appears that Kyrgyzstan has taken steps towards adopting international accounting standards but still has some work to do in terms of translation and implementation.