Investor’s guide


Financial Reporting

International Financial Reporting Standards developed by the International Accounting Standards Board (London) are applied in the Kyrgyz Republic as uniform basis rules for accounting and financial reporting. Small business enterprises may use simplified accounting and financial reporting rules established by the Kyrgyz Government.

Financial institutions operating in accordance with the principles of Islamic banking and finance use Islamic financial accounting standards adopted in accordance with the Kyrgyz law.


International Standards of Audit issued by International Federation of Accountants through the International Auditing and Assurance Standards Board (New York City USA) are used as auditing standards in Kyrgyz Republic. Islamic financial institutions use the auditing standards for Islamic financial institutions developed by the Accounting and Auditing Organization for Islamic Financial Institutions established and based in Manama, Bahrain.

According to Kyrgyz legislation, external audit is mandatory for banks and other organizations licensed by the National Bank of Kyrgyz Republic, insurance organizations, public companies making initial public offerings of securities, investment funds, private pension funds, and others may be specifically set forth in Kyrgyz law. For other businesses, audit is optional.

 There are more than 100 licensed audit firms operating in Kyrgyz Republic. [1]

[text is provided by Kalikova & Associates]

[1] Information is taken from the website of the State Service for regulation and supervision of financial market of Kyrgyz Republic as of September 1, 2015: