The Ministry of Finance of the Republic of Kazakhstan creates a favorable investment climate in the country.

The election of a representative of Kazakhstan to a leadership position in a specialized international organization was held at the 35th session of the Intergovernmental Working Group on International Financial Reporting Standards (ISAR), held at the World Investment Forum (WIF) in Geneva, ortcom.kz reports.

Director of the Accounting and Audit Methodology Department of the Ministry of Finance of the Republic of Kazakhstan Arman Bekturova was elected Vice-President of the Intergovernmental Working Group on International Financial Reporting Standards (ISAR) at the World Investment Forum.

Director of the Accounting and Audit Methodology Department of the Ministry of Finance of the Republic of Kazakhstan Arman Bekturova told the Central Communications Service about the international forum.

“The 10th Jubilee World Investment Forum was held in Geneva (Swiss Confederation) from October 22 to 26, 2018, which was attended by more than 6,000 delegates, including 12 heads of state and over 50 top managers of major transnational corporations. The forum is the largest global platform for discussing issues of international investment, and also develops strategies and solutions to global challenges in the field of investment and development, ”the speaker said.

As Arman Bekturova notes, within the framework of ISAR, analytical studies, annual sessions and seminars are held, and guidance documents are prepared to facilitate the implementation of international standards.

“In 2018, the Ministry of Finance of the Republic of Kazakhstan, together with the World Bank, conducted an assessment of government spending and financial accountability (PEFA). Based on the results, risk zones were identified in the management of public finances The unanimous election to a leadership position in a specialized international organization is an element of trust, indicating Kazakhstan’s position in ensuring transparency in corporate governance and a favorable investment climate in the country, ”said the representative of the Ministry of Finance of the Republic of Kazakhstan.

Arman Bekturova stressed that maintaining a favorable investment climate and stimulating the inflow of foreign direct investment in the country's economy is an important national task of Kazakhstan.

She also shared her further plans for improving the investment climate.

“As part of the coverage of the materials on the results of the above activities, on December 12, 2018, it is planned to hold a conference on the topic“ Recent changes in accounting, auditing and their regulation ”together with the British Chamber of Commerce in Kazakhstan (Committee of the British Chamber of Commerce in Kazakhstan).

In order to improve the image of accountants and auditors, the Ministry of Finance of the Republic of Kazakhstan from November 26 to December 10, 2018 is planning to hold a competition for the title of "Best Accountant" and "Best Auditor", awarding prizes to the winners of the Competition will be held at the official award ceremony on December 12, 2018 within the framework of the aforementioned conference, ”said A. Bekturova.

In addition, according to the speaker, in Kazakhstan, together with the UN, an assessment of corporate reporting infrastructure was conducted. Currently, measures are underway to improve the infrastructure of corporate reporting.