Baidybekova S.K.Zhetysu State University named after I. Zhansugurov, Taldykorgan, Almaty Oblast, Republic of Kazakhstan b-saltanat@mail.ru ORCID id: not available
Importance As part of financial reporting, entities in the Republic of Kazakhstan shall decide on the way impairment of assets should be accounted for. Currently, Kazakh entities apply International Financial Reporting Standards since the Republic of Kazakhstan integrates into the global economy and WTO. Those processes are supposed to strengthen the Kazakh entities’ positions in the world markets. Objectives The research examines and analyzes the way the Kazakh entities account for impairment of assets under IFRS. Methods I rely upon methods for economic data collection and processes, such as comparison. The methodological underpinning is based on legislative and regulatory documents of the Republic of Kazakhstan, proceedings of the Kazakh and foreign experts in accounting and financial reporting. Results As I find out, it is important to remeasure assets since their value directly influences the assessment of depreciation and cost of products, defines the pricing policy, being used to determine the taxable base and some feasibility indicators. Conclusions and Relevance Considering organizational, methodological issues, it is necessary to implement the asset impairment procedure into the accounting process. The proposed measures will help improve the theoretical framework to enhance the quality of reporting data. The findings can be applied to elaborate issues of accounting for asset impairment in the Kazakh entities, which have difficulties and deficiencies and need considerable labor input or third-party assistance.
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