Global Compliance

and Reporting
Services
 Global Compliance
and Reporting
Services
Accounting and financial systems and
controls are at the heart of effective
business and stakeholder management.
We can help you get it right
Accounting Compliance and Reporting is a truly
integrated service that provides the outsourcing
answer to our clients’ compliance and reporting
challenges around the world. Our services are
designed to help national and multinational
companies achieve greater visibility and control
across the Tax and Finance functions.
Having efficient and accurate accounting and
financial processes in place is critical to providing a
complete and accurate view of your business at any
one time. From time to time, enhancements may
be necessary to increase the efficiency, accuracy
or timeliness of management information, and
deficiencies or weaknesses in reporting systems
may occasionally need to be addressed.
Our team works with clients to assess their needs
and help them enhance their accounting and
financial reporting processes as well as their key
performance indicators.
Global Compliance and Reporting services include:
• Accounting and Bookkeeping services
• Statutory Reporting Preparation services
• Financial Statements Close Process (FSCP)
Accounting and
Bookkeeping Services
Accounting and Bookkeeping services are
valued by both large and mid-sized companies.
The operational support we provide facilitates
­year-end closing and ensures the quality of
information for audit purposes as well as the
quality of tax data for business, employment
or corporate tax disclosures.
Accounting and Bookkeeping services help
our clients
• build a strong data foundation for a more
efficient compliance and reporting process
• navigate local reporting during finance
transformations as they transition to Shared
Service Centers
The objective of this service is to maintain
accounting records for an entity in the local
or group financial reporting framework, e.g. IFRS
or others. This includes recording purchases, sales,
employees, taxes, depreciation, amortization,
accruals, reserves and sundry transactions
journal entries in the general ledger maintained
for the entity.
The service also includes cost center or segment
accounting records (a divisional or separate part of
the general ledger) as well as accounts payable and
receivable sub-ledgers and fixed assets.
We also reconcile purchase orders approved by
an entity and match them with supplier invoices
as well as reconciling accounts receivable and
accounts payable sub-ledgers or intercompany
accounts, including defining the reconciliation
process and sending an inter-company accounts
reconciliation request on a timely basis. EY
communicates any mismatch to the entity.
In addition, we may perform bookkeeping for the
following purposes:
• Assistance with the accounting setup phase
of a (new) business and daily operations,
including the incorporation process, support for
accounting software implementation/migration,
chart of accounts definition, finance/accounting
processes design and implementation,
accounting control systems design and
implementation, and training
• Accounting remediation, account reconciliations,
administrative accounting support or
participation in an accounting project for an
entity’s finance/accounting department on a
temporary basis (for example, because the entity
lacks resources or expertise)
• Restoration of local accounting books in
accordance with the requirements of local
accounting legislation
• Preparation of accounting, tax and management
reporting based on accounting books maintained
by EY as well as on data provided by clients
Permanent and one-off consulting services on
accounting, tax and management accounting.
EY’s Strength:
Project concept
Practical Approach
EY specialists will provide your company with
continuous access to new knowledge and
solutions as well as our unique experience Company function
in solving similar problems. We will minimize
the risk of expenses due to accounting errors, Decision
make the company’s use of internal resources making
more effective and optimize the structure of
Work in tandem Decision
your financial divisions. optimization

EY function Accounting and reporting

Cooperation with tax and other
administrative bodies

Accounting and Financial Reporting Benefits

Services are simple for your company

1 An agreement is concluded. • An opportunity to focus attention

2 The procedure for circulating and storing
documents is agreed with the client.
3 Employees that you have authorized
regularly provide our specialists with
current primary documentation required
for processing.
4 Based on the information received, our
specialists maintain all of the company’s
accounting records (transaction
statements, business transaction ledger,
payroll sheet, cash ledger), generate tax
ledgers, calculate taxes and prepare and
submit your reporting.
on the company’s core activities and
make them more effective
• More effective utilization of financial
information
• Assurance that services are in full and strict
compliance with rapidly changing legislation
• Minimization of risks related to mistakes
and misstatements of information
in financial books
• Analysis and optimization of the accounting
process and document flow
• Preparation of financial statements
in accordance with RAS, IFRS and
management reports
• Professional, highly skilled employees
Statutory Reporting Preparation
Services
Statutory Reporting and Financial Statement
Close Process (FSCP) services are valued as an
outsourcing option by both large and mid-sized
companies. The support we provide facilitates the
financial statement year-end close and financial
statement compilation. We also assist our clients
by continuously improving the finance function,
providing insight and analysis to support business
decisions, and helping to eliminate the uncertainty
around growing statutory fees around the world.
The objective of the Statutory Reporting
service is to assist with the preparation of
statutory financial statements or other financial
information which may comprise a complete
set of financial statements or, as required, less
comprehensive financial information based on
local requirements (for example, a balance sheet
and income statement with notes, but excluding
other statements that make up a complete set of
financial statements).
Our Statutory Reporting service also includes
assisting with the preparation of a group reporting
package in accordance with the local financial
reporting framework. This service is always based
on the availability of a final trial balance from the
client. If the client needs assistance in creating a
final trial balance, EY may provide this service as
well, but in that case it will be regarded as support
for the FSCP.
When required by an entity, Statutory Reporting
may include the preparation of a group reporting
package in accordance with the local financial
reporting framework or IFRS.
The service also includes the preparation of
supporting information (as requested, for example,
by external or internal auditors) and, as authorized
by management, liaising with external auditors on
the year-end statutory audit.

Work process

1 Information Request for information required for the preparation of

request Statutory reporting
• Analysis of information provided by the company
• Communication with the company’s representatives to clarify
issues identified (one conference call or meeting)

2 Preparation of Identification of accounting principles that are:

adjustments and
re-classification
(if any)
• identical to IFRS
• require regrouping or additional accounting transactions
• differ completely from IFRS with respect to recognition
and evaluation principles
Recording of initial data with IFRS adjustments (if any) in the
transformation table

3 Preparation of Preparation/compilation of the annual Statutory Financial

Financial Statements reporting package (Statement of Financial Position, Statement
of Comprehensive Income, Statement of Changes in Equity,
Cash Flow Statement, Notes to the Financial Statements) in
accordance with IFRS and sending it to the Company for approval

Provision of Provision of Statutory Reporting to Company management

4
Statutory Reporting for review; approval, signing and submission along with
to the Company the CIT return
Financial Statements Close Process
(FSCP) Services
In today’s environment, having an effective and
efficient financial close process is critical for
managing your stakeholders and your business.
We can work with you to develop and implement
the most appropriate option.
Shareholders’ and regulators’ expectations have
placed increasing pressure on companies to
provide clear and accurate accounting information
on a timely basis. This information is critical to
management and their ability to make informed
decisions quickly.
At the same time, businesses have become more
complex, and accounting functions are being
challenged to keep up with ongoing changes in the
market – particularly accounting changes – while
meeting management’s reporting needs.
A fast and accurate close process is thus key,
enabling more informed decisions to be made
with regard to your strategy and operational
processes, and this means fewer risks and
lower costs.
Our approach: identify, diagnose,
design and deliver.
We take a phased approach to improving
your financial close, starting with a review of
your current processes to identify areas for
improvement by means of in-depth interviews
across your finance function. Using the results,
we are able to diagnose options for process and
system enhancement and help design solutions
that are right for your business. In the delivery
phase, we work with you to implement the
proposed solutions and deliver a more effective
and efficient financial close.
Advantages for your company
The goal of fast closing is to optimize (accelerate) and improve the quality
of preparation of financial statements and data for external auditors.
Consolidation and
enhancement of company
status from the point of
view of financial stability
Increased
operating
efficiency
A higher level of
corporate management
and a correspondingly
enhanced company image
for the community of investors
This service includes:
• Assisting with closing Group/Local accounting
records and producing a trial balance from which
the financial statements, and, if applicable, the
group reporting package are prepared.
• Reconciling account balances to the underlying
records and identifying adjusting entries required
to prepare statutory financial statements or other
financial information. This may involve identifying
cut-off entries; inventory valuation adjustments;
closing and consolidation entries, such as
calculating and recording taxes; depreciation
or amortization; identifying accruals; updating
reserves; and identifying sundry transactions and
journal entries in the general ledger.
• Reconciling the final local statutory financial
statements or other local financial information
with the information provided in the group
reporting package and identifying any
adjustments required in the entity’s accounting
records to “true up” the information.
• Data gathering for tax accounting and tax
compliance work.
• If the accounting records are maintained using
the group’s financial reporting framework and
not the local financial reporting framework,
reconciling the group’s financial reporting
framework with the local financial reporting
framework. This may require the assistance of EY
professionals familiar with the group’s financial
reporting framework, particularly when this is
IFRS or US GAAP.
• Preparation of the tax provision for the statutory
financial statements.
• This service may include the preparation of other
financial information for other periodic reporting
requirements (for example, interim financial
information, customer and supplier aging, cash
flow reporting, budgeting and forecasting).
The possibility of
preparing not only annual,
but also quarterly financial
statements (accelerated
transformation of financial
statements)
A reliable basis for
timely management
decisions
EY  |  Assurance | Tax | Transactions | Advisory

About EY
EY is a global leader in assurance, tax, transaction and
advisory services. The insights and quality services we
deliver help build trust and confidence in the capital
markets and in economies the world over. We develop
outstanding leaders who team to deliver on our promises
to all of our stakeholders. In so doing, we play a critical
role in building a better working world for our people, for
our clients and for our communities. 
EY works together with companies across the CIS
and assists them in realizing their business goals.
4,500 professionals work at 20 CIS offices (in Moscow,
St. Petersburg, Novosibirsk, Ekaterinburg, Kazan,
Krasnodar, Rostov-on-Don, Togliatti, Vladivostok,
Yuzhno-Sakhalinsk, Almaty, Astana, Atyrau, Bishkek,
Baku, Kyiv, Tashkent, Tbilisi, Yerevan, and Minsk).
EY refers to the global organization, and may refer to
one or more, of the member firms of Ernst & Young
Global Limited, each of which is a separate legal entity.
Ernst & Young Global Limited, a UK company limited by
guarantee, does not provide services to clients. For more
information about our organization, please visit ey.com.

© 2016 Ernst & Young Kazakhstan LLP.

All Rights Reserved.

The information contained in this publication is for general

guidance only. You should neither act, nor refrain from acting,
on the basis of such information. The application of laws and
regulations will vary depending on particular circumstances and
may also undergo frequent change. You should take appropriate
professional advice relating to your particular circumstances
and the current status of the laws and regulations. EY disclaims
all responsibility, including negligence, for all consequences of
any person acting on, or refraining from acting in reliance on,
information contained in this publication.

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Contact information

Amangeldy Mussayev
Partner
Global Compliance and Reporting
Теl.: +7 727 258 5960
amangeldy.mussayev@kz.ey.com

Botagoz Bassanova
Senior Manager
Global Compliance and Reporting
Теl.: +7 727 258 5960
botagoz.bassanova@kz.ey.com