Improving the quality of regulatory support for accounting and financial reporting based on analysis and expert review

Abstract

Improving the quality of accounting data and financial reporting enables managers and responsible officials to make sound managerial decisions. The purpose of this study is to examine regulatory legal acts in the field of accounting and financial reporting in Kazakhstan, identify legislative contradictions and shortcomings, and develop recommendations for their elimination. Accounting and financial reporting represent a crucial stage of the budget process, during which the financial position of an institution is determined, cash balances, revenues and expenses are recorded, inventories and reconciliations of inventories are conducted, accounts receivable and payable are analyzed, and the financial result is formed.

To achieve the research objectives, a method of analyzing regulatory legal acts in the field of accounting and financial reporting was applied, along with expert interviews with 12 specialists who have more than 15 years of professional experience in this area, focusing on issues previously identified during the review of regulatory documents. As of January 1, 2024, there are 18,619 public institutions operating in Kazakhstan. Therefore, the research topic covers a wide range of participants in the budget process.

The study identified 13 legal gaps in four regulatory documents and proposed recommendations aimed at improving the quality of accounting and financial reporting to ensure effective management of the budget process. The findings may be used for further improvement of accounting and financial reporting practices and for strengthening financial discipline in the public sector.