Kazakhtelecom Adopts IFRS

Wednesday, June 6, 2012 Print Email

Kazakhtelecom is the fastest growing telecom industry of the world. The performance of the company since last couple of years is very fruitful. In the year 2012, Kazakhtelecom has generated a a record revenue, Facts and figures disclose that the total revenue of the company in first three months (i.e. from January to March) grew by three percent to 42.6 billion tenge. Gross profit of the company as reported in its financial statements was increase by one percent which jumps to 17.3 billion tenge. All these figures are accepted worldwide because these figures are produced according to International Standards. IASB has declared that the financial statements prepared by Kazakhtelecom are in full compliance with International Financial Reporting Standards.

Kazakhtelecom is one of the top communication providers of Kazakhstan. According to an estimate this particular company increases its net profit to almost 13- folds in just first three month of the current year. This news is disclosed by well renowned Interfax-Kazakhstan news agency of the country. The assets of Kazakhtelecom increases by forty eight percent which in terms of figures jumps up to 621.8 million tenge. In the first three months of the operation, profit before tax of the company decline by fifteen percent. Share holder’s equity of the company jumps up to 493.2 billion tenge which is 1.7 times more than the preceding year.

On the start of this year, Kazakhtelecom was organizing a deal to sell its stake. When the deal was closed, forty nine percent of its stakes in GSM Kazakhstan OJSC was organized. Kazakhtelecom is a leading communication and telecom provider and they were awarded first price for compliance with International Financial Reporting Standards. International Financial Reporting Standards are strictly followed for the preparation of financial statements. It has been the landmark of Kazakhtelecom. This company is at the top of the list of International Accounting Standards Board.

IASB is restructuring International Standards which fulfill the current need of the market structure. Kazakhtelecom is a leading model for the rest of the world. In a recent report published by IASB, Kazakhtelecom is declared best and a fair interpreter of International Financial Reporting Standards.  

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