One of the main tasks and objectives as established by the conception of development of the financial sector of the Republic of Kazakhstan for 2007-2011 is “increase in the level of automatization and computerization of business accounting and financial reporting presentation according to the International Accounting and Financial Reporting Standards, of the systems of control and monitoring of adequacy and accuracy of financial statements and reporting, and exclusion of any “human factor”.

In order to solve the above task and to achieve the above objective, from December, 2007“GNPF” Accumulation Pension Fund” JSC has been executing the project on implementation of the Integrated Computer-Based Information System (ICBIS) at its first stage. The project was developed on the basis of the world-known vendor’s products which, being parametrizable, would make it possible to further readjust, if necessary, the Fund’s business-processes for and subject to any changes in the regulatory requirements and the pension legislation.

Within the framework of the project the sub-systems responsible for:

- computer-assisted investment activities and operations including both the managerial and business accounting, appraisal of the investment portfolio by financial instruments and portfolio categories;

- the complex of tasks connected with accounting of own funds/ equity and pension assets;

- strategic planning and budgeting,

have been modernized.

As a result of implementation of the Integrated Computer-Based Information System (ICBIS) the Fund has the system satisfying the requirements of International Accounting and Financial Reporting Standards and created with use of the International Best Practices.

Due to the implementation of the Integrated Computer-Based Information System (ICBIS), the GNPF is now the only Pension Fund in Kazakhstan, which is capable to maintain accounting and to make appraisal of the Fund’s pension assets within the framework of the investment strategies of pension assets management, which are expected to be adopted in 2012. So, the GNPF already now in advance of more than three years has prepared the technical basis for introduction of multi-portfolios.

The new system will minimize any operational risks and will exclude any duplicated information input due to the automated creation of all the accounting transactions.

The Integrated Computer-Based Information System consolidates within itself the data which will further be used for the managerial, business, financial, statistical and tax accounting and for calculation of the established prudential ratios.

The Integrated Computer-Based Information System will ensure compliance with the requirements for the information systems as established and provided for by the regulatory legal acts, including with respect to efficiency and transparency of accounting, thanks to the possibility to review the whole history, including the source and primary documents considered as the grounds for making the accounting entries and transactions as well as all and any further changes and adjustments. This in its turn will make it possible to refer to the source and primary information about the depositor’s individual pension accounts, to confirm all the inflow and outflow both with respect to the amounts in KZT and the quantity of the conventional pension units.

The Fund has now the capability to provide, using the all the subsystems, both the strategic and current performance planning, and the implemented functionality allows the Fund to improve the quality of the managerial decisions due to availability of the actual data in the required forms.