It was noted that the law is aimed at improving the legal regulation of accounting system in accordance with international principles and standards, increasing transparency of accounting, as well as the responsibility of managers of business entities, their accounting services through the clear delineation of their rights and obligations.

The law clarifies some old norms and shortages in current legislation. Some norms were harmonized with national exhibition and international standards of accounting.

It sets requirements to heads of account services, their qualification, work on accounting and financial reporting, etc.

It also sets that small and microfirms submit only annual financial report, which consists of balance sheet and financial results report.