The transitional period for the implementation of the KAZRC Code, which was determined by the Code "On Subsoil and Subsoil Use", ends on December 31, 2023. As of the end of 2022, the Geology Committee adopted 80 reports prepared in accordance with the KAZRC Code. In order to improve the quality of reports of PONEN Competent Persons, in 2022, a review of all reports was introduced, which is carried out by the Commission of the PONEN Executive Committee for the preparation of KAZRC reports with the involvement of experienced Competent Persons. In order to improve the skills of PONEN members, last year the PONEN Executive Committee significantly intensified work on conducting training seminars, thanks to the active participation in the organization of this work of the profile department of KazNITU named after K.I. Satpaev. With the end of the transition period approaching, at various meetings in professional associations and the Committee of Geology, discussions are becoming more and more acute regarding the extension of the transition period, as well as changes in the taxation regime due to a change in the reporting standard. The risks that may arise as a result of a complete transition to international reporting standards for solid minerals are discussed in detail. In many cases, the colors are deliberately "exaggerated" around the KAZRC code, including on issues that are simply related to a misunderstanding of some participants in the discussions about the essence of the CRIRSCO standards. The KAZRC Association and PONEN offer extremely mild conditions for a complete transition, when, after the completion of the transition period, production facilities for which there is no need to reassess the resource potential can remain in the GKZ standard until they are fully developed. As part of the final year of the transition period, a Memorandum was developed to address a wide range of remaining issues and a working group is being formed to develop the necessary amendments to the Code "On Subsoil and Subsoil Use". According to the deep conviction of numerous professionals, without a complete transition to the CRIRSCO standard, and the preservation of the archaic concepts of the State Reserves Committee, it is impossible to expect a significant increase in investment activity in exploration.