...

Turkmenistan to pass to int'l accounting and audit standards

Business Materials 15 July 2010 13:04 (UTC +04:00)

Turkmenistan, Ashgabat, July 15 / Trend H. Hasanov /

According to the decree of Turkmen President Gurbanguly Berdimuhammedov, Turkmenistan will fully pass to international accounting standards and auditing by 2014.

It is expected that the improvement of financial reporting of Turkmen enterprises, institutions and organizations will help to increase the inflow of foreign investments in the economy.

The Ministry of Finance reported that the transition to international financial reporting standards contributes to the transparency of the financial state of enterprises, institutions and organizations.

All organizations and enterprises, regardless of ownership, besides banking institutions, should implement a phased transition to a system of accounting and auditing, corresponding to the relevant principles of international standards from January 1, 2013 and pass to it entirely by January 1, 2014.

The institutions belonging to the banking system must pass to the Financial Statements in accordance with international standards by January 1, 2011. According to this requirement, audit of regulatory reports will be implemented.

It is planned to improve and develop relevant laws and regulations, staff training and retraining, improve their skills, broad introduction of international practices through collaboration with leading financial institutions to ensure the successful implementation of the program.

The establishment of an effective system of identification, measurement, recording, collecting, compiling of the information about the work of enterprises, as well as their delivery to internal and external users will be ensured while preparing legal acts.

A substantial change in the principles, including accounting and financial reporting, requires the development of more flexible plan of accounts, the formation of new bases of accounting and valuation of assets, capital, liabilities, revenues and expenditures of economic entities.

It is planned to make changes arising from updated accounting system, accounting registers and forms of primary financial documents. Changes and amendments will be made to the regulations related to taxes. Rates of depreciation charges on fixed assets and intangible assets are planned to be revised.

It is planned to determine the market price through the evaluation of assets, liabilities and equity.

Latest

Latest