Turkmenistan, Ashgabat, Aug. 18 / Trend H.Hasanov /
The Turkmen Finance Ministry develops draft law "On accounting and financial reporting". A special working group was created under the Coordination Commission to develop a document.
Finance Minister Annamuhamed Gochiyev reported about this at the latest governmental meeting, an official Turkmen source reported. Gochiyev reported on the implementation of the reform program of accounting and auditing, and work to bring them into conformity with the requirements of market economy and international standards.
Turkmenistan included an article about the transition to a market economy to the Constitution in autumn 2009. The state carried out a unification of exchange rates and denomination of national currency.
Referring to the minister, President Gurbangulu Berdimuhammedov drew attention to "the need to further enhance the activities of the ministry to review the financial position of the line ministries and departments and enhance their financial and reporting discipline and improvement of methods of compiling the relevant documentation, as well as hold thorough audit to identify financially unprofitable enterprises.
Observers believe the introduction of International Financial Reporting Standards (IFRS) will help attract more foreign investment and sustainable capital market.
The U.S. Agency for International Development (USAID) provides active assistance in the transition to international accounting.
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