Turkmenistan adopts int'l standard law on accounting and financial reporting
Turkmenistan, Ashgabat, Nov.29 / Trend H. Hasanov /
The Turkmen parliament adopted a law on accounting and financial reporting that meets international standards.
Its main tasks are regulation and the phased introduction of the national accounting and auditing system in line with market economy requirements and international standards.
Turkmen President Gurbanguly Berdimuhammadov signed a decree in June according to which the country will move to international accounting and auditing standards by 2014. Agencies such as the banking system are required from Jan. 1, 2011 to prepare financial reporting in accordance with international standards.
Improved financial reporting among enterprises, institutions and organizations will help increase foreign investment into the economy. In addition, it will increase transparency.
All organizations and enterprises, regardless of ownership, except banking institutions, are instructed to implement a phased transition to the system from Jan. 1, 2013, and to fully transfer to the new system from Jan. 1, 2014.