Official Ashgabat discusses transfer to new standards of accounting

Business Materials 28 January 2012 13:41 (UTC +04:00)

Turkmenistan, Ashgabat, Jan.28 / Trend H.Hasanov /

At present Turkmenistan is implementing step-by-step transfer to national system of accounting and audit meeting principles of international standards, the official Turkmen source said on Saturday.

This issue was discussed at the governmental meeting during which report on work carried out within Program of reforming accounting and audit was presented.

President of Turkmenistan Gurbanguly Berdymuhamedov instructed relevant structures to prepare document concerning determination of permissible limits of used design volume of main funds for enterprises, organizations and bodies of the country, transferring to international and national standards of financial accountability.

In Turkmenistan all enterprises, organizations and bodies, regardless of form of property (except banks) will carry out step-by-step transfer to new system of accounting and audit. The process will start from Jan.1, 2013 and the complete transfer to this system is scheduled from Jan.1, 2014.

Banking establishment began transfer to international standards from Jan.1, 2011 they have to make up financial accountability as of 2011 in accordance with international standards and beginning from financial accountability for 2011, to ensure annual audits of annual financial accounts in accordance with international audit standards.

International Financial Reporting Standards (IFRS) - is a tool elaborated and improved in accordance with best methods of account used by developed countries to get information on results of activities of an enterprise, its financial condition and changes in its own capital for making management decisions, presenting all the necessary information to users.

Full complex of financial reporting, meeting the IFRS, consists of balance sheet (report on financial condition), profits and losses (report on financial results), reports on circulation of monetary funds, on changes of own capital as well as principles of account policy and explanatory note.