Foreign companies to hold revaluation of fixed assets in Turkmenistan

Business Materials 27 December 2012 15:14 (UTC +04:00)

Turkmenistan, Ashgabat, Dec. 27 / Trend H. Hasanov /

All institutions, enterprises and organisations in Turkmenistan, including foreign companies regardless of ownership, are ordered to hold a reassessment of their value of fixed assets (funds) that are on account as of December 31, 2012, an official Turkmen source said.

The reports on the results should be presented in the new annual financial statement of this year. The corresponding decree was signed by President Gurbanguly Berdimuhamedov.

As it was noted in the document, this is done "in order to bring the accounting value of assets (funds) of enterprises, companies and organisations regardless of ownership in line with current prices, as well as to create the necessary conditions for consistent recovery of these funds."

The document approved limiting volumes of indicators (indexes) of these fixed assets revaluation.

Ministries, sectorial agencies, provincial executive powers (regional administration) and the city of Ashgabat are ordered to hold revaluation in accordance with the established procedure.

According to the decision, the surplus of fixed assets taken on the account during revaluation on the basis of year totals has to be sent to special purpose funds (savings fund) and the cost of operating deductions calculated starting 2012 by their excessive volume, must be sent to the accounts of these funds.

The document also instructs the Turkmen Ministry of Finance to develop and adopt the procedure on revaluation of fixed assets (funds) of enterprises, companies and organisations, regardless of ownership, according to the prescribed procedure.

According to the official data, about 2,000 major facilities worth nearly $35 billion are currently being constructed in Turkmenistan and large factories and plants are built with the participation of foreign partners.