USAID offers Turkmenistan international financial reporting assistance

Business Materials 13 August 2013 14:14 (UTC +04:00)

Turkmenistan, Ashgabat, August 13 /Trend H. Hasanov /

A seminar on International Financial Reporting Standards for employees in the oil and gas sector was organised in Ashgabat under the sponsorship of the United States Agency for International Development (USAID) and ExxonMobil, a report by the US embassy in Turkmenistan said.

According to the report the seminar is dedicated to the International Financial Reporting Standards.

"Over the next month, 20 accountants and financial experts from Turkmenistan's oil and gas sector will learn about the International Financial Reporting Standards used in the international oil and gas industry and become better prepared for the transition to National Financial Reporting Standards," the report said.

Turkmenistan is at a transitional stage of its development. An article on the transition to a market economy was included in the updated Constitution of Turkmenistan for the first time in recent years.

This Caspian country is rich in natural gas. The export volumes of cotton and corn are harvested here, but at this stage the diversification of the economy is actively carried out and especially in the textile industry and oil and gas processing industries have also moved forward in this sphere.

Turkmenistan has already carried out several reforms in monetary policy such as the denomination of national currency and unification of exchange rates. It is also planned to move to international accounting standards.