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Turkmenistan to Establish National System of Accounting and Auditing
Source: turkmenistan.ru
Source Date: Monday, July 12, 2010
Focus: Electronic and Mobile Government
Country: Turkmenistan
Created: Jul 18, 2010

President Gurbanguly Berdimuhamedov signed a decree approving the program of reform of accounting and auditing system in Turkmenistan. The document approves the composition of the coordination committee, the regulations of this commission and plan of action to implement the above program.

As the Turkmenistan.ru correspondent reports from Ashgabat, starting from 1 January 2013 all enterprises, institutions and organizations irrespective of their ownership (except for banks) are required to implement a phased transition, and starting from 1 January 2014 a full transition to the national system of accounting and auditing in accordance with international standards of financial accounts and audit.

Banking institutions of Turkmenistan are required, beginning with 1 January 2011, to make the transition to international standards of financial accounts, make financial calculations on the basis of the year 2011 in accordance with international standards, and to ensure the conduct of annual audits beginning with the financial accounts drawn up in 2011 in accordance with international standards.
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