All enterprises, institutions and organizations in Turkmenistan, regardless of the form of ownership, have moved to accounting based on international financial reporting standards from January 2014, Turkmen Ministry of Finance said on Jan.3.

The country's credit institutions started this process in 2011. A phased transition of enterprises, institutions and organizations was carried out during 2013 and by early 2014.

To this end, the ministry has developed regulations, courses for specialists were organized and corresponding training centers have been created. The Constitution of Turkmenistan renewed in recent years, includes an article on a phased transition to the market economy.

Turkmenistan is rich in natural gas. The harvest of export volumes of cotton and grains, as well as diversification of the economy is being carried out in this country. The textile industry and oil and gas processing industries have significantly developed there.

Turkmenistan plans to privatise technologically obsolete small and medium enterprises by selling them at auctions by 2015. The country also plans to use mechanisms for trust management, corporatisation and management of large enterprises' corporate properties.

Attraction of foreign investments, creation and development of joint ventures are other aspects of the institutional transformation.

The second phase of this process covering 2016-2020 includes the creation of corporate companies in the areas of construction, building materials industry and others. The third phase from 2021 to 2030 will be characterized by deepening the adaptation of new enterprises to market conditions, and intensive development of domestic and foreign markets.