Turkmenistan to switch to int’l accounting, financial reporting standards in 2019
By Trend
All enterprises, institutions and organizations (except for credit organizations), regardless of the form of ownership, will switch to the international accounting and financial reporting standards from January 1, 2019, according to Turkmen President Gurbanguly Berdimuhamedov’s decree.
According to the document, the country’s Ministry of Finance and Economy has been charged with the establishment of a coordinating commission.
The Ministry of Finance and Economy, together with the Ministry of Justice, have been charged with preparing proposals for making amendments and additions to the national legislation arising from this decree and sending them to the Cabinet of Ministers.
"These measures are aimed at carrying out accounting and financial reporting in accordance with international standards in connection with the integration of the domestic economy into the system of world economic relations," the Turkmen government said in a message.
Turkmenistan has embarked on a policy of gradual transition to market economy.
The goals were set for the establishment of market infrastructure in the country and other institutions: the commodity market, the stock market, the securities market, information, advisory and audit centers.
Turkmenistan has one of the key positions in the natural gas supply in the region. China and Iran are gas importers.
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