Asia > Central Asia > Turkmenistan > Turkmenistan adopts int'l standard law on accounting and financial reporting

Turkmenistan: Turkmenistan adopts int'l standard law on accounting and financial reporting

2010/11/30

The Turkmen parliament adopted a law on accounting and financial reporting that meets international standards. Its major tasks are regulation and the phased introduction of the national accounting and auditing system in line with market economy requirements and international standards.

Turkmen President Gurbanguly Berdimuhammadov signed a decree in June according to which the country will move to international accounting and auditing standards by 2014. Agencies such as the banking system are required from Jan. 1, 2011 to prepare financial reporting in accordance with international standards. Improved financial reporting part enterprises, institutions and organizations will help increase foreign investment into the economy. In addition, it will increase transparency. Amount organizations and enterprises, regardless of ownership, except banking institutions, are instructed to implement a phased transition to the system from Jan. 1, 2013, and to fully transfer to the new system from Jan. 1, 2014.

Related Articles

Turkmenistan seeks to raise investments in textile industry
2016/05/28 Turkmenistan aims to further raise foreign investments and introduce new technologies, create the majority favorable conditions for investors in its textile industry, the 'Neutral Turkmenistan' newspaper reported May 25. The newspaper said that over the years of independence, cotton fiber processing increased from 3 % to 51 % in the country.
Turkmenistan concerned over Caspian Sea ecological state
2016/05/28 Turkmen President Gurbanguly Berdimuhammedov, during his visit to Avaza tourist zone located in the east side of the Caspian Sea, mentioned that the environmental conditions of the Caspian Sea and protection of its biodiversity should be kept under the constant control. Being one of the fastest growing geopolitical and economic centers of Eurasia, the Caspian Sea is threatened by extreme levels of pollution, inclunding fluctuating water levels. Turkmenistan is concerned over the ecological national of the Caspian Sea, and the government is continuously taking measures to solve a range of issues in this regard.
Global growth will be disappointing in 2016: IMF's Lagarde
2016/01/02 World economic increase will be disappointing next year and the outlook for the medium-term has as well deteriorated, the chief of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide. Added to that, increase in world trade has slowed considerably and a decline in raw material prices is posing problems for economies based on these, while the financial sector in a lot of nations still has weaknesses and financial risks are rising in emerging markets, she said.
Energy-rich Turkmenistan intends to launch the third stage of development of the giant Galkynysh gas field
2015/11/28 Energy-rich Turkmenistan intends to launch the third stage of development of the giant Galkynysh gas field and bring the field's production capacity to 95 billion cubic meters of gas in the near next. This was announced by Ashyrguly Begliyev, the Chairman of the Turkmengaz National Concern, at a recent Oil and Gas of Turkmenistan conference in capital Ashgabat. He said that one of the major oil and gas projects in Turkmenistan is the industrial development of the Galkynysh field, which is known as the second major in the world. This field will serve as a major source of natural gas for next export pipelines.
The annual exhibition-fair of cotton products of Turkmenistan
2015/11/22 The annual exhibition- equitable of cotton products of Turkmenistan will be held November 28-29 this year, said the message of the organizers of the event - the Turkmenpagta National Concern (Turkmen cotton), the National Commodity Exchange and the Chamber of Commerce of Turkmenistan. International conference“Cotton production in Turkmenistan and the world market” will be held within the framework of the event. The Turkmen capital will as well host negotiations between the local cotton and textile producers and foreign consumer partners. Representatives of nearly thirty nations, inclunding the UK, Switzerland, Russia, Turkey, China, Germany, USA, Singapore and others took part in the last year's equitable.