Accounting and audit reforms in Turkmenistan
Aug 05, 2010
According to a press release of the state news agency of Turkmenistan (THD) the President of Turkmenistan issued a Decree approving the programme for reforming the national accounting and audit system during a meeting of the Cabinet of Ministers of Turkmenistan, which was held on 9 July 2010.
The document was issued to facilitate implementing the 2011-2030 National Social and Economic Development Programme of Turkmenistan and bring the national accounting and audit system in compliance with international standards and requirements of market economy. According to the programme, national accounting and auditing standards will be developed in compliance with international standards (IFRSs, ISAs) as well as the specifics of the economic system of Turkmenistan.
In accordance with the Decree:
- all enterprises, institutions and organisations irrespective of the form of ownership (except for banks) from January 1, 2013 are to ensure phased transition and from 1 January 2014 full transition of the national accounting and audit system to international financial reporting standards (IFRS);
- from January 1, 2011 the banking institutions in the country are to ensure transition to international financial reporting standards (IFRS), prepare the financial reports for 2011 in compliance with international standards and ensure conducting financial statement audit on a yearly basis in compliance with international standards starting from the financial reports prepared for 2011.
The measures to be taken to implement the accounting and audit reform programme include updating and developing the relevant regulatory framework, training and advanced training specialists and introducing best international practice through cooperation with leading financial institutions of the world.
- Press Release of the state news agency of Turkmenistan
- Our new Turkmenistan jurisdiction page
- Our table summarising the use of IFRSs by jurisdiction