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Current status of accounting and audit reforms in Turkmenistan

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17 Feb 2012

In July, 2010, the President of Turkmenistan issued a Decree approving the National Accounting and Audit Reform Program (NAARP). The Program aims to bring the national accounting and audit system in compliance with international standards and requirements of a market economy.

According to NAARP, new national accounting standards harmonized with international financial reporting standards (IFRS) will be introduced into pilot sectors of the economy beginning on 1 January 2013, with full transition for the rest of the economy as of 1 January 2014. The banking sector was required to fully transition to IFRS by 2011.

The measures underway to implement the National Accounting and Audit Reform Program include updating and developing the relevant regulatory framework; developing national accounting and financial reporting standards for both the private and public sectors; training specialists and professional accountants; and introducing best international practice through cooperation with leading financial institutions of the world. Based on an agreement formalized between the Turkmen Finance of Ministry and the IFRS Foundation in 2011, IFRS is currently being translated into the Turkmen language in order to facilitate its implementation in the country.

Following the approval of NAARP, a new Turkmenistan Accounting Law was adopted in 2010, while the country’s new Audit Law is currently under development.

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