Turkmenistan Prepares to Switch to International Accounting and Financial Reporting Standards

President Gurbanguly Berdimuhamedov signed a Resolution prescribing all enterprises, institutions and organizations (with the exception of credit institutions), regardless of the type of ownership, to switch to International Accounting and Financial Reporting Standards as from 1 January 2019.

According to the document, the Ministry of Finance and Economy has been charged with establishing the coordination commission for switching to International Accounting and Financial Reporting Standards, and also with drafting the Regulation on the said commission.

The Resolution also approves the steps for switching to International Accounting and Financial Reporting Standards.

The Ministry of Finance and Economy has been obliged to collaborate with the Ministry of Justice to draft and present to the Cabinet of Ministers of Turkmenistan, within one month, the proposals on amending and supplementing the national legislation with regard to the said Resolution.

These measures are aimed at synchronizing national accounting and financial reporting with international standards due to the integration of our economy into the global economic system.