RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of August 14, 1997 No. 3298

About enhancement of accounting of loans and investments in foreign currency

For the purpose of real and reliable reflection in the accounting and statistical recording and the reporting of the companies, organizations and organizations of transactions and debts on contracts and foreign currency loans I decide:

1. Determine that financial obyazatelstva.predpriyatiya, organizations and the organizations, irrespective of their forms of business, under contracts and foreign currency loans are subject to obligatory reflection in the accounting and statistical recording and the reporting.

2. Approve the Accounting treatment for foreign loans and investments in balance of the companies, organizations and the organizations it (is applied).

3. To the ministries, departments, the companies, organizations and the organizations to make revaluation as of July 1, 1997 of financial liabilities in foreign currency, the main and current assets, capital investments at the expense of foreign loans and investments at currency rate of the Central bank of Turkmenistan for the specified date according to the procedure established by the Ministry of Economics and finance of Turkmenistan.

4. The main state tax authorities of Turkmenistan, the State committee of Turkmenistan according to the statistics and to banks of Turkmenistan to establish control of timely and complete reflection in accounting and statistical records of the companies, organizations and organizations of financial liabilities in foreign currency.

5. To the state committee of Turkmenistan according to the statistics together with the Central bank of Turkmenistan, the ministries and departments to bring forms and indicators of the state statistical reporting into accord with this resolution in a month.

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