LAW OF TURKMENISTAN

of December 20, 1996 No. 181-I

About financial accounting

This Law determines unified bases of the organization and conducting financial accounting, establishes requirements imposed to creation and submission of accounting records, regulates relations concerning financial accounting.

CHAPTER 1. GENERAL PROVISIONS

Article 1. Financial accounting

Financial accounting represents system of continuous, continuous and documentary reflection and information processing about financial and economic activities of state governing bodies, the local executive authority and local self-government, the companies, the organizations and organizations of all patterns of ownership (hereinafter referred to as the company (organization)).

Article 2. Legislation on financial accounting

The legislation on financial accounting consists of this Law and other regulatory legal acts of Turkmenistan.

If international treaties of Turkmenistan establish other rules than containing in the legislation on financial accounting, then rules of international treaties are applied.

Article 3. Coverage of this Law

Operation of this Law extends to all companies (organizations) which are in the territory of Turkmenistan including foreign, including their branches, representations and other structural divisions.

Citizens, including foreign, and the stateless persons performing business activity without formation of legal entity record the income and expenses according to the procedure, provided by the tax legislation of Turkmenistan.

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