Approved by the resolution of the President of Turkmenistan of January 25, 1994 No. 1659

Regulations on financial accounting and the reporting in Turkmenistan

This Provision establishes unified methodological bases of financial accounting and the reporting for the companies, associations, the organizations, and also the companies and the organizations of consumer cooperation, kolkhozes, sovkhozes and other agricultural enterprises and the organizations located in the territory of Turkmenistan irrespective of patterns of ownership * and for organizations and the organizations which main activities are financed by means of the Government budget of Turkmenistan **.

Commercial banks will organize financial accounting and the reporting according to regulating documents and recommendations of the Central bank of Turkmenistan and the Ministry of Economics and finance of Turkmenistan.

The provision determines procedure for the organization and conducting financial accounting, creation and submission of accounting records, and also relation by these questions of the companies and organizations with internal and external consumers of accounting information, including state bodies.

I. General provisions

1. The companies and organizations shall keep financial accounting of the property, financial liabilities and economic activities on the basis of natural measuring instruments in terms of money by the continuous, continuous, documentary and interconnected their reflection.

2. The main tasks of financial accounting are:

forming of complete and reliable information about economic processes and results of the activities of the companies and organizations necessary for operational management and management, and also for its use by investors, suppliers, buyers, creditors, tax, financial, bank, statistical authorities and other interested organizations and persons;

ensuring control of availability and movement of property, use of material, labor and financial resources according to the approved regulations, standard rates and estimates;

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