Procedure for write-off of fixed assets by the companies, organizations and organizations it is not dependent on patterns of ownership

Approved by the resolution of the President of Turkmenistan of March 17, 2010, No. 10996

1. This Procedure is developed according to the Law of Turkmenistan "About financial accounting" and establishes procedure for write-off of fixed assets by the companies, organizations and organizations (daleepredpriyatiya) is not dependent on patterns of ownership and regulates write-off of the fixed assets consisting on the balance sheet.

2. Buildings, constructions, machines, the equipment, vehicles and other property relating to fixed assets can be written off from balances of the companies in the following cases:

a) become useless owing to physical wear, accidents, natural disasters, violation of service conditions and for other reasons;

b) obsolete, that is not conforming to modern standards from the point of view of functional efficiency of their usefulness, caused by the level of development of scientific and technical progress;

c) with the repeated modernization connected with construction, expansion, reconstruction of the companies, workshops or other objects.

Museum values are not subject to write-off.

3. The ministries and departments, and also hyakimlik of welayats and Ashgabat charge off fixed assets from the balance sheet independently according to this Procedure.

4. The state companies can charge off from the balance sheets the fixed assets specified in Item 2, if they became useless owing to the expiration of depreciation service life, accidents or natural disasters, in the amount up to the 2500-fold basic size (further - basic size) established by the legislation of Turkmenistan for calculation of social and other payments, taxes, charges, duties and penalties. In other cases write-off of fixed assets from the balance sheet is performed from the formal permission of the relevant ministries, departments and organizations.

5. The companies charge off fixed assets from the balance sheet in below the listed cases:

1) consisting on the centralized budget;

a) up to the 500-fold basic size - independently;

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