LAW OF TURKMENISTAN

of November 27, 2010 No. 155-IV

About financial accounting and the financial reporting

This Law determines basis of system of financial accounting and the financial reporting in Turkmenistan, establishes general rules of conducting financial accounting, creation and accounts presentation according to international standards.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) bookkeeping registers - forms for systematization, generalization and accumulating of information containing in source accounting documents accepted to accounting for its reflection in system of financial accounting and the financial reporting;

2) accounting standards - the standards establishing the principles and methods of conducting financial accounting, creation and accounts presentation in Turkmenistan developed according to the legislation of Turkmenistan;

3) the accounting period - the period for which the financial reporting is constituted;

4) source accounting documents - documentary evidences of the fact of economic activity of the economic actor both on paper, and on the electronic medium based on which financial accounting is kept;

5) consolidated financial statements - the financial reporting of group of economic actors provided as the financial reporting of the single economic actor;

6) the financial reporting - information on financial position of the economic actor on reporting date, financial result of its activities, changes in financial position and cash flow for the accounting period;

7) national accounting standards - the standards establishing the basic principles and general rules of conducting financial accounting, creation and accounts presentation in Turkmenistan developed according to international accounting standards and approved by the Ministry of Finance and Economy of Turkmenistan.

National accounting standards consider features of conducting financial accounting, creation and accounts presentation in Turkmenistan;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info