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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of February 14, 2000 No. 4572

About single accounting method of proceeds from sales of products (goods, works, services) of the companies, the organizations and organizations No. 111

For the purpose of streamlining of financial accounting, calculations with the Government budget of Turkmenistan, and also relations between the companies, the organizations, organizations and consumers of accounting information, including state bodies, I decide:

1. Establish since January 1, 2000 for all companies, the organizations and organizations, irrespective of patterns of ownership, single accounting method of proceeds from sales of products (goods, works, services) payment method.

2. Approve the enclosed Procedure for financial accounting of proceeds from sales of products (goods, works, services) by the companies, the organizations and organizations.

3. To the Ministry of Economics and finance of Turkmenistan to develop and enter since January 1, 2001 national accounting standards according to international standards.

To the companies, the organizations and organizations, irrespective of patterns of ownership to take measures for preparation and transition to national accounting standards.

4. In Regulations on financial accounting and the reporting in Turkmenistan approved by the resolution of the President of Turkmenistan of January 25, 1994 No. 1659:

a) paragraphs second and third Item 67 to recognize invalid;

b) add Item 67 with the paragraph of the following content:

"The proceeds from sales of products (goods, works, services) are determined by measure of its payment".

5. To impose control over the implementation of this resolution on the Ministry of Economics and finance of Turkmenistan.

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of February 14, 2000 No. 4572

Procedure for financial accounting of proceeds from sales of products (goods, works, services) companies, organizations and organizations

2. This procedure is developed for streamlining of financial accounting and calculations with the Government budget of Turkmenistan, and also relations between the companies and consumers of accounting information, including state bodies.

3. Production costs and sales of products (goods), performance of works, rendering services consist of costs for raw materials, materials, fuel, energy, the depreciation charges, compensation of workers and other expenses. The structure of costs of production is determined proceeding from used in products production process (goods, works, services) material, natural and manpower according to Regulations on structure of the costs included in product cost (works, services), the approved resolution of the President of March 1, 1994 in No. 1676.

4. In financial accounting production costs and sales of products (goods, works, services) are reflected in balance sheet accounts No. 20 "Main production", No. 23 "Auxiliary production", No. 25 "General production expenses", No. 43 "Business expenses", No. 44 "Distribution costs", No. 46 "Sales of products (works, services)" and other accounts of Sections 3 and 4 of the chart of accounts of financial accounting of financial and economic activities of the company.

5. For the purpose of reflection in financial accounting of production costs the following accounting entries are performed:


                       Account correspondence.

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