RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of August 14, 1997 No. 3298

About enhancement of accounting of loans and investments in foreign currency

For the purpose of real and reliable reflection in the accounting and statistical recording and the reporting of the companies, organizations and organizations of transactions and debts on contracts and foreign currency loans I decide:

1. Determine that financial obyazatelstva.predpriyatiya, organizations and the organizations, irrespective of their forms of business, under contracts and foreign currency loans are subject to obligatory reflection in the accounting and statistical recording and the reporting.

2. Approve the Accounting treatment for foreign loans and investments in balance of the companies, organizations and the organizations it (is applied).

3. To the ministries, departments, the companies, organizations and the organizations to make revaluation as of July 1, 1997 of financial liabilities in foreign currency, the main and current assets, capital investments at the expense of foreign loans and investments at the rate of currencies of the Central bank of Turkmenistan for the specified date according to the procedure established by the Ministry of Economics and finance of Turkmenistan.

4. The main state tax authorities of Turkmenistan, the State committee of Turkmenistan according to the statistics and to banks of Turkmenistan to establish control of timely and complete reflection in accounting and statistical records of the companies, organizations and organizations of financial liabilities in foreign currency.

5. To the state committee of Turkmenistan according to the statistics together with the Central bank of Turkmenistan, the ministries and departments to bring forms and indicators of the state statistical reporting into accord with this resolution in a month.

6. To the state committee of Turkmenistan according to the statistics and to the Ministry of Justice of Turkmenistan together with the Main state tax authorities of Turkmenistan and the Ministry of Economics and finance of Turkmenistan to make offers on strengthening of measures of material, administrative and criminal liability for violation of the accounting and statistical recording and the reporting in the Cabinet of Ministers of Turkmenistan in a month.

Approved by the resolution of the President of Turkmenistan of August 14, 1997, No. 3298

Accounting treatment for foreign loans and investments in balance of the companies, organizations and organizations

1. This Procedure establishes conducting financial accounting of foreign loans and investments for the companies, organizations and the organizations of Turkmenistan taking into account requirements of the Regulations on financial accounting and the reporting in Turkmenistan approved by the resolution of the President of Turkmenistan of January 25, 1994 No. 1659, and Regulations on structure of the costs included in product cost (work of services), the President of Turkmenistan approved by the resolution of March 1, 1994 in No. 1676.

Accounting of borrowed funds

2. Borrowed funds are subdivided by types of creditors into the means received from credit institutes - the credits of banks and means of other legal entities and physical persons - loans.

3. For accounting of settlings with bank on the obtained credits in local and freely convertible currency passive settlement accounts 90 - "Short-term loans of banks" and 92 - "Long-term loans of banks" are provided.

Short-term loans are allowed for year and issued on purchase of raw materials, food and other material values.

Long-term loans (for the term of over one year) are issued on construction of new objects, payment of the import equipment necessary for replacement physically and obsolete, expansions of volume of production (works, services), upgrade and modernization.

4. The currency loan is represented bank on the conditions provided by the loan agreement:

a) by transfer of all amount (the debit of account 52 "Currency account", the credit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks") or parts;

b) on debt repayment before the supplier (the debit of account 60 "Settlings with suppliers and contractors", the credit of accounts 90 "Short-term loans of banks" and 92 "Long-term loans of banks");

c) payment of advance payments (the debit of account 61 "Calculations for the issued advance payments", account 92 credit "Long-term loans of banks");

d) opening of letters of credit (debit of the score 55-1 "Letters of credit", credit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks").

5. The date stipulated in the loan agreement with which percent for the credit begin to be charged will be considered as the date of receipt of the credit. In accounting the obtained credit shall be considered in currency and in manatny equivalent to loan currency on the official rate established by the Central bank of Turkmenistan.

In case of change of the established rate revaluation of debt the last day of month with reflection of exchange difference on the "non-operating incomes or expenses" considered in case of the taxation shall be made:

a) in case of increase in rate (the debit of account 80 "Profits and losses", the credit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks"),

b) in case of decline in the rate (the debit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks", account 80 credit "Profit and losses").

In case of loan repayment if the course on repayment date did not change (the debit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks", account 52 credit "Currency account"):

a) in case of increase in rate (the debit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks", account 52 credit "Currency account" and the debit of account 80 "Profits and losses", account 92 credit "Long-term loans of banks").

b) in case of decline in the rate (the debit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks", account 52 credit "Currency account" and the debit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks", account 80 credit "Profits and losses").

6. Depends on purpose of the credit where the added percent for the obtained credit will be written off:

a) on capital investments (the debit of account 08 "Capital investments", the credit of accounts 90 "Short-term loans of banks" or 92 "Long-term loans of banks") - acquisition of fixed assets;

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