Approved by the resolution of the President of Turkmenistan of January 25, 1994 No. 1659
Regulations on financial accounting and the reporting in Turkmenistan
(as of February 14, 2000)
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 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.
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;
the timely prevention of the negative phenomena in economic financial activities, identification and mobilization of intraeconomic reserves.
3. The companies and organizations, performing the organization of financial accounting, have the rights:
to independently establish organizational form of accounting work, proceeding from type of the company, organization and specific conditions of managing;
determine form and accounting methods on the basis acting or again developed by the Ministry of Economics and finance of Turkmenistan of forms and methods in case of respect for the general methodological principles established by this Provision and also technology of processing of accounting information;
develop system of intra production accounting, the reporting and control.
4. The companies and organizations can allocate for separate balance the productions and farms (subsidiary agricultural industry, logging, housing and communal services, transport economy and others), and also branches, representations, departments and other separate divisions which are part of the companies and organizations.
5. The companies and organizations keep financial accounting of property, financial liabilities and economic activities by method of double record according to the Chart of accounts of financial accounting.
The ministries, departments, and also the companies which are not in departmental subordination of the ministries and departments in coordination with the Ministry of Economics and finance of Turkmenistan can differentiate accounts taking into account specifics of their activities.
6. In case of financial accounting by the company, organization shall be provided:
observance within accounting year of the accepted accounting technique of reflection of separate economic activities and assessment of property determined proceeding from the rules established by this Provision and managing conditions. Change of accounting technique in comparison with previous year shall be explained in annual accounting records;
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