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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, shops 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;

b) over 500-fold basic size - from the formal permission of the relevant ministries, departments and organizations;

2) consisting on the local budget:

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

b) from 500-fold up to the 2500-fold basic size - with the permission of hyakim of etraps, hyakim of the cities with the rights of etraps;

c) over 2500-fold basic size - with the permission of hyakim of welayats and Ashgabat.

6. The companies of non-state pattern of ownership perform write-off of fixed assets according to the corresponding Items of this Procedure and with the permission of the founder meant by the procedure (charter).

If write-off of fixed assets by the founder is not provided by their procedure (charter), that write-off of fixed assets can be performed based on the decision (the decision of founders not of the state companies) of general meeting of founders.

7. For determination of compliance of fixed assets to write-off the order of the director creates the permanent commission (further - the Commission) in structure:

a) at the state companies:

- deputy manager (commission chairman) or chief engineer;

- chiefs of the relevant structural divisions (services);

- chief accountant or his deputy;

- persons on whom responsibility for safety of fixed assets is conferred;

b) in the organizations and the organizations consisting on the government budget:

- head or his deputy (commission chairman);

- the chief accountant or his deputy (in at the companies in which according to the staff list there is no position of the chief accountant, that person to who financial accounting is assigned);

- persons on whom responsibility for safety of fixed assets is conferred;

c) at the companies of non-state pattern of ownership:

according to subitems "an" or "b" of this Item or the workers appointed by the order of the head according to the right granted by the procedure (charter).

8. Commission:

a) when carrying out the corresponding survey of the fixed assets which are subject to write-off at the same time uses technical documentation (the passport or other documents), and also it is used data of financial accounting and establishes their condition (depreciation, reconstruction, violation of normal service conditions, accidents, etc.);

b) determines the reasons of premature fixed asset retirement from operation, and also with fault of the responsible person, makes offers on involvement of this person to responsibility, based on the current legislation or about recovery at their expense of fixed asset cost;

c) makes assessment of documents, charged-off fixed assets, and also determines the list of the spare parts and nodes suitable for further use;

d) draws up the statement on write-off of fixed assets, in the unified cross-industry form approved by the State committee of Turkmenistan according to the statistics ("The act of liquidation of fixed assets" No. OC-4, "The act of liquidation of vehicles" No. OS-4a).

9. In acts the following data characterizing fixed asset objects are specified write-off: year of production or construction of object, date of its revenues to the company, time of commissioning, original cost of object (for overpriced objects replacement cost), the amount of the added depreciation according to accounting data, the number of the made capital repairs. And also the reasons of disposal of fixed asset object are lit, the main spare parts and details included in the list left, for further use are in detail described.

10. The vehicles which completely fulfilled depreciation term or on the technical condition unsuitable for further operation are implemented through the Ministry of road transport of Turkmenistan.

Write-off by the Ministry of Foreign Affairs of vehicles of embassies, diplomatic representations and consular services abroad, is made according to the approved procedure about write-off from fixed asset accounting of diplomatic representations and consular establishments of Turkmenistan abroad.

In case of write-off of vehicles, the run of the car in addition is specified and the technical conclusion about possibility of further use of the left main spare parts and details is drawn.

11. In case of write-off from balances of the companies of the fixed assets which were disposed owing to accidents the copy of the act of accident, with indication of the reason the caused accident and the measures taken concerning perpetrators because of which there was accident is attached to the act of write-off.

The statements which are drawn up by the commission affirm the director.

12. Dismantling and dismantle of fixed assets before approval of acts on write-off is not allowed.

The disassembled and dismantled equipment, the left spare parts and details suitable for repair of other machines, and also parts suitable for use as secondary raw materials and materials, are credited on the corresponding accounts.

The details and nodes made of non-ferrous and ferrous metals and which are not used for repair of other machines are subject to delivery to the PO organizations to Turkmendemirchigmal.

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