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 financial accounting, creation and accounts presentation according to international standards.
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 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 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 financial accounting, creation and accounts presentation in Turkmenistan;
8) international accounting standards - the accounting standards and explanations to them establishing the basic principles and general rules of financial accounting, creation and accounts presentation, and also requirements to their quality characteristics approved by Fund for international accounting standards;
9) users of the financial reporting - the legal entities and physical persons using information containing in the financial reporting for adoption of economic decisions;
10) economic actors - the legal entities created in Turkmenistan according to the legislation of Turkmenistan, the branches and representations of foreign legal entities registered in the territory of Turkmenistan, the physical persons performing business activity without formation of legal entity in the territory of Turkmenistan to which the simplified taxation system does not extend;
11) group of economic actors - merging of the companies (associations, concerns and other forms of associations), parent entity and its affiliated enterprises;
12) the fact of economic activity - the transaction, event or the economic activity rendering or capable to exert impact on financial position of the economic actor, financial result of its activities and (or) cash flow.
1. The legislation of Turkmenistan on financial accounting and the financial reporting is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.
2. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.
1. Operation of this Law extends to activities of the economic actors specified in Item 10 of article 1 of this Law.
2. Provisions of this Law are applied to the economic actors who are contractors and subcontractors according to the Law of Turkmenistan "About hydrocarbonic resources" taking into account the features of financial accounting and the financial reporting established by the Law of Turkmenistan "About hydrocarbonic resources".
1. State regulation of system of financial accounting and the financial reporting is performed by the Ministry of Finance and Economy of Turkmenistan and the Central bank of Turkmenistan.
2. The Ministry of Finance and Economy of Turkmenistan performs regulation of system of financial accounting and the financial reporting in Turkmenistan, except for systems of financial accounting and the financial reporting in credit institutes, according to this Law and national accounting standards.
3. Central Bank of Turkmenistan performs regulation of system of financial accounting and the financial reporting in the credit institutes which are in the territory of Turkmenistan according to this Law and international accounting standards.
Ministry of Finance and Economy of Turkmenistan:
Develops 1) and approves national accounting standards;
Develops 2) within the competence and approves regulatory legal acts concerning financial accounting and the financial reporting;
Develops 3) and approves forms of source accounting documents and bookkeeping registers;
4) participates in development of national educational programs for questions of financial accounting and the financial reporting;
5) performs coordination of activities of economic actors concerning financial accounting and the financial reporting;
6) is performed by cooperation with professional public associations of Turkmenistan concerning enhancement of financial accounting and the financial reporting;
7) is performed by international cooperation concerning financial accounting and the financial reporting;
8) performs other functions entering its competence according to the legislation of Turkmenistan.
1. Documentation in system of financial accounting and the financial reporting consists of source accounting documents, bookkeeping registers, the financial reporting.
2. Source accounting documents are the basis for making of accounting entries and fix the fact of economic activity. Source accounting documents shall be constituted at the time of making of the fact of economic activity and if it is not provided possible - directly after its termination.
3. Information containing in source accounting documents accepted to accounting is systematized, generalized and accumulates consistently in bookkeeping registers. The data which are saved up in bookkeeping registers are source for financial reporting preparation.
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