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LAW OF THE REPUBLIC OF TAJIKISTAN

of March 25, 2011 No. 702

About financial accounting and the financial reporting

(as amended on 24-02-2017)

This Law establishes organizationally - the legal basis, the principles and rules of conducting financial accounting and creation of the financial reporting in the Republic of Tajikistan and governs the relations in this sphere.

Chapter 1. General provisions

Article 1. Purpose of this Law

The purpose of this Law consists in providing single policy of financial accounting and the financial reporting on accounting of property, assets and liabilities, creation of the comparable and reliable information connected about the economic activities provided by state bodies, the companies, organizations and other organizations (further - the organizations), necessary for users.

Article 2. The basic concepts used in this Law

In this Law the following basic concepts are used:

- financial accounting - single system of collection, registration, generalization of information on property, the assets, obligations and capital of the organization constituted in the established forms;

- synthetic accounting - account of the generalized accounting data about property types, assets, obligations and economic activities on certain economic signs which is kept on synthetic accounts of financial accounting;

- analytics - account which is kept in the analytical accounts of financial accounting grouping detailed information on property, assets, obligations and intraeconomic transactions of each synthetic account;

- the chart of accounts of financial accounting - the systematized list of synthetic accounts of financial accounting;

- the accounting organization - the legal entity providing services in the sphere of financial accounting, being the member of the professional organization of accountants, having at least two professional accountants in the state;

- the professional accountant - the physical person having profession and the certificate of the professional accountant;

- accounting secret - the information containing trade secret, specified in source documents of financial accounting and the bookkeeping register;

- accounting documents - the source documents of financial accounting, accounting policy, the chart of accounts, the financial reporting, agreements and other documents connected with conducting financial accounting and creation of the financial reporting of the organizations;

- the professional organization of accountants - the accredited non-profit organization which is consolidation of accountants and (or) auditors, accounting or auditing organization;

- accreditation - recognition of competences of the professional organization of accountants confirmed with the certificate in the form established by authorized state body;

- subjects of public interest - the organizations having essential value for society which criteria of determination of the importance are established by the Government of the Republic of Tajikistan;

- the financial reporting - set of information reflecting condition and results of financial activities of the organizations on the basis of financial accounting indicators according to national or international standards;

- bookkeeping registers - procedure for collection, generalization and systematization of information containing in primary and available documents accepted to accounting, for reflection in system of financial accounting and the financial reporting;

- source accounting documents - the documentary evidence both on paper, and on the electronic medium of the fact of making of transaction or event and the right to its making based on which financial accounting is kept;

- the certificate of the professional accountant (further - the certificate) the document certifying professional qualification of the accountant;

- economic activities - the address, events, conditions and transactions exerting impact on financial condition of the organization, result of its financial activities or the address of money;

- accounting policy - the accurate principles determining on the basis of the documents approved by management of the organization set of rules, methods and methods of conducting financial accounting and creation of financial statements based on the international or national standards;

- international standards - the standards and comments published by Fund of international accounting standards and approved by authorized state body for use;

- national standards - the regulating legal documents regulating the conducting financial accounting and creation of the financial reporting approved by authorized state body;

- depositary - the electronic database of the financial reporting in authorized state body, available to users;

- assets - the resources controlled by physical persons and legal entities as a result of last transactions from which receipt of economic benefit is expected;

- accounting obligations - the obligations of physical persons and legal entities which arose from last transactions which regulation leads to disposal of the resources containing economic benefits;

- the capital - the share of physical persons and legal entities in assets remaining after deduction of the amount of all obligations;

- the income - increase in economic benefits for the accounting period in the form of inflow or increments of assets, or reduction of obligations which lead to increase in the share capital connected with fee of owners;

- expenses - reduction of economic benefit for the accounting period in the form of outflow or reduction of assets, or increase in obligations which lead to reduction of the share capital which is not connected with fee of owners;

- authorized state body - the central executive body regulating activities in the sphere of financial accounting and the financial reporting.

Article 3. Legislation of the Republic of Tajikistan on financial accounting and financial reporting

The legislation of the Republic of Tajikistan on financial accounting and the financial reporting is based on the Constitution of the Republic of Tajikistan, and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

Article 4. Coverage of this Law

1. This Law extends to all organizations, irrespective of organizationally - legal form, and also the foreign organizations performing activities in the Republic of Tajikistan if the international legal acts recognized by Tajikistan do not provide other.

2. The individual entrepreneurs performing activities without formation of legal entity record the income and expenses according to the procedure, established by the tax legislation of the Republic of Tajikistan.

Chapter 2. Tasks and system of financial accounting and financial reporting

Article 5. Tasks of financial accounting and financial reporting

The main objective of financial accounting and the financial reporting is providing interested persons with complete and reliable information about financial position, results of activities and changes in financial position of the organization.

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