PRESS RELEASE: EU supports the introduction of International Financial Reporting Standards (IFRS) in the Construction Industry

July 1, 2020 | Category : News

Ashgabat, Turkmenistan — The EU project “Support for the Education System in Turkmenistan” provides a consistent and coherent package of hands-on consultancy, further education of teachers, and support in updating of curricula and training materials for teachers from pilot TVET institutions in aligning to International Financial Reporting Standards (IFRS). Turkmenistan adopted the IFRS since 2019 and made them mandatory for all businesses in the country. The project cooperates closely with the Ministry of Education and within the framework of the project’s Terms of Reference to support the alignment with international standards and practice. So far, experts trained 65 teachers from Ashgabat and the regions Bookkeeping, Accountancy and Finance, and developed a range of training materials offline and online.

Within these ongoing efforts, the Project’s Senior Non Key Expert, Ms. Marine Ghazaryan, organized in June 2020 a series of webinars at the Construction College of Ashgabat for teachers, practitioner accountants, and students. The aim was to consider the requirements of the construction sector in switching to IFRS, both from the general needs and practical difficulties in introducing a new way of doing accountancy. 

Ms Guzel Gadjigaeva, a teacher, states: “Today, the Ashgabat Secondary Vocational Construction school has qualified teachers, updated curricula and syllabus that meet the new requirements of the IFRS. I am confident that we can meet the new skills demand in accountancy from Turkmen construction companies.” 

The efforts will continue, with an increasingly switch to monitor and support new practice in the classroom. 

Tags: IFRS, Further training, international standards

Background

The EU Central Asia strategy, as adopted in June 2019, focus on strengthening resilience, increasing prosperity and promoting regional cooperation. As part of ongoing efforts, the third education project “Supporting the Education Sector in Turkmenistan” continues to support the Turkmen Government in creating a modern education system that meets international educational standards and labour market needs.

The project runs for 51 months, from October 2016 to December 2020. Two components comprise more than 30 activities, from capacity building to platform development, from curriculum updating to career guidance. 

Contact details

If you have any questions, please contact the project office at tm_office@europeanprofiles.org or the project assistant, Ms Gulistan Bekniyazova, at +99 365 807024. Learn more.