Moving towards international standards in Accounting and Finance. 5 August 2019

August 15, 2019 | Category : News

Since the beginning of this year, Turkmenistan adopted the International standards in Accounting and Finance (IFRS) and made them mandatory for the whole country.

The EU project “Support for the Education System in Turkmenistan”, with the support and coordination of the Turkmen Ministry of Education and within the framework of the project’s Terms of Reference, supports this demanding task by providing advice, developing training materials and qualifying accountants and teachers.

From 5 August to 23 August, three groups of more than 70 accountants and teachers from vocational training throughout the country will take part in a training course at the National Institute of Education of Turkmenistan.

“The standards for financial reporting are clear and logical. They are based on simple accounting principles,” says international expert Marine Ghazaryan, Armenia. She continues: “The aim is to provide truthful information about the school, company or enterprise in the financial statements. The information is useful both for the management of the company and for stakeholders. It influences decisions on the distribution of resources and attention. When used correctly, it creates a win-win situation for all stakeholders.”

To create momentum, Ms Ghazaryan uses group work, prepares balance sheets and introduces various elements of the IFRS frameworks step by step. The participants appreciate the chosen approach. They show great interest and commitment to learning and acquiring practical skills that are in high demand in the labour market.