Seminar for CSOs on the preparation and formation of financial statements under the IFRS was held in Ashgabat

Turkmenistan constantly improves the regulations and laws related to the financial and taxation activities. Government of the country determined implementation of International Financial Reporting Standards (IFRS) as a part of reformation of financial recording and reporting systems. Based on the decree declared by the President of Turkmenistan on January 1, 2019, every company, institution, and organization in Turkmenistan, independent of the type of ownership, should implement the IFRS standards. Consequently, all legal entities operating in the civil society organizations (CSO) in Turkmenistan have to increase professional literacy and skills in the financial sphere.

To assist the resolution of this issue, on November 24-25, 2021, the CSO “Professional Accountant” with the support of the Governance Support Program (GSP), project of the United States Agency for International Development (USAID) held a two-day seminar regarding preparation and documentation of financial statements of CSOs in accordance with the basic principles of IFRS. The seminar was held in the conference hall of the Ak Altyn hotel in the traditional offline format, which was attended by more than 20 people from Ashgabat, as well as a participant from Balkanabat. Among the participants were managers, members of the executive board, chief accountants, accountants, employees of financial services of civil society organizations and their enterprises.

Chief of Party of the GSP Jeren Hakiyeva opened the event with gratitude to the participants, in particular she said that it has already become a good tradition that our project cooperates with civil society organizations of various profiles. And here we are once again gathered to increase our knowledge, learn something new, useful about the basic concepts and principles of IFRS in relation to the activities of the public sector. Afterwards, J. Hakiyeva introduced Yelena Senyukova, the chairman of the CSO “Professional Accountant” and the presenter of the two-day seminar. The purpose of the event organizers was to increase the potential of public associations in relation to the implementation of IFRS, to provide practical assistance in improving the financial and tax accounting of organizations in accordance with international standards, as well as to correctly apply the provisions of the current legislation.

Throughout the seminar, Ye. Senyukova, together with the participants considered and discussed the regulatory and legal framework for conducting financial and tax accounting in Turkmenistan, and the formation of a set of financial statements. A particularly interesting part of the meeting was the procedure for drawing up and submitting financial statements in accordance with IFRS by CSOs and their enterprises. Concluding, participants studied the procedure for completing the statement of financial position of enterprises, statement of income and expenses, statement of cash flows, statement of changes in net assets / capital in detail. Event organizers conducted tests and discussions at the end of each day of the seminar. Moreover, expert Yelena Senyukova shared her contacts to everyone who came to the seminar to maintain feedback and provide further free consultancy on financial accounting on the whole.


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