Ashgabat, 3 February 2010 – Today, a two-day conference titled “Accounting and Auditing Reforms in Turkmenistan: Analysis and Perspectives” commenced at “President” Hotel. It was organized by the United Nations Development Program (UNDP), the United States Agency for International Development (USAID) and the Central Bank of Turkmenistan. The conference brought together over 80 participants from international accounting and auditing organizations as well as national ministries, agencies, research institutions and banks involved in reforming Turkmenistan’s accounting system.

The conference aims to promote the introduction of the International Financial Reporting Standards (IFRS) into Turkmenistan’s accounting system in support of the Government’s efforts to implement economic reforms, attract foreign investments, and develop efficient capital markets in the country. One of the core conference goals is to review international experience of accounting and auditing and discuss progress made by the Central Bank of Turkmenistan in reforming the accounting system in the banking sector.  

In his opening remarks, UNDP Resident Representative in Turkmenistan Lenni Montiel said that UNDP supports the reforms undertaken by the Central Bank of Turkmenistan in improving the financial sector, which contribute to enhancing the accessibility of financial services and products to various strata of society and improving the financial well-being of men and women of Turkmenistan.

In turn, Chief Accountant of the Central Bank of Turkmenistan Merdan Annadurdiyev noted that the Central Bank plans to further develop its successful cooperation with UNDP as part of their joint project "Support to Accounting System Modernization", the next stage of which will provide for improvement of legal framework, development of methodology for capacity development of bank employees, as well as advisory support and technical assistance to pilot banks of Turkmenistan.

Addressing the conference, Ashley Moretz, Permanent Representative of USAID in Turkmenistan, underlined that “the United States Government has been implementing accounting reform programs in the former Soviet Union since 1991.  Accounting reform was identified as a priority precisely because it is a fundamental building block and a prerequisite for diversified and sustained economic growth.”
The conference created an opportunity for representatives from the Central Bank, the Ministry of Finance of Turkmenistan, and other financial and economic sector institutions to discuss a wide array of issues with the international experts from the International Accounting Standards Board (IASB), International Federation of Accountants (IFAC), European Bank for Reconstruction and Development (EBRD), and the World Bank. Discussions ranged from the application of international accounting standards in the public sector to the significance of disclosures in business financial statements.

This is the second international conference on the International Financial Reporting Standards organized by the Central Bank of Turkmenistan, UNDP and USAID.