DUSHANBE, December 4, 2008, Asia-Plus — The last four methodological recommendations on introduction of the international financial reporting standards (IFRS) were approved at the final meeting of the Methodological Council for Accounting at the Ministry of Finance (MoF) that was held in Dushanbe on December 3.
Speaking in an interview with Asia-Plus, Deputy Finance Minister also Chairman of the Methodological Council for Accounting, said that yesterday, they considered and endorsed the following methodological recommendations: IFRS 2 Share-based Payment; IFRS Business Combinations; IFRS 4 Insurance Contracts; and IAS 26 Accounting and Reporting by Retirement Benefit Plans.
According to him, they have considered and approved all 36 methodological recommendations. Introduction of the international financial reporting standards will create conditions for improvement of the country’s accounting and financial reporting system, the deputy minister said.
We will recall that the Methodological Council held two meetings last month to consider the methodological recommendations – on November 12 and 26. Two methodological recommendations on application of IFRS in private sector – “Participation in Joint Entrepreneurship” and “Construction Contracts” — were considered on November 12 and four methodological recommendations on application of IFRS, including “Financial Reporting in Hyperinflationary Economies,” “Consolidated and Separate Financial Statements,” “Investments in Associated Enterprises,” and “Insurance Agreements,” were considered on November 26.
