DUSHANBE, July 3, 2009, Asia-Plus — Introduction of the International Financial Reporting Standards (IFRS) promotes strengthening of accounting discipline, Deputy Finance Minister, Jamoliddin Nouraliyev, said in an interview with Asia-Plus.
According to him, the IFRS principles will improve methods of reporting to international organizations that promotes attraction of investments. “Besides, introduction of IFRS will remove such factors of corruption as increase in assets or increase of their cost,” the deputy minister said.
By special government’s resolution a schedule of gradual shift of accounting system of the country’s economic entities to IFRS starting form January 1, 2008 was set and 186 enterprises and organizations are currently use IFRS in their operations.
International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).
Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). In 2000 IASC Member Bodies approved IASC”s restructuring and a new IASC Constitution. In March 2001, IASC Trustees activated Part B of IASC”s new Constitution and established a non-profit Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB. On April 1, 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.
