DUSHANBE, January 9, 2012, Asia-Plus — Dushanbe Mayor Mahmadsaid Ubaidulloyev signed a decree on purchase of collection stands for the Navrouzgoh Complex.
Shavkat Saidov, a spokesman for the Dushanbe mayor’s office, says the stands will be purchased and delivered to Dushanbe under the CIP (construction in progress) requirements.
The new tender will be held on January 12 and the tender commission will announce the winner until January 20.
An accountancy term, construction in progress (CIP) asset or capital work in progress entry records the cost of construction work, which is not yet completed (typically, applied to capital budget items). A CIP item is not depreciated until the asset is placed in service. Normally, upon completion, a CIP item is reclassified, and the reclassified asset is capitalized and depreciated.
While costs are added to the construction in progress, related CIP account is debited with corresponding credits to accounts payable, accrued expenses, inventory, cash, and others. When the construction in progress is completed, related long-term asset account is debited and CIP account is credited.
The CIP account usually contains information for multiple fixed assets under construction. To differentiate costs in the account, they may be categorized by a project. A project is usually one fixed asset.
We will recall that Tajikistan hosts the International celebration of the Navrouz Holiday this year and the main events to celebrate the Navrouz holiday will take place at the Navrouzgoh Complex in Dushanbe.
