KYRGYZSTAN SWITCHES TO INTERNATIONAL ACCOUNTING STANDARDS

Wed. September 09, 2009; Posted: 05:04 AM

BISHKEK, Sep 09, 2009 (AsiaPulse via COMTEX) -- ILSNF | Quote | Chart | News | PowerRating -- Last week, the Kyrgyz Ministry of Finance with the support of the USAID Project Economic Reforms to Enhance Competitiveness (EREC) held a meeting of the Methodological Council on accounting and financial reporting in state agencies.

The meeting discussed transition to International Public Sector Accounting Standards (IPSAS) in line with the Kyrgyz governments approval of an action plan to reform accounting and financial reporting in the public sector.

USAID has been cooperating with the Kyrgyz government for over ten years assisting in the country's transition to IPSAS.

The transition to IPSAS by the public and private sectors will help Kyrgyzstans integration into the global financial sector and international community, increase investments, and improve internal control and transparency, said Aliya Niyazaliyeva, EREC Project Coordinator. The purpose of these reforms is to increase trade and investments between Kyrgyzstan and the USA.

The EREC project has assisted Kyrgyzstans Ministry of Finance, State Committee for Taxes and Duties, and Count Chamber since 2008. The assistance includes IPSAS's translation into Russian, preparation of a guidebook for teaching IPSAS, and teaching Finance Ministry and Count Chamber employees. The EREC project also assisted in drafting a new Tax Code, and is working with the State Committee for Taxes and Duties to inform the public about new provisions in the tax legislation.

The transition of Kyrgyz government agencies to IPSAS will complete by 2011. (TCA)lm

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