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USAID Enterprise Development Project makes significant steps towards accounting system reform

“Sokhibkor” Newspaper - September 2005

One of the activities of the USAID Enterprise Development Project (USAID EDP) is accounting reform in Tajikistan. In 2002, the Government of the Republic of Tajikistan (RT) and USAID signed a Memorandum of Understanding that mentioned applying International Financial Reporting Standards (IFRS) in the Republic of Tajikistan. Subsequently, in November 2002, the Government of RT adopted a Decree on “International Financial Reporting Standards” that referred all issues having to do with adapting Tajikistan’s accounting system to International Financial Reporting Standards (IFRS), and also questions of integrating IFRS into sectors of the RT economy, to the Ministry of Finance.

The assigned task of converting to International Financial Reporting Standards, developed by the international standards committee, is determined not only by Tajikistan’s into the international economy, but also by the necessity of running businesses successfully. Over the past period with assistance of the USAID/EDP, the Ministry of Finance of RT worked out a new chart of accounts, instructions for conversion to a new chart of accounts, and also methodological recommendations on keeping financial statements.

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