Republic of Tajikistan : Accounting and Auditing
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Washington, DC
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This report describes the results of a
ROSC assessment of the accounting, financial reporting and
auditing requirements and practices of the Republic of
Tajikistan's enterprise and financial sectors. The
report assesses the quality of the Tajik financial reporting
framework and makes policy recommendations for improvement.
With a gross national income per capita of US$430,
Tajikistan remains the poorest country in the former Soviet
Union. Despite various reforms over the past several years,
the business climate still lags behind other transition
countries. Many of the country's problems stem from the
1992-1997 civil war, which so damaged the country's
economic infrastructure that it precipitated a sharp decline
in industrial and agricultural production. Although there
has been moderate domestic growth since 1997, real output is
currently just over 50 percent of the 1989 level. The
Republic of Tajikistan's small financial system is
dominated by a few banks. The level of financial activity is
among the lowest in the world, with Tajik lending amounting
to merely 7.1 percent of GDP in 2007. More than 80 percent
of the country s small- to medium-sized enterprises do not
use the banking sector. The Republic of Tajikistan needs to
improve and strengthen its corporate financial reporting
system to ensure that public interest entities, such as
banks and state-owned entities, become more accountable and
transparent. The country needs enhanced accounting,
disclosure and auditing regulations, more power for
regulators and professional bodies to enforce accounting and
auditing regulations and more extensive, practical and
continuing professional education. All of this should be
done without adding excessive regulatory burdens on
medium-sized, small and micro entities.
Palabras clave
ACCESS TO BANK, ACCOUNT, ACCOUNTANT, ACCOUNTANTS, ACCOUNTING, ACCOUNTING CURRICULA, ACCOUNTING DOCUMENTS, ACCOUNTING FIRMS, ACCOUNTING FRAMEWORK, ACCOUNTING POLICIES, ACCOUNTING PRINCIPLES, ACCOUNTING RECORDS, ACCOUNTING REFORM, ACCOUNTING REPORTS, ACCOUNTING RULES, ACCOUNTING SERVICES, ACCOUNTING STANDARD, ACCOUNTING STANDARDS, ACCOUNTING SYSTEMS, ACCOUNTS, ACCOUNTS RECEIVABLE, ACQUISITIONS, AMOUNT OF COLLATERAL, AUDIT COMMITTEES, AUDIT DEPARTMENTS, AUDIT EVIDENCE, AUDIT REPORTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING PROFESSION, AUDITING STANDARDS, AUDITING TRAINING, AUDITORS, AUDITS, BAD DEBT, BAD DEBTS, BALANCE SHEET, BALANCE SHEETS, BANK FINANCING, BANK LOANS, BANKING LAW, BANKING SECTOR, BOARDS OF DIRECTORS, BOOKKEEPING, BUSINESS PLANS, CAPACITY BUILDING, CAPITAL REQUIREMENTS, CASH ACCOUNTING, CASH TRANSACTIONS, CHARTS OF ACCOUNTS, CIVIL CODE, CIVIL LAWS, COLLATERAL, COLLATERAL REQUIREMENTS, COMMERCIAL BANKS, COMPLIANCE GAP, CONFIRMATIONS, CONSOLIDATED FINANCIAL STATEMENTS, CONSOLIDATION, CORPORATE GOVERNANCE, CORPORATE INVESTMENT, CREDIT INSTITUTIONS, CREDITORS, DEBT, DEBTS, DEPOSITS, DEPRECIATION, DISCLOSURE REQUIREMENTS, DISCLOSURE STANDARDS, DUE DILIGENCE, ENFORCEMENT MECHANISM, ENFORCEMENT MECHANISMS, ENTERPRISE PERFORMANCE, ENTREPRENEURSHIP, EXPENDITURES, FINANCIAL ASSETS, FINANCIAL INFORMATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FIXED ASSETS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE TRANSACTIONS, GOOD PRACTICE, GOOD PRACTICES, GROSS DOMESTIC PRODUCT, HUMAN RESOURCES, INCOME DISTRIBUTION, INCOME TAXES, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE COMPANIES, INSURANCE PENETRATION, INSURANCE POLICIES, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INTEREST RATES, INTERNAL AUDIT, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INTERNATIONAL DEVELOPMENT, INTERNATIONAL STANDARDS, INVENTORIES, INVESTMENT FUNDS, INVESTMENT PROJECTS, JOINT STOCK COMPANY, JOINT-STOCK COMPANIES, LAND OWNERSHIP, LEGAL FRAMEWORK, LEGAL SYSTEM, LEGISLATION, LENDERS, LENDING DECISIONS, LIFO, LIMITED LIABILITY, LIQUIDATION, LLC, LOAN, LOAN APPLICATIONS, LOSS STATEMENT, MANAGEMENT ACCOUNTING, MANDATES, MICROFINANCE, MICROFINANCE INSTITUTIONS, MINIMUM CAPITAL REQUIREMENT, MONETARY FUND, MUTUAL FUNDS, NATIONAL BANK, OPEN JOINT STOCK COMPANIES, PEER REVIEW, POLITICAL STABILITY, PRUDENTIAL REGULATIONS, PRUDENTIAL REQUIREMENTS, PRUDENTIAL SUPERVISION, PUBLIC DISCLOSURE, PUBLIC FUNDS, QUALITY ASSURANCE, QUALITY AUDITS, QUALITY CONTROL, REGISTRATION LAW, REGISTRATION PROCESS, REGULATORY FRAMEWORK, REGULATORY REPORTS, REMITTANCE, REMITTANCES, REORGANIZATION, RISK MANAGEMENT, SECONDARY MARKET, SECURITIES, SECURITIES LAW, SECURITIES MARKET, SETTLEMENT, SHAREHOLDER, SHAREHOLDERS, SMALL BUSINESSES, STATE PROPERTY, STATUTORY REQUIREMENTS, STOCK EXCHANGE, STOCK EXCHANGES, SUBSIDIARY, SUPERVISORY AGENCY, TAX, TAX CODE, TAX RULES, TAXATION, TECHNICAL ASSISTANCE, TRADING, TRANSACTION, TRANSITION COUNTRIES, TRANSPARENCY