PECULIARITIES OF FINANCIAL REPORTING BY COMMERCIAL ENTERPRISES OF TURKMENISTAN
In modern conditions, the current problem for commercial enterprises of Turkmenistan is the formation of financial statements in accordance with the requirements of the current legislation. The legislation of Turkmenistan in the area of accounting and financial reporting establishes the maintenance of accounting records and the preparation and presentation of financial statements in accordance with the national financial reporting standards (hereinafter referred to as the NSFS) developed on the basis of the international financial reporting standards (hereinafter referred to as IFRS). Commercial enterprises of Turkmenistan are obliged to comply with the criteria of appropriateness, objectivity and feasibility, to comply with the requirements of national financial reporting standards for commercial enterprises (hereinafter referred to as NSFS CE), which currently number 28. Following the Financial Reporting Concept allows external users (investors, lenders, suppliers, trade lenders, buyers, government authorities, the public) to interpret the information contained in the financial statements. Financial reporting should provide useful information to users in terms of financial situation and its changes, performance, available economic resources and requirements, assessment of future cash flow. All this makes it important and necessary to draw up financial statements by commercial enterprises, taking into account the peculiarities and specifics of the legislation of Turkmenistan.