DUSHANBE, November 14, 2008, Asia-Plus  -- Two new methodological recommendations on application of the international financial reporting standards (IFRS) in private sector – “Participation in Joint Entrepreneurship” and “Construction Contracts” -- were endorsed at meeting of the Methodological Council for Accounting at the Ministry of Finance (MoF) on November 12.    

The source at a MoF said that the Methodological Council was expected to consider 35 recommendations on application of IFRS this year.  “Introduction of the international financial reporting standards will create conditions for improvement of the country’s accounting and financial reporting system,” the source said.    

The meeting participants included Deputy Finance Minister, Jamoliddin Nouraliyev, as well as senior representatives of the International Department for Financial Development, Research Institute “Finances”, Public Institute of Certified Accountants and Auditors, and a number of other relevant organizations and ministries.