DUSHANBE, November 28, 2008, Asia-Plus  -- The Methodological Council for Accounting at the Ministry of Finance (MoF) met on November 26 to consider recommendations on introduction of the international financial reporting standards (IFRS) in the country, according to the MoF press service.

The meeting considered four draft methodological recommendations on application of IFRS, including “Financial Reporting in Hyperinflationary Economies,” “Consolidated and Separate Financial Statements,” “Investments in Associated Enterprises,” and “Insurance Agreements.”

As it had been reported earlier, two methodological recommendations on application of IFRS in private sector – “Participation in Joint Entrepreneurship” and “Construction Contracts” -- were considered at the methodological Council’s meeting that was held in Dushanbe on November 12.

The Methodological Council is 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 press service said.