Identifier
Created
Classification
Origin
08ASHGABAT912
2008-07-17 12:20:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Ashgabat
Cable title:
TURKMENISTAN: MEETING WITH CENTRAL BANK CONFIRMS SUPPORT
how-toVZCZCXRO9715 RR RUEHAG RUEHAST RUEHBI RUEHCI RUEHDF RUEHIK RUEHLH RUEHLN RUEHLZ RUEHPW RUEHROV RUEHVK RUEHYG DE RUEHAH #0912 1991220 ZNR UUUUU ZZH R 171220Z JUL 08 FM AMEMBASSY ASHGABAT TO RUEHC/SECSTATE WASHDC 1176 INFO RUCNCIS/CIS COLLECTIVE RUCNCLS/ALL SOUTH AND CENTRAL ASIA COLLECTIVE RUCNMEM/EU MEMBER STATES COLLECTIVE RUEHBJ/AMEMBASSY BEIJING 1852 RUEHAK/AMEMBASSY ANKARA 4035 RUEHKO/AMEMBASSY TOKYO 1719 RUEHIT/AMCONSUL ISTANBUL 2288 RUEHVEN/USMISSION USOSCE 2698 RHMFIUU/CDR USCENTCOM MACDILL AFB FL RUEAIIA/CIA WASHDC RHEFDIA/DIA WASHDC RHEHNSC/NSC WASHDC RUEKJCS/JOINT STAFF WASHDC RUEKJCS/SECDEF WASHDC
UNCLAS ASHGABAT 000912
SIPDIS
SENSITIVE
STATE FOR SCA/CEN, SCA/PPD, EUR/ACE, DRL
AID/W FOR EE/EA
E.O. 12958: N/A
TAGS: PGOV PREL PHUM EAID KDEM TX
SUBJECT: TURKMENISTAN: MEETING WITH CENTRAL BANK CONFIRMS SUPPORT
FOR ACCOUNTING/CIPA PROGRAM
UNCLAS ASHGABAT 000912
SIPDIS
SENSITIVE
STATE FOR SCA/CEN, SCA/PPD, EUR/ACE, DRL
AID/W FOR EE/EA
E.O. 12958: N/A
TAGS: PGOV PREL PHUM EAID KDEM TX
SUBJECT: TURKMENISTAN: MEETING WITH CENTRAL BANK CONFIRMS SUPPORT
FOR ACCOUNTING/CIPA PROGRAM
1. (SBU) Sensitive but unclassified. Not for public Internet.
2. (SBU) On July 08,2008, USAID/CAR Regional Mission Director Bill
Frej met with the Chairman of the Central Bank of Turkmenistan,
Guvanch Geoklenov, to announce USAID's plan to extend the
Accounting/CIPA program in Turkmenistan for another eighteen months.
The extension will support the Turkmen banking sector's efforts to
transition to International Financial Reporting Standards by
building the capacity of two higher education institutions,
including the Banking College, to deliver International Financial
Reporting Standards courses. The extension will also support a
Russian-speaking international expert who will guide the transition
process. Geoklenov, as a sign of support, thanked USAID for
continued cooperation in accounting reforms and highlighted how this
initiative supports the present course of economic reforms in
Turkmenistan.
3. (SBU) During the meeting, Central Bank Chief Accountant Byashim
Khojamamedov thanked USAID for cooperation under the present
Memorandum of Understanding with UNDP. Khojamamedov also expressed
appreciation for USAID's assistance in designing a new Chart of
Accounts in accordance with International Financial Reporting
Standards requirements. He said three pilot banks are integrating
it into their systems. Once proven successful, this Chart of
Accounts will be incorporated into the systems of all Turkmenistan
banks. Khojamamedov praised the work of two working groups that
were established -- one on the legal aspects of transition and
another on educational issues. He described the Government's vision
of transitioning to International Financial Reporting Standards,
first by introducing National Accounting Standards (NAS) that are
close to International Accounting Standards (IAS),and then by
moving to IAS.
4. (SBU) Khojamamedov was pleased with the results of the
International Financial Reporting Standards Conference conducted by
USAID and UNDP in April 2008. Frej informed the Central Bank
officials that on June 2 USAID sought official approval from the
Supreme Council on Science and Technology for integrating the CIPA
program into university curricula and requested the Central Bank's
support for the approval process.
5. (SBU) (SBU) COMMENT: The meeting with Central Bank Chairman
Goeklenov confirmed the Bank's continued commitment to a transition
to International Financial Reporting Standards. It also showed that
the government's support for reform in this area and for USAID
assistance is high. Once official approval of the CIPA program by
SCST is conferred, USAID expects to receive increased government
support. Despite this opportunity, USAID will only be able to
provide limited assistance, given current budget realities ($450,000
in FY08). END COMMENT.
CURRAN
SIPDIS
SENSITIVE
STATE FOR SCA/CEN, SCA/PPD, EUR/ACE, DRL
AID/W FOR EE/EA
E.O. 12958: N/A
TAGS: PGOV PREL PHUM EAID KDEM TX
SUBJECT: TURKMENISTAN: MEETING WITH CENTRAL BANK CONFIRMS SUPPORT
FOR ACCOUNTING/CIPA PROGRAM
1. (SBU) Sensitive but unclassified. Not for public Internet.
2. (SBU) On July 08,2008, USAID/CAR Regional Mission Director Bill
Frej met with the Chairman of the Central Bank of Turkmenistan,
Guvanch Geoklenov, to announce USAID's plan to extend the
Accounting/CIPA program in Turkmenistan for another eighteen months.
The extension will support the Turkmen banking sector's efforts to
transition to International Financial Reporting Standards by
building the capacity of two higher education institutions,
including the Banking College, to deliver International Financial
Reporting Standards courses. The extension will also support a
Russian-speaking international expert who will guide the transition
process. Geoklenov, as a sign of support, thanked USAID for
continued cooperation in accounting reforms and highlighted how this
initiative supports the present course of economic reforms in
Turkmenistan.
3. (SBU) During the meeting, Central Bank Chief Accountant Byashim
Khojamamedov thanked USAID for cooperation under the present
Memorandum of Understanding with UNDP. Khojamamedov also expressed
appreciation for USAID's assistance in designing a new Chart of
Accounts in accordance with International Financial Reporting
Standards requirements. He said three pilot banks are integrating
it into their systems. Once proven successful, this Chart of
Accounts will be incorporated into the systems of all Turkmenistan
banks. Khojamamedov praised the work of two working groups that
were established -- one on the legal aspects of transition and
another on educational issues. He described the Government's vision
of transitioning to International Financial Reporting Standards,
first by introducing National Accounting Standards (NAS) that are
close to International Accounting Standards (IAS),and then by
moving to IAS.
4. (SBU) Khojamamedov was pleased with the results of the
International Financial Reporting Standards Conference conducted by
USAID and UNDP in April 2008. Frej informed the Central Bank
officials that on June 2 USAID sought official approval from the
Supreme Council on Science and Technology for integrating the CIPA
program into university curricula and requested the Central Bank's
support for the approval process.
5. (SBU) (SBU) COMMENT: The meeting with Central Bank Chairman
Goeklenov confirmed the Bank's continued commitment to a transition
to International Financial Reporting Standards. It also showed that
the government's support for reform in this area and for USAID
assistance is high. Once official approval of the CIPA program by
SCST is conferred, USAID expects to receive increased government
support. Despite this opportunity, USAID will only be able to
provide limited assistance, given current budget realities ($450,000
in FY08). END COMMENT.
CURRAN