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Bibliothèque Republic of Tajikistan : Accounting and Auditing

Republic of Tajikistan : Accounting and Auditing

Republic of Tajikistan : Accounting and Auditing

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Date of publication
Février 2013
Resource Language
ISBN / Resource ID

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.

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