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IVS in Turkmen

In January 2017 the International Valuation Standards Committee (IVSC) has published the new edition of IVS 2017 with the entry into force from July 1, 2017. The National Public Organization “Union of Economists of Turkmenistan” (UET) - an official member of IVSC since 2016 - was granted with a right to translate into Turkmen and publish the IVS 2017 based on the license agreement between IVSC and UET dated March 23, 2017. At the general assembly of the UET’s Valuation Division on January 19, 2019, the first preliminary Turkmen edition of IVS 2017 has been presented making a great historical event in the professional valuation life developments in Turkmenistan. Taking into account the recent transmission into International Financial Reporting Standards (IFRS) in Turkmenistan starting from 2019, as well considering the global harmonization of IVS with IFRS, the application of IVS in conjunction with IFRS by Turkmen appraisers in their professional practices will definitely help’em with expression of an independent judgement on the Fair value of an asset (obligation) when the valuation is done for the financial reporting purposes.

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