VZCZCXRO9715
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 
 
¶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