Kyrgyzistan Switches To International Accounting Standards

Kyrgyzistan will switch to International Accounting Standards (IAS) in 2002, the head of the state commission for financial standards and audit under the government of Kyrgyzistan reported at a press conference. He noted that local banks and 31 joint-stock companies located in the capital of Kyrgyzistan - Bishkek - and listed on the stock exchange would be the first to switch to IAS. The official also announced he was going to meet with the Mayor of Bishkek and discuss the possibility of holding negotiations with the leaders and chief accountants of these factories. Kyrgyzistan will complete its transition to IAS by 2006, the Kyrgyz-info agency reported. The official stressed that the switch to IAS will make the market of Kyrgyzistan more clear to foreign investors.