Introduction of International Accounting Standards in the Tajikistan Power Sector
(ADB: Tajikistan, 2001–2005)

Corporate Solutions was awarded a contract by the Asian Development Bank to assist Barki Tajik with the implementation of accounting procedures in line with IFRS and the introduction of effective business planning and financial management practices. The new accounting procedures were applied to prepare the company's International Financial Reporting Standards (IFRS) financial statements for the years 2000 and 2001, which were audited by an international auditor. The project team also defined and implemented a computerised accounting and management reporting system and trained the staff of Barki Tajik. In 2004 ADB awarded Corporate Solutions a new contract to assist Barki Tajik with strengthening of the financial management and reporting systems at its subsidiary enterprises.

Barki Tajik is the state-owned utility responsible for generation, transmission, and distribution of electricity in Tajikistan . Prior to the country's independence, Barki Tajik was a Government agency and it became a state joint stock holding company in 1992 wholly owned by the Government of the Republic of Tajikistan . Recently, Barki Tajik underwent a major organizational change where it became a department within the Ministry of Energy. The Government plans to unbundle Barki Tajik and create an enabling environment for private sector investment in the power sector, a contract for which was awarded to Corporate Solutions in association with Kema and Lawfort. The main objectives of this project are to create three independent companies by unbundling Barki Tajik: (i) Tajik Generation (Nurek and Baipazza); (ii) the generation, transmission and distribution in the north (Leninabad region); and (iii) the generation, transmission and distribution in the south (main grid); implement Energy Law; and ensure that the newly created companies are financially sustainable though developing detailed budget for each companies, defining sustainable level of tariff and tariff path for 2004-2009 and developing financial forecast and designing appropriate capital structure.