Uzbekistan accelerates transition to International Financial Reporting Standards

Uzbekistan accelerates transition to International Financial Reporting Standards


Representatives of the Ministry of Finance and other institutions of Uzbekistan attended the Second International Virtual Conference “IFRS in modern business and investment”.

This is the largest platform for exchanging knowledge in International Financial Reporting Standards (IFRS). The conference was held on June 24-26 and united 50 thousand specialists from Uzbekistan, Russia, Belarus, Lithuania, Kazakhstan, Georgia, Azerbaijan and Moldova.

Issues of preparing, regulating, ensuring the reliability and publicity of financial statements, the impact of coronavirus pandemic on them and conducting a global study on corporate reporting were discussed at the conference.

It was noted that this year is a transition period for business entities preparing to apply IFRS. It is necessary to provide them with qualified specialists with appropriate training, and currently only 4 educational centers in the country have the necessary accreditation of the Association of Chartered Certified Accountants (ACCA).

The Ministry of Finance is negotiating with ACCA for phased accreditation of other institutions and is working on the possibility of creating a special open-access training platform. It is planned to sign a MoU between the Ministry, the Chamber of Auditors of Uzbekistan and ACCA, including the implementation of a joint action plan. The Ministry of Higher and Secondary Special Education has been given instructions to improve the quality of training in accounting and audit.

Chairman of the Board of Directors of the Chamber of Auditors Nematulla Karimov and Chairman of the Board of the National Association of Accountants and Auditors Minovar Tulakhodjayeva addressed the event on behalf of Uzbekistan. They informed participants about prospects for implementing international standards and activities of their organizations in this sphere.

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