Uzbekistan is accelerating the transition to international financial reporting standards
Tashkent, Uzbekistan (UzDaily.com) -- Representatives of the Ministry of Finance and other institutions from Uzbekistan participated in the II International online conference “IFRS in modern business and investment”.
It is the largest platform for exchanging knowledge in the field of international financial reporting standards. The conference is held June 24-26 at the webpag www.msfoconf.com and unites 50 thousand specialists from 8 countries: Uzbekistan, Russia, Belarus, Lithuania, Kazakhstan, Georgia, Azerbaijan and Moldova. The issues of preparation, regulation, reliability and publicity of financial statements, the impact of the coronavirus pandemic on it and the conduct of a global study in the field of corporate reporting were discussed in the conference.
The topic was very important for our country as since 2021, domestic joint-stock companies, commercial banks, insurance organizations and legal entities that are large taxpayers must switch to IFRS provided for by the decree of the President of the Republic of Uzbekistan dated February 24, 2020 “On additional measures to transit to international financial reporting standards”.
One of the key topics of the conference was the introduction of IFRS in our country. Deputy Minister of Finance Dilshod Sultanov made a report “Reforming the accounting of Uzbekistan on the basis of IFRS”.
- The government is implementing a course to accelerate integration into the global economy. This goal can be achieved by creating a competitive economy, where one of the important components is the availability of high-quality financial information that foreign partners can trust. Such trust can be achieved by reporting on the basis of IFRS,”- D. Sultanov noted. - The Ministry of Finance has been designated as the authorized body for their implementation. The roadmap for the phased transition to IFRS and modern training methods in this area has been approved. Business entities that voluntarily prepare statements in accordance with IFRS are exempted from reporting in accordance with national accounting standards. The Ministry is working on bringing national accounting standards and other reporting forms in accordance with IFRS, translating IFRS texts and explanations into the state language.
It was emphasized that this year is a transitional period for business entities preparing to apply IFRS. It is required to provide them with qualified specialists with appropriate training, and currently only 4 educational centers in the country have the necessary accreditation of the International Association of Chartered Certified Accountants (ACCA). The Ministry of Finance is conducting negotiations with ACCA on phased accreditation of other institutions and is considering the possibility of creating a special open access educational platform. A Memorandum of understanding including the implementation of a joint action plan is planned to be signed among the ministry, the Chamber of Auditors of Uzbekistan and ACCA,. The Ministry of Higher and Secondary Special Education has been instructed to improve the quality of training in accounting and auditing.
In addition, the chairman of the board of directors of the Chamber of Auditors, Nematulla Karimov, and the chairman of the board of the National Association of Accountants and Auditors Minovar Tulakhodzhaeva took part in the conference. They elaborated on the prospects for implementing international standards.