Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Finance entered into an agreement with the International Financial Reporting Standards Foundation (IFRS Foundation) for the purpose of further cooperation in the field of harmonization of National accounting standards (NAS) in accordance with international standards.

ADB is supporting the Ministry of Finance, under the ongoing Small and Medium Enterprises Development Program (SMEDP), to strengthen the capacity of Uzbekistan in the adoption of International Financial Reporting Standards (IFRS) based financial reporting for Small and Medium Sized Enterprises (SMEs). Specifically, support is being provided in further developing the National Financial Reporting Standard (NFRS) based on the IFRS for SMEs. This builds on the work completed under ADB’s Economic Management Improvement Program (EMIP) to harmonize the Uzbekistan’s accounting and financial reporting standards in accordance with IFRS.

The Ministry of Finance, as an authorized body for the implementation of IFRS, continues to harmonize National accounting standards in accordance with IFRS for SMEs.

Based on the results of public discussion and approval of the draft NFRS, it is planned to put it into practice from 1 January 2024.

In order to prepare personnel to the implementation of this standard, it is considered appropriate to bring the educational programs of higher education institutions in line with IFRS and NFRS, as well as fully adapt educational programs and textbooks based on the NFRS.

The draft NFRS is published on the website of the Ministry of Finance to get the opinion of the public, including auditors, accountants, financial directors, professors and scientists.