Tashkent, Uzbekistan (UzDaily.com) -- In order to provide foreign investors with the necessary information environment and expand access to international financial markets by accelerating the transition to international financial reporting standards, according to the Decree of the President of the Republic of Uzbekistan from 24 February 2020, PD No. 4611 "On additional measures for the transition to international financial Reporting standards" for joint-stock companies, commercial banks, insurance organizations and large taxpayers are required to organize accounting based on IFRS from 1 January 2021 and prepare financial statements based on IFRS from the end of 2021.

In accordance with IFRS No. 1 “First Application of International Financial Reporting Standards”, organizations that have switched to IFRS will have to prepare their first financial statements by 31 December 2022, with the exception of legal entities for which the legislation provides for earlier dates of transition to IFRS.

On the basis of this resolution, the Cabinet of Ministers of the Republic of Uzbekistan No. 507 of 24 August 2020 approved the Regulation on International Financial Reporting Standards and the procedure for recognizing the text of explanations to it. In accordance with this Regulation, on 11 November 2020, an agreement “2045-uz-MOF-Open License with Translation-2020” was signed between the Ministry of Finance and the International Financial Reporting Standards Foundation (IFRS Foundation) for the right to translate IFRS documents into the state language.

In accordance with the Order of the Ministry of Finance from 12 October  2020 No. 92 On the translation of IFRS documents into the state language and the Organization of their examination, 62 IFRS documents were translated into the state language.

To carry out the examination of documents under IFRS, by Order of the Ministry of Finance No. 39 from 28 March 2022, an expert commission was established, the conclusion of which reflects the final opinion of the expert commission, which confirmed the possibility of full application of IFRS documents on the territory of the Republic of Uzbekistan.

Based on this conclusion, the Order of the Minister of Finance of the Republic of Uzbekistan from 10 November 2022 No. 61 “On the recognition of the text of international Financial Reporting standards and explanations to them for application in the territory of the Republic of Uzbekistan” was registered by the Ministry of Justice on 9 December 2022 under the number 3400.

The Ministry of Finance, together with the IFRS Foundation, expresses gratitude to the members of the commission for reviewing the text of IFRS in the state language for the recognition of IFRS documents for use in Uzbekistan Nematilla Karimov, Hamid Ergashev, Davron Yakubov, Javlon Umarov, Odiljon Rakhimov, Hamza Toksanov, Dilshod Sultanov, as well as members of the expert commission for the examination of IFRS documents Minovar Tulakhodzhayeva, Aziz Zakirkhodzhayev, Nurbek Rizayev, Jamshid Sayfulloyev, Fayzullo Salibayev, Azizbek Tashpulatov.

The order of the Ministry of Finance on the recognition of IFRS documents for use on the territory of the Republic of Uzbekistan and the text of IFRS documents can be found through the "Code of Laws of the Republic of Uzbekistan" and the National Database of Legislative Acts of the Republic of Uzbekistan (lex.uz ). The text of the IFRS documents in the state and other languages can be found on the website of the Ministry of Finance.