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Uzbekistan transitions to international financial reporting standards

27 February 2020

International financial reporting standards (IFRS) will be introduced in Uzbekistan starting from January 1, 2021, Trend reports citing the Uzbek media.

This measure is stipulated by the decision of the Uzbek president "On additional measures for transition to international financial reporting standards" dated 24 February 2020, the report says.

The initiative covers joint stock companies, commercial banks, insurance organizations and legal entities classified as large taxpayers. Following the results of 2021, they will begin to prepare financial statements based on IFRS.

They will also ensure that by the end of 2021, there will be sufficient number of employees in the accounting departments who have successfully passed the subject "Financial Reporting under IFRS" or received an international certificate of an accountant. Meanwhile, legal entities, for which the legislation provides earlier period of transition to IFRS, are not covered by the decision.

The Uzbek Ministry of Finance together with the State Tax Committee, the Agency for Capital Market Development, the Agency for Management of State Assets, including modern are responsible for monitoring the implementation of IFRS and ensuring publication of financial statements based on IFRS by business entities.

Special training on IFRS will be introduced in accredited training centers for data workers and other interested government bodies and agencies, the report said.

Within the framework of the "road map" until October 1, 2020, it's planned to revise and develop tax reporting forms in line with IFRS financial statements.