Tashkent, Uzbekistan (UzDaily.com) -- The International Financial Reporting Standards Foundation (IFRS* Foundation) annually holds an international conference in London on topical issues in the application of IFRSs.

In June of this year, the director of the Department of Accounting and Audit Methodology of the Ministry of Finance Ibrokhim Akhmadkhanov and the head of the unit Otabek Barakaev took part in the international conference.

IFRS Foundation (UK) is an international organization that develops and approves international financial reporting standards. The Ministry of Finance of the Republic of Uzbekistan is actively cooperating with the IFRS Foundation on the introduction and recognition of international standards in the country, as well as the harmonization of national accounting standards with international standards. As part of the implementation of the Decree of the President of the Republic of Uzbekistan dated February 24, 2020 No. PD-4611, the Ministry of Finance signed an open license agreement with the IFRS Foundation for the application and publication of international standards.

During the conference, the participants got acquainted with the priority areas of work of the International Accounting Standards Board (IASB). Also, the International Sustainability Standards Board (ISSB) provided information on the first two International Sustainability Disclosure Standards. The conference participants discussed the practice of using artificial intelligence and processing big data in financial statements, and also exchanged views on the work of the IFRS Interpretations Committee and the disclosure of environmental issues in reporting.

During the conference, representatives of the Ministry of Finance met with Bruce Mackenzie and Tadeu Cendon, members of the IASB, to exchange views on the state and future prospects for the application of IFRS in Uzbekistan. International experts supported a project to develop a single national financial reporting standard in Uzbekistan based on IFRS for small and medium-sized businesses.

During the conference, meetings with representatives of IRIS Carbon LLC were organized on automatization of the process of applying IFRS, during which the prospects for introducing XBRL software in Uzbekistan were studied.

According to the IFRS Foundation, the holding of annual conferences is an example of effective cooperation between countries in the exchange of experience and practice in the implementation of IFRSs.