Tashkent, Uzbekistan (UzDaily.com) -- In accordance with paragraph 3 of Presidential Decree No. PP-4611 of 24 February 2020 on Additional Measures for International Financial Reporting Standards, the Ministry of Finance, as the authorised body for the implementation of International Financial Reporting Standards (IFRS), is charged with bringing national accounting standards (NAS) into line with IFRS.

On 12 July 2022, a new licence LIC-001645-UZ-MoF-Licence to Create Local Standards-2022 was signed with the IFRS Foundation to bring national standards into compliance with IFRS, with the aim of creating a single national financial reporting standard for small and medium-sized enterprises that would be consistent with IFRS.

As part of ADB’s Economic Governance Improvement Programme, the Ministry of Finance is working with the Asian Development Bank (ADB) to harmonise accounting and financial reporting standards in Uzbekistan with IFRS. Under the SME development programme, ADB is supporting the Ministry of Finance to increase its skills to adopt IFRS-based financial statements of small and medium-sized enterprises in Uzbekistan. In particular, assistance is being provided for the development of an IFRS-based national financial reporting standard for small and medium-sized enterprises.

This uniform standard is scheduled to be finalised by November this year and posted for public consultation.