The drafts documents were developed in line with the concept of developing accounting system in public sector for 2013-2014. The event was organized by joint project of the Ministry of Finance of Uzbekistan and UNDP “Budget System Reform in Uzbekistan”.

Over 30 representatives of ministries, including Ministry of Finance, Treasury, Ministry of Public Education, Ministry of Healthcare, Pharmaceutical Medicine Institute, Tashkent Finance Institute and others participated at the event.

Reforming of accounting system based on international standards of financial reporting for public sector is one of the key directions of budget reforms in Uzbekistan. The reforms are required to ensure adoption of high-quality and timely decisions through accumulation information on financial performances of the public sector.

The concept, prepared by the project “Budget System Reform in Uzbekistan”, included proposals on adoption of the International standards of financial reporting through developing and adopting national standards of accounting in public sector.

During the meeting, the participants considered drafts of the national standards “Intangible assets”, “Accounting expenses on loans”, “Gross income and targeted receipts of budget organizations”. The proposals and comments of the participants will be used to improve these standards.

It was underlined that it is planned to develop 12 national standards within the concept on improving system of accounting and reporting. Three of them “Renting”, “Inventory” and “Fixed assets” were considered in previous meeting.

During the meeting, it was said that as the new standard are based on international standards, there are need to organize trainings for specialists of the public organization and update the training methods.