Tashkent, Uzbekistan (UzDaily.com) -- In accordance with the resolution of the President of the Republic of Uzbekistan from 24 February 2020 “On additional measures for the transition to international financial reporting standards”, joint-stock companies, commercial banks, insurance organizations and legal entities classified to the category of large taxpayers, in the Republic of Uzbekistan, from 1 January 2021, they organize accounting based on international financial reporting standards (IFRS), and from the end of 2021 prepares financial statements based on IFRS, the information service of the Ministry of Finance reports.

In pursuance of this instruction, on 23 April 2021, at the initiative of the Ministry of Finance of the Republic of Uzbekistan, with the participation of the leadership of the National Bank of the Republic of Kazakhstan, employees of the Ministry of Finance of the Republic of Uzbekistan and the Central Bank, a meeting was organized via videoconference on the implementation and application of IFRS in the financial sector of the Republic of Uzbekistan.

During the video conferencing, useful information was obtained about the Kazakhstani experience of the initial application of IFRS in the banking system, as well as about the proposals and recommendations given by banks, including the work that banks should carry out as a primary order when implementing IFRS, about the tasks of the authorized body when implementing IFRS. It was also noted that when applying IFRS, first of all, it is necessary to pay attention to its quality, compliance with regulatory legal acts, the impact on tax legislation.

The participants in the videoconferencing agreed upon the results of the dialogue on the visit to the Republic of the responsible persons of the National Bank of the Republic of Kazakhstan to provide questions on relevant issues and issues of cooperation.