The conference was jointly organized by the Ministry of Finance of the Republic of Uzbekistan, UNDP “Public Finance Reform in Uzbekistan” Project, and the Association of Teachers of Business Disciplines of Uzbekistan.

The global financial and economic crisis demonstrated serious drawbacks and the urgent need to reform both the existing global banking and financial system, and that of the separate governments, thus, bearing significant adjustments for the accounting and audit systems. Therefore, the initiatives on overcoming the consequences of global financial and economic crisis have imposed specific requirements in terms of quality and reliability to accounting and audit systems of each country integrated into the global financial market.

The given international conference was organized primarily to facilitate knowledge and experience exchange in the area of IFRS and IAS implementation, as well as to ensure compliance with the heightened accounting and audit requirements. The conference enabled the national and international experts to not only discuss a wide array of topics of common interest, but also to determine future partnership perspectives.

The sessions were lead by international experts in the area of IFRS and IAS application, Bobbe Barnes and Yan Til, respectively. The experts, particularly, touched upon the intricacies of financial reporting (IAS 1), accounting and evaluation of financial instruments (IAS 32, 39, IFRS 7), investment assets (IAS 40), assets devaluation (IAS 36), and the issues of accounting and evaluation of specific risks, related to the unstable economic environment, changes in the IAS and specific risk areas in the conditions of crisis, and other issues of IFRS and IAS.

Overall, the international conference successfully accomplished its major goal of promoting an effective platform for networking, exchange of experience and ideas in the area of accounting and audit.