International cooperation in the field of accounting and auditing considered

Tashkent, Uzbekistan (UzDaily.com) -- On 19 November 2020, the XVII meeting of the Coordinating Council on Accounting of the Member States of the Commonwealth of Independent States (CIS) was held. In connection with the situation continuing in the world due to the coronavirus pandemic, this meeting was held in the format of a video conference.

Members of the Coordinating Council are representatives of authorized bodies regulating accounting and audit issues. In all CIS member states, the Ministry of Finance is the authorized body regulating accounting and audit issues.

Representatives of authorized bodies regulating accounting and auditing of the CIS member states participated in the work of the Coordinating Council: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Uzbekistan and Tajikistan. The meeting was actively attended by specialists from the Department of Accounting and Auditing Methodology of the Ministry of Finance of the Republic of Uzbekistan, who are members of the Coordination Council.

At the XVII meeting of the Coordination Council, topical issues of improving accounting and auditing were considered, including the experience of applying International Financial Reporting Standards and International Auditing Standards, as well as developing national accounting and auditing systems in the CIS member states. On all issues considered at the meeting of the Coordination Council, appropriate decisions were made.

Participation in the meeting of the Coordination Council made it possible to get acquainted with the state of development of national accounting and audit systems in the CIS member states, study problems in these areas and discuss ways to solve them, share practical experience on methodological issues of accounting and audit.

The Coordinating Council for Accounting of the CIS Member States (hereinafter - the Coordination Council) is a body of sectoral cooperation of the CIS and was created for the purpose of cooperation of the CIS Member States on the regulation of accounting and auditing, as well as the convergence of national accounting regulation systems and auditing activities with International Financial Reporting Standards and International Standards on Auditing. The new version of the Regulation on the Coordinating Council for Accounting of the CIS Member States was approved by the decision of the CIS Economic Council from 7 December 2018.