ADB assists Uzbekistan in transition to International Financial Reporting Standards

Tashkent, Uzbekistan (UzDaily.com) -- The Asian Development Bank is assisting the Ministry of Finance (MOF) under the ongoing Small and Medium Enterprise Development Program to strengthen Uzbekistan’s capacity to adopt financial reporting based on International Financial Reporting Standards (IFRS) for small and medium-sized enterprises (SMEs).

In particular, technical assistance is provided for the further development of the National Financial Reporting Standard (NFRS) based on IFRS for small and medium-sized businesses.

During a three-day workshop held on 8-10 November 2022, ADB consultant Ian Ritchie, who has been supporting the development of the NFRS for Uzbekistan since 2020, presented the differences between the new system and the current accounting system to Ministry of Finance staff, accounting specialists, and the academic community of the Tashkent State University.

In particular, the seminar covered the following topics:

-global accounting practice for SMEs;

- application of IFRS in Uzbekistan;

- steps to implement IFRS in companies;

-principles, concepts and requirements of the NFRS;

-Relationship between the NFRS and the Tax Code.

The introduction of new standards into practice is planned from January 1, 2024 after a wide discussion with specialists.