Tashkent, Uzbekistan (UzDaily.com) - In order to implement International Financial Reporting Standards (IFRS), create appropriate conditions for investors, and provide them with the necessary information, the President of the Republic of Uzbekistan adopted a Resolution “On Additional Measures to Transition to International Financial Reporting Standards”.

According to the resolution, joint-stock companies, commercial banks, insurance organizations and legal entities classified as large taxpayers:

- from 1 January 2021, they organize accounting and, starting from the results of 2021, prepare financial statements on the basis of IFRS;

- until the end of 2021, they ensure the number of employees in the amount of at least three specialists who have a document on the successful completion of the subject “Financial Statements under IFRS” or an international certificate of accountant (ACCA, CPA, CIPA, DipIFR).

The resolution also stipulates that organizations with a state share, on the basis of the schedule approved by the Agency for State Assets Management, will switch to accounting and financial reporting on the basis of IFRS.

In addition, the document approved the Roadmap for the phased implementation of IFRS and modern training methods in this area.