Tashkent, Uzbekistan (UzDaily.com) -- In accordance with the decree of the President of the Republic of Uzbekistan from 24 February  2020 no. PP-4611 “On additional measures for the transition to international financial reporting standards " in the Republic of Uzbekistan, joint-stock companies, commercial banks, insurance organizations and legal entities classified as large taxpayers will organize accounting based on international financial reporting standards (IFRS) from 1 January 2021 and prepare financial statements based on IFRS from the end of 2021.

To do this, first of all, it is advisable to communicate with representatives of countries that establish the legal framework and standards of IFRS documents, including the UK, which have a place and experience in this field in the world. With this in mind, on 16 September 2020, at the initiative of employees Of the Department of accounting and audit methodology of the Ministry of Finance, a video conference was held with the participation of specialists of the state body HMRC of great Britain (the authorized state body of great Britain for taxes and customs issues) Jennifer Guest, Alison Reyes, Karen Fox.

During the videoconference, the participants exchanged UK experience and suggestions and recommendations, including how organizations should first implement IFRS from next year, the stages of translating IFRS standards into the state language, as well as useful information about the impact of tax legislation on the implementation of IFRS. In particular, it was suggested to use the XBRL program, which is currently the most convenient to use in the world. Through this program, recommendations were made to create the possibility of combining the activities of tax and statistical agencies.

XBRL is a digital business report analysis program managed by the global XBRL consortium. XBRL is used in more than 50 countries. Every year, millions of XBRL documents are created, replacing old, paper-based reports with more useful, more efficient, and more accurate digital versions. XBRL allows you to transfer reporting data between organizations quickly, accurately, and digitally.