Tashkent, Uzbekistan (UzDaily.com) - A resolution of the President “On Additional Measures to Transition to International Financial Reporting Standards” was adopted.

In accordance with 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 (with the exception of legal entities for which the law provides for an earlier date for transition to IFRS);

- until the end of 2021, they ensure that the number of accounting services employees sufficient for the quality application of IFRS is at least 3 specialists who have a document on the successful completion of the subject “IFRS financial statements” or an international accountant certificate.

According to the document, business entities compiling on a voluntary basis financial statements in accordance with IFRS are exempted from presenting financial statements in accordance with national accounting standards.

The Ministry of Finance is determined by the authorized body for the implementation of IFRS with the assignment of a number of functions to it.

From 2021, training in accordance with IFRS and international audit standards has been carried out only by training centers that have been accredited by an international organization in the field of accounting.

Applicants with an international certificate of accountant have the right to enroll without passing entrance exams to a magistracy in the specialty “Accounting” and “Audit” of HEU on a paid contract basis.

An international accountant certificate is one of the certificates: Certified International Professional Accountant (CIPA), Certified Certified Public Accountant (ACCA), Certified Public Accountant (CPA), and Diploma in International Financial Reporting (DipIFR).