Tashkent, Uzbekistan (UzDaily.com) -- In August 2022, Uzavtosanoat and UzAuto Motors became accredited employers and ACCA partners. This status demonstrates the efforts and investments made by the company in the development of its specialists in the field of finance, analytics and accounting in accordance with IFRS.

Currently, the enterprises of the Uzavtosanoat structure have a program to improve the qualifications of financial specialists under international programs, such as ACCA, CFA, CFI, CMA, CGMA and CPA. Training and certification under the leading international programs is carried out at the expense of companies with the provision of paid vacations for employees for up to 9 days to prepare and pass exams.

At the moment, about 40 employees of the Uzavtosanoat industry are in the process of training and passing the ACCA. Thanks to the support of the industry leadership, as well as in accordance with government decisions on additional measures for the transition to IFRS (GD No. 4611 dated February 24, 2020), Uzavtosanoat and UzAuto Motors were able to prepare relevant regulatory documents and obtain approval to provide system training for financial professionals.

The acquired knowledge and competencies will help financial professionals competently implement international standards in the field of accounting and reporting under IFRS, financial analysis and controlling, as well as corporate governance, which are necessary for the economic sustainability of the company.

One example of the application of the acquired skills is the preparation by the IFRS implementation department of Uzavtosanoat of the holding’s consolidated financial statements for 2019-2020, with the support of Wisdom Advisory LLC, which required the transformation of more than 40 structural enterprises of the industry from NAS standards to IFRS and obtaining an audit opinion from Deloitte & Touche LLC. At the same time, the report for 2021 is being prepared internally, allowing the company to avoid significant costs for the services of third-party consultants. This example should serve as an incentive for organizations to invest in employee development.

In addition, UzAuto Motors is on the way to the transition of accounting based on IFRS in the SAP system, as well as actively preparing for the initial placement of securities on the republican and international exchanges (IPO).

The ACCA Approved Employer status confirms that Uzavtosanoat understands the importance of developing the potential of employees and provides ample opportunities for their training and professional growth. The company is interested in developing current staff, as well as in attracting ambitious and talented professionals who want to grow in the field of finance and IFRS.