Tashkent, Uzbekistan (UzDaily.com) – Starting from 2021, international financial reporting standards have been introduced in Uzbekistan. This is indicated in the resolution of the Head of State “On Additional Measures for Transition to International Financial Reporting Standards” from 24 February 2020. This was reported by the press service of the State Tax Committee.

The innovation affected joint stock companies, commercial banks, insurance companies and legal entities classified as large taxpayers. Starting from 1 January 2021, they will organize accounting, and starting with the results of 2021, they will begin to prepare financial statements based on IFRS.

Also, until the end of 2021, they will ensure that the number of employees of accounting services who have a document on the successful completion of the subject “Financial Statements under IFRS” or an international certificate of accountant is sufficient for the quality application of IFRS. Exception - legal entities for which the legislation provides for an earlier period of transition to IFRS.

Monitoring the implementation of IFRS is entrusted to the Ministry of Finance in cooperation with the State Tax Committee, the Agency for the Development of the Capital Market, the Agency for the Management of State Assets, including the modern publication by business entities of financial statements based on IFRS. In accredited training centers, special training on IFRS will be introduced for data workers and other interested state bodies and departments.

The road map for the phased implementation of international financial reporting standards and modern training methods reflects the main activities: translation of IFRS texts into the state language and preparation of comments (clarifications) to them, improvement of national accounting standards taking into account harmonization with IFRS, annual quality control of compliance .

As part of the roadmap, by 1 October 2020, it is planned to review and develop tax reporting forms that are adapted to IFRS financial statements.