Uzbekistan is switching to international financial reporting standards from 2021

As follows from the decree of the head of state dated February 24, 2020 “On additional measures for the transition to international financial reporting standards”, Uzbekistan opens a new page in the history of transition to IFRS.

The adopted document provides for a fundamental revision of the process of coordination and preparation for the transition of business entities to IFRS.

In particular:

joint stock companies, commercial banks, insurance companies and legal entities classified as major taxpayers. In order to implement it, those legal entities will have to organize their accounting based on IFRS from January 1, 2021, and also ensure the number of employees in accounting services sufficient for the qualitative application of IFRS.

In addition, starting from 2020, State Asset Management Agency will annually approve and publish by June 1st, a schedule of the transition of business entities with a state share and state-owned enterprises to accounting and financial reporting based on IFRS.

Considering the necessity to train a significant number of qualified specialists with the required knowledge and skills, the document provides for a fundamentally new comprehensive approach to the training of national personnel.

In this regard, SCHNEIDER GROUP Tashkent, in cooperation with LLC “Al-Terra”, can help to get access to courses and trainings on IFRS, accounting and finance.

Source.