Uzbekgidroenergo to implement International Accounting Standards

Oil&Gas Materials 28 August 2020 13:56 (UTC +04:00)
Uzbekgidroenergo to implement International Accounting Standards

BAKU, Azerbaijan, Aug. 28


Uzbekgidroenergo JSC, engaged in development the Uzbekistan's hydroelectric potential, plans to get an international credit rating, as well as issue bonds for placement on the London Stock Exchange, Trend reports with the reference to the Ministry of Energy in Uzbekistan.

International Accounting Standards (IAS) cover a wide range of transactions, while relying on financial statements and other main types of reporting. According to IAS, assets, liabilities, capital, income and expenses are the main elements of financial statements.

Among the basic principles of IAS is the continuation of work in the near future without any obstacles. This contributes to the direct attraction of foreign investment and obtaining international loans without a state guarantee.

The task set by the leadership of Uzbekistan in the direction of working with investors is precisely to raise funds without a state guarantee, which will contribute to the effective implementation of Uzbekgidroenergo JSC investment projects for the construction and modernization of hydroelectric power plants.

The internationally recognized Pricewaterhouse Coopers audit organization, one of the four world audit organizations was also involved to confirm the full-fledged maintenance of the financial statements of Uzbekgidroenergo and the enterprises of the system based on IAS.

In order to obtain an international credit rating, a partnership has been established with the international rating agency Fitch Ratings, one of the top three agencies in the international financial market.

It is planned that the financial statements of Uzbekgidroenergo will receive an international credit rating by autumn of 2020.