BAKU, Azerbaijan, Dec. 16
By Fakhri Vakilov - Trend:
From January 1, 2021, joint-stock companies, banks, insurance companies, business entities with a state share in the authorized capital, as well as legal entities classified as large taxpayers, can switch to international financial reporting standards (IFRS), as follows from the draft resolution of the President of Uzbekistan "On additional measures for the transition to international financial reporting standards”, Trend reports citing Uzbekistan’s state portal regulation.gov.uz.
In Uzbekistan, the number of enterprises that attract foreign investments and are engaged in foreign trade operations is increasing. However, financial and economic information about these enterprises is practically absent.
The document provides for the development by October 1, 2020 of new tax reporting forms adapted to IFRS, as well as proposals to strengthen administrative responsibility measures for late preparation and publication of financial statements.
Important steps are planned to be taken in the training system. In particular, before August 1, 2020, the Ministry of Higher and Secondary Specialized Education should introduce updated educational programs in the specialties "Accounting" and "Audit" in the undergraduate and graduate areas, providing for an in-depth study of IFRS.
It is also expected that from the 2022-2023 academic year, only specialists with a document on the successful completion of the subject "Financial Accounting" or "Financial Reporting" under IFRS or an international certificate of accountant will teach disciplines in accounting and audit at universities(ACCA and its diplomas, CPA, CIPA).
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