IFRS Foundation officially allowed introduction of single financial reporting standards in Uzbekistan
BAKU, Azerbaijan, Nov. 12
By Klavdiya Romakayeva - Trend:
The Ministry of Finance of Uzbekistan signed an agreement with the Foundation for International Financial Reporting Standards (IFRS Foundation), which is an independent international organization that develops and approves uniform financial reporting standards, Trend reports citing the ministry.
Deputy Finance Minister Dilshod Sultanov noted that the introduction of IFRS in Uzbekistan has great importance in the implementation of a long-term strategy aimed at increasing the potential and expanding the capabilities of domestic enterprises, including for attracting investment.
In addition, it is necessary to ensure that IFRS standards are regularly updated in the state language. The transition to IFRS is important not only for accountants or market participants, but also for the public.
The IFRS Foundation was established on June 29, 1973, as the International Accounting Standards Committee (IAS Committee). In 2010, the IFC Foundation changed its name to the International Financial Reporting Standards Foundation.
The IFRS Foundation is registered as a non-profit corporation in Delaware, USA and Wales as a foreign company. Today, most companies in 144 countries apply IFRS standards.
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