By the Decree of the President of the Republic of Uzbekistan dated February 24, 2020 No. PP-4611 “On additional measures for the transition to International Financial Reporting Standards”, the Ministry of Finance of the Republic of Uzbekistan, as an authorized body, is entrusted with a number of tasks.

In order to implement these tasks, employees of the Ministry of Finance of the Republic of Uzbekistan organized a meeting with teaching staff and students of the Samarkand Institute of Economics and Service and other higher educational institutions of the region, as well as with employees of the Samarkand Regional Tax Administration and representatives of business entities preparing financial statements in accordance with IFRS from January 1, 2021.

Deputy Director of the Department of Accounting and Audit Methodology of the Ministry of Finance of the Republic of Uzbekistan I. Akhmadkhanov and Chief Economist I. Sherimbetov informed the teaching staff and students of the Samarkand Institute of Economics and Service and other higher educational institutions of the region about the content of the decree of the President of the Republic of Uzbekistan No. PP-4611 and the tasks to be performed by higher educational institutions.

There was also a presentation on the meaning and content of the Temporary Regulation “On the procedure for reimbursement of expenses for training in International Financial Reporting Standards and passing Exams in the framework of the International Certification of Accountants”, approved by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 38 dated January 26, 2021. In particular, it was explained in detail that the Ministry of Finance will cover the costs of training teachers, students, and employees of state bodies in the disciplines of “Accounting and Audit " in accordance with IFRS and passing exams within the framework of the international certification of accountants.

Employees of the Samarkand Regional Tax Administration and representatives of business entities preparing financial statements in accordance with IFRS from January 1, 2021, explained the need to accelerate measures to provide at least three specialists with an international certificate of accountant sufficient for the qualitative application of IFRS. It was also explained that it is necessary to organize training of employees of tax authorities and representatives of business entities in accordance with IFRS on a free online educational platform (ifrs.academy and profimsfo.uz), organized by the Ministry of Finance, and bring information on the results of the exams to the Ministry of Finance.

As a result of the meetings, the employees of the Ministry of Finance gave detailed answers to the questions asked by the participants of the meeting, and also announced the opening of a telegram channel for the exchange of information.

Source: Ministry of Finance of the Republic of Uzbekistan