These reforms will serve to align the financial reporting system in the Republic with International Financial Reporting Standards (IFRS, IAS, IFRS for SMEs), and increase the transparency, comparability, and reliability of reporting data.

New standards - based on the principle of a unified and modern approach, it is planned to develop 8 areas with a total of over 30 NFRS during 2026-2027 (List of NFRS), which will cover the following main areas:

·conceptual foundations and general rules of financial reporting;

·composition and components of financial statements;

·accounting for assets, liabilities and capital;

·financial instruments;

·income, expenses, and financial results;

·important issues such as leases, employee benefits, and income tax;

·simplified accounting for small business entities;

·industry-specific standards such as agriculture, insurance, and public-private partnerships.

The new IFRSs will integrate the current National Accounting Standards (NAS) into a single system, unify them, abolish some outdated norms, and introduce standards that did not exist before but are widely used in international practice.

The implementation of national financial reporting standards creates new opportunities for businesses and investors. These include:

·Clear and understandable accounting rules for business entities;

·Improved quality of financial information for investors, creditors, and government agencies;

·Accelerated integration processes with international financial markets;

·Simplified accounting mechanisms for small businesses and non-governmental non-profit organizations.

The Ministry of Economy and Finance develops draft IFRSs based on openness and public participation. In this process, it ensures the participation of professional accountants, auditors, business entities, educational institutions, international experts, and potential scientific personnel, including those in accounting and auditing, through the Methodological Council. Draft standards will be submitted for public discussion in stages.

The Ministry of Economy and Finance calls on all business entities, interested ministries and agencies, and public organizations to actively participate in this process and provide suggestions and comments.

PR and Communications Department

Ministry of Economy and Finance