In the area of International Financial Reporting Standards (IFRS):

1. In order to systematize the field of accounting, stimulate the transition to International Financial Reporting Standards (IFRS) and create additional conditions for business entities to transition to IFRS, improve external quality control systems for financial reporting, as well as strengthen the legal status and prestige of the accounting and auditing professions, ensure compliance with professional ethics requirements, ensure the quality of accounting and auditing services based on international standards, and develop the field of accounting and auditing through digitalization, a draft resolution of the President of the Republic of Uzbekistan "On Measures for the Fundamental Improvement of the Financial Accounting System in Accordance with International Requirements and Standards" was developed and on September 15, 2025, Resolution No. PQ-282 was adopted.

This resolution defines important priorities for the fundamental improvement of the accounting system and its transition to international standards.

Firstly, in order to increase transparency in the financial and capital markets of Uzbekistan, strengthen the confidence of international investors, and, as a result, improve the country's sovereign and corporate ratings and expand opportunities for attracting long-term investments, a new category of business entities that are of significant importance for society and the economy, Public Interest Entities (PIE), has been legally established.

Secondly, the criteria for classifying organizations as Public Interest Entities, the requirements for their financial reporting and auditing, as well as the procedure for establishing and maintaining the register of Public Interest Entities, have been outlined in the Regulation approved by the joint resolution of the Ministry of Economy and Finance and the Central Bank dated December 27, 2025, No. 3736.

The concept of Public Interest Entities has been clearly defined for the first time. Public Interest Entities (PIE, JAT) are commercial organizations that have a wide range of stakeholders due to their type of activity, size of assets, annual revenue, number of employees, or economic and social impact.

Organizations of public significance shall implement accounting based on IFRS starting from January 1 of the year following their inclusion in the Register, and shall prepare financial statements for the subsequent (second) year and publish them along with audit reports in accordance with IFRS.

The category of Organizations of Public Significance includes the following:

organizations whose securities are listed on the stock exchange and offered for public trading (Publicly Traded Entity);

commercial banks, microfinance banks, microfinance organizations, factoring organizations, mortgage refinancing organizations and guarantee organizations, payment system operators, payment organizations;

investment funds;

exchanges;

state-owned enterprises with a state share of fifty percent or more in the authorized fund (charter capital) and simultaneously meeting the criteria of subparagraph "a" of paragraph 6 of these Criteria for the last two consecutive calendar years, with annual net revenue from sales of products, goods and services, and income in the form of dividends jointly amounting to one million times the basic calculated value or more;

simultaneously for the last two consecutive calendar years, based on the results of the reporting year:

a) the book value of assets is one million times the basic calculated value or more;

b) annual net revenue from the sale of products, goods, and services equal to or exceeding one million times the basic calculated amount;

d) organizations with an average annual number of employees of at least five hundred.

A clear mechanism for transitioning to International Financial Reporting Standards (IFRS) and International Standards on Auditing has been implemented. Organizations of public significance are required to maintain accounting records and prepare financial statements in accordance with IFRS.

Organizations of public significance included in the register:

prepare separate and (if applicable) consolidated financial statements based on IFRS;

conduct mandatory audits of financial statements in accordance with International Standards on Auditing (ISA) ;

publish financial statements and audit opinions on their official websites and the Unified Portal of Corporate Information.

The Register of Organizations of Public Significance will be open and transparent. The Ministry of Economy and Finance and the Central Bank will establish and maintain the Register of Organizations of Public Significance. The Register will be posted annually by July 1 on the Government Portal of the Republic of Uzbekistan and the Open Data Portal.

The Register will openly display key financial indicators of organizations, audit reports, links to financial statements, and other important information.

Thirdly, a methodological council was established, consisting of qualified specialists and practitioners in the field of accounting and auditing, as well as foreign and local experts.

The Methodological Council discussed issues and problems related to IFRS and auditing, and relevant conclusions on these matters were published on official websites.

Additionally, the Methodological Council studied the challenges of implementing IFRS in various sectors and industries, analyzed the identified problems, and provided organizational and methodological support to business entities for the implementation of IFRS.

Fourthly, the following work was carried out to provide organizational and methodological support to business entities for the implementation of IFRS:

Mechanisms for automatically generating IFRS financial reporting forms were implemented in ERP (Enterprise Resource Planning) and accounting software;

Software for monitoring financial reporting and its quality based on IFRS was implemented through integration into the Unified Reporting System;

Advanced training programs in digital knowledge (ERP, AI, Big Data) were introduced for accountants, auditors, and financial specialists, and special training courses were organized in cooperation with higher educational institutions and relevant public associations;

Auditor training programs were revised and aligned with International Education Standards;

A resolution of the Cabinet of Ministers has been developed, outlining rules for preparing Sustainable Development and ESG (Environmental, Social, Governance) reports and a program of measures for their implementation;

A survey was conducted among business entities on calculating income tax based on IFRS, and methodological assistance was provided to them on this matter;

Methodological guidelines have been developed for accountants and auditors on adhering to the fundamental principles of the International Federation of Accountants' Code of Ethics  (Code of Ethics for Professional Accountants) , and training seminars have been organized to increase their awareness of independence, ethical norms, and requirements through teaching the Code.

In accordance with IFRS, standardized financial reporting forms for consolidated reports, as well as an IFRS-adapted model chart of accounts and instructions for its application, have been developed.

Proposals have been submitted to the Cabinet of Ministers for the implementation of National Financial Reporting Standards, harmonizing the National Accounting Standards with IFRS for small and medium-sized businesses.

2. By the end of 2025, within the framework of international certification of accountants, 1,515 applications for reimbursement of examination costs were considered during 2025, of which 895 applicants received reimbursement totaling 1,208.7 million soums. Regarding the reimbursement of training costs for a total of 652 students, 42 applications from 5 training centers were reviewed, of which 26 applications were approved, covering training costs for 430 students, amounting to 1,982.4 million soums. At the end of 2025, within the framework of the International Certification of Accountants, 1515 applications for reimbursement of examination costs were considered during 2025, of which 895 received reimbursement of 1208.7 million soums.

Today, within the framework of international certification of accountants, there are about 1,470 specialists with international certificates (as of 01.07.2025), including: ACCA - 102, those who have passed the "Financial Reporting under IFRS" (F7) subject - 749, DipIFR (ACCA) - 449, and more than 170 with CIPA, CAP, CPA certificates. In collaboration with ACCA (Association of Chartered Certified Accountants), 14 training centers have successfully passed international accreditation. More than 13,000 learners, including students, teachers, accountants, and finance professionals, are studying on the two-stage free distance learning platform (ifrs.academy) for teaching International Financial Reporting Standards.

The implementation of these reforms, the adoption of Decree No. PP-282 by the President of the Republic of Uzbekistan on September 15, 2025, and the execution of tasks defined therein will increase transparency in financial and capital markets and strengthen the confidence of international investors. This will improve the country's sovereign and corporate ratings, expanding opportunities to attract affordable and long-term investments.

In the field of auditing:

1. According to the general overview of the audit services market in our republic, as of December 31, 2025, the number of audit organizations reached 175, while the number of individuals holding auditor qualification certificates reached 1,296.

2. The "Audit" software package has been developed and implemented to ensure transparency in the activities of audit organizations and to introduce information and communication technologies in their interaction with government bodies. Currently, the "Audit" software package is operational on the web pages http://audit.mf.uz and https://audit.imv.uz.

3. Regarding issues of countering the legalization of proceeds from criminal activity, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction:

Starting from January 2025, in collaboration with the Department for Combating Economic Crimes, preparations are underway for the third round of mutual assessment of the national system for combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction (AML/CFT/CPF). Within the framework of the "Roadmap" and Action Plan approved by the protocol of the Interdepartmental Commission on AML/CFT/CPF, work was carried out in 2025, and a report on this was prepared.

In addition, about 20 regulatory legal acts on accounting and auditing activities have been developed.

During 2025, participation took place in international conferences, seminars, trainings, round tables, and various meetings aimed at further developing 18 sectors through international cooperation. In particular, regarding accession to the World Trade Organization, meetings were held on accounting and auditing services at the Council meeting for accession. Additionally, meetings and discussions on various aspects of accounting and auditing were organized and attended with the World Bank, the IFRS Foundation Board (United Kingdom), the Association of Chartered Certified Accountants (ACCA, United Kingdom), the Treasury of the Russian Federation, and experts and representatives of the Financial Research Institute (NIFI) of the Ministry of Finance of the Russian Federation.

A total of nearly 900 tasks and appeals from individuals and legal entities received through the interdepartmental unified electronic system "Executive Discipline" were completed within the established deadlines.

The implementation of these measures enhances transparency in financial and capital markets and strengthens the confidence of international investors. This improves the country's sovereign and corporate ratings, expanding opportunities to attract affordable and long-term investments.

PR and Communications Department

Ministry of Economy and Finance