Ministry of Economy and Finance of the Republic of Uzbekistan

Specifically, during 2025, a number of important decisions were made in this area, and new mechanisms were introduced. Extensive work has been carried out to enhance the qualifications of specialists, promote digitalization, and expand international cooperation.

Otabek Barakayev, Head of the Department of Accounting Methodology and Regulation of Auditing Activities at the Ministry of Economy and Finance, gave an interview to a UzA correspondent about these innovations and the work accomplished.

- First of all, what significant regulatory and legal documents have been developed to improve accounting and auditing activities, and to what extent is their implementation being ensured?

- During 2025, large-scale reforms aimed at fundamentally improving the system of accounting and financial reporting were carried out in our country. In particular, special attention was paid to stimulating the transition to International Financial Reporting Standards, creating additional favorable conditions for business entities, improving the external quality control system, and strengthening the legal status and professional prestige of accountants and auditors.

To further systematize this process, the Decree of the President of the Republic of Uzbekistan dated September 15, 2025, "On Measures to Improve the Financial Accounting System in Accordance with International Requirements and Standards" was adopted, defining the priority areas for aligning the accounting system with international standards. This decree serves to increase transparency in the financial and capital markets, strengthen the confidence of international investors, and expand opportunities for attracting long-term investments.

- For the first time in our country, the category of public interest entities has been legally defined. What does this signify?

- In accordance with this decree, the category of public interest entities has been legally defined for the first time in our country. This category includes organizations whose activities, assets, revenue, or socio-economic impact concern a wide range of stakeholders.

Specifically, this category includes public companies on the stock exchange, commercial banks and financial institutions, investment funds, exchanges, large enterprises with a high state share, as well as large organizations whose assets, revenue, and number of employees meet established criteria.

Once included in the registry, such organizations are required to maintain financial accounts in accordance with international standards, have their financial statements audited based on international auditing standards, and make them publicly available. The registry is published annually on the open data portal and government portals.

- What work has been done to implement International Financial Reporting Standards (IFRS) and support specialists?

- During 2025, a Methodological Council in the field of accounting and auditing was established. Local and foreign experts participated, discussing challenges related to the implementation of international standards and developing practical recommendations.

Work was carried out to provide methodological assistance to business entities, introduce mechanisms for the automatic completion of reporting forms according to international standards in ERP and other software, and integrate them into the Unified Reporting System. Additionally, professional development programs on digital skills for accountants and auditors were launched, and educational programs in the field of auditing were aligned with international standards.

Relevant draft resolutions were also developed on implementing the rules for sustainable development and ESG reporting.

- What are the results of the work carried out in the area of international certification for accountants?

- In 2025, as part of the international certification for accountants, 1,515 applications for the reimbursement of examination costs were reviewed, and 1,208.7 million UZS was reimbursed for 895 applicants. Additionally, 1,982.4 million UZS was allocated to cover training costs for 430 participants.

Today, approximately 1,470 specialists in our country hold international certificates. In cooperation with ACCA, 14 training centers have received international accreditation. Furthermore, more than 13,000 students are enrolled in free online IFRS learning platforms.

- What work has been accomplished in the field of auditing?

- As of the end of 2025, 175 audit organizations are operating in the republic. The number of specialists holding an auditor's qualification certificate has reached 1,296.

To ensure the transparency of audit organizations' activities, the "Audit" software suite was developed and put into practice. Additionally, in accordance with international requirements, preparatory work was conducted to assess the national system for combating the legalization of criminal proceeds, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction.

- What measures have been taken to improve international cooperation and the regulatory framework?

- During 2025, approximately 20 regulatory and legal acts related to the fields of accounting and auditing were developed. Participation took place in 18 international conferences, seminars, and meetings. In particular, cooperative ties with the World Bank, the IFRS Foundation, ACCA, and other international organizations were strengthened.

At the same time, nearly 900 assignments and inquiries received through the interdepartmental electronic system were completed within the specified deadlines.

Overall, the reforms carried out in the fields of accounting and auditing during 2025 created a solid foundation for increasing transparency in financial and capital markets, strengthening the confidence of international investors, and attracting long-term investments to the country's economy. These processes, in turn, contribute to the sustainable development of the national economy.

UzA.uz