Ministry of Economy and Finance of the Republic of Uzbekistan

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

In this regard, the Ministry of Economy and Finance, in accordance with the Regulation on the criteria for inclusion in the category of Public Interest Entities (PIEs), the requirements for their financial statements and audits, and the procedure for forming and maintaining the register of public interest entities (Reg. No. 3736, 27.12.2025), has formed the Register of Public Interest Entities for the first quarter of 2026.
 

The PIE category includes the following organizations:
 

organizations whose securities are listed on a stock exchange and are publicly traded (Publicly Traded Entities);
 

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

investment funds;
 

exchanges;
 

state-owned enterprises with a state share of fifty percent or more in the authorized fund (authorized capital) that, for the last two consecutive calendar years, simultaneously meet the criteria in sub-paragraph "a" of paragraph 6 of these Criteria, and whose combined annual net revenue from the sale of products, goods, and services and income in the form of dividends is one million times the basic calculation value or more;
 

organizations that, for the last two consecutive calendar years as of the end of the reporting year, simultaneously meet the following criteria:
 

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

b) their annual net revenue from the sale of products, goods, and services is one million times the basic calculation value or more;
 

d) their average annual number of employees is at least five hundred.
 

Secondly, to further expand the scope of international certification for accountants and supply organizations transitioning to IFRS with competent and qualified personnel, it was established that for all citizens who successfully pass an exam within the framework of international certification, the exam costs will be reimbursed from the Republic's budget until the end of 2026–2028. Accordingly, a resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On the Approval of the Temporary Regulation for Reimbursing the Costs of Successfully Passing Exams within the Framework of the International Certification of Accountants" was drafted and submitted to the Cabinet of Ministers.
 

Thirdly, in order to raise the international rating of Uzbekistan's financial market, particularly the capital market, by ensuring its international recognition, new National Financial Reporting Standards (NFRS) have been developed, harmonized with IFRS, to replace the National Accounting Standards (NAS) . Their phased introduction starting from January 1, 2027, has been approved. Consequently, for the first time, the NFRS standard "Framework for the Preparation of Financial Statements: Accounting Policies and Accounting Estimates" (order number 345, March 12, 2026) was developed. This document will elevate the financial reporting system in our country to a new stage and serve to accelerate the process of harmonization with international standards.
 

Fourth, to coordinate and provide methodological support for the processes of implementing IFRS, a number of opportunities and benefits are being offered to business entities. In particular, meetings of the "Methodological Council," established in the field of accounting, have been held, and measures have been taken to study the issues in implementing IFRS across sectors and industries, analyze the identified problems, and address them.
 

Fifth, based on the results of studying the legislation and best practices of foreign countries in accounting, the draft Law "On Accounting and Financial Reporting" in its new edition (ID-7833) has been submitted to the Cabinet of Ministers.
 

2. Amendments to the IFRS from previous years have been translated into the state language and were recognized for application within the territory of the Republic by the Order of the Minister of Economy and Finance "On the Recognition of Amendments and Additions to International Financial Reporting Standards for Application in the Territory of the Republic of Uzbekistan" (Reg. No. 3400-1, March 6, 2023).
 

Within the framework of the international certification of accountants in the Republic of Uzbekistan, the Association of Chartered Certified Accountants (ACCA) has 123 specialists with Member and Affiliate status; 618 specialists hold the ACCA DipIFR diploma; 1,157 individuals have successfully passed the "Financial Reporting (FR) " exam; 439 have successfully passed the "Audit and Assurance (AA) " exam; and there are over 170 CIPA, CAP, and CPA holders, for a total of approximately 2,500 specialists with international certifications.
 

II. In the Field of Auditing Activities
 

1. Based on international and modern legislative requirements for regulating auditing activities, and according to the general characteristics of the audit services market in our Republic, as of the first quarter of 2026, the number of audit organizations is 176, and the number of individuals holding an auditor's qualification certificate has reached 1,337.
 

2. The "Audit" software suite was developed and implemented to ensure the transparency of audit organizations' activities and to introduce information and communication technologies into their interaction with government bodies. The "Audit" software suite is currently operational on the http://audit.mf.uz and https://audit.imv.uz websites.
 

3. Regarding measures to counter the legalization of proceeds from criminal activity, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction:
 

Since January 2026, work has been underway in collaboration with the Department for Combating Economic Crimes to prepare for the 3rd round of the mutual evaluation of the national system for Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFT/PF).
 

4. The Ministry of Economy and Finance is undertaking measures to translate the International Standards on Auditing (ISA) into the state language. The first and second stages of the ISA translation have been completed, all 50 ISAs have been translated by translators, and the final translations are being reviewed by qualified specialists.

PR and Communications Department

Ministry of Economy and Finance