Ministry of Economy and Finance of the Republic of Uzbekistan

In accordance with the Resolution of the President of the Republic of Uzbekistan No. PQ-282, dated September 15, 2025, "On Measures to Improve the Financial Reporting System in Accordance with International Requirements and Standards," the Ministry of Economy and Finance on May 18, 2026, signed a renewed Memorandum of Understanding with the Association of Chartered Certified Accountants (ACCA) on the introduction of a modern system for training and professional certification in International Financial Reporting Standards (IFRS).

For reference: The Association of Chartered Certified Accountants (ACCA), founded in 1904 and granted a Royal Charter in 1974 under the laws of England and Wales, is an international organization in the field of finance and accounting that unites 530,000 students (candidates) and 250,000 professional accountant members across more than 180 countries (https://www.accaglobal.com).

The primary purpose of signing the memorandum is to promote the implementation of international educational standards for training qualified personnel in the IFRS field. Under the updated memorandum, the parties agreed to expand cooperation on training specialists in international financial reporting and auditing standards, improving teacher qualifications, accrediting university programs, and integrating the ACCA qualification into the national education system.

In line with the Ministry's priorities, the updated Memorandum includes areas of cooperation in the following new directions:

supporting the development and strengthening of the audit quality control system in accordance with international best practices and ACCA methodology;

developing competencies in the field of sustainability and supporting the implementation of international sustainability reporting standards;

organizing training and professional development programs for public sector employees.

This Memorandum is intended to take the strategic partnership between the parties in the field of financial reporting to a new level.

It is worth noting that within the framework of the initial 2020 Memorandum of Cooperation between the Ministry of Economy and Finance and ACCA, a number of significant results were achieved in developing the international professional education and qualification system.

Specifically, from 2020 to 2025, a total of more than 4,200 applicants had their examination and training costs for relevant ACCA subjects and certificates covered by 11.06 billion UZS from the state budget. During the collaboration, more than 20 training centers successfully passed international accreditation. Today, the Republic has 123 specialists with ACCA member (Member and Affiliate) status, 618 specialists with the DipIFR ACCA diploma, 1,157 individuals who have successfully passed the "Financial Reporting (FR)" exam, and 439 who have passed the "Audit and Assurance (AA)" exam, for a total of approximately 2,337 specialists with international certifications.

The parties noted that this updated memorandum will serve to develop the financial reporting and audit system in Uzbekistan in accordance with international standards, increase the number of highly qualified specialists, further strengthen investment attractiveness, and ensure the country's sustainable economic growth.

PR and Communications Department

Ministry of Economy and Finance