Ministry of Economy and Finance of the Republic of Uzbekistan

The meeting was attended by World Bank representatives, experts, and specialists Andrei Busuioc, Arman Vatyan, Nurgul Tatybekova, and Jamshid Iriskulov, as well as, the Director of the Accounting and Audit Methodology Department of the Ministry of Economy and Finance Otabek Barakayev and departmental staff.

During the meeting, pressing issues were discussed, including the systematization of the accounting field, promoting the transition to International Financial Reporting Standards (IFRS), creating additional conditions for business entities to adopt IFRS, improving external quality control systems for financial reporting, and ensuring the quality of auditing services based on international standards.

In particular, it was emphasized that a technical assignment has been prepared for the development of a software package that allows for the verification of the accuracy, transparency, and quality of financial statements prepared in accordance with IFRS standards. The integration of this software package with the Extended Business Reporting Language (XBRL) product, aimed at automating the implementation of IFRS, was also discussed.

Furthermore, in accordance with the Law “On Auditing Activities”, the final stage of technical work on translating International Standards on Auditing (ISA) into Uzbek was discussed, and the need to expedite this process was highlighted.

At the conclusion of the meeting, World Bank representatives also shared their proposals, observations, and expectations. The parties agreed to continue their joint efforts to develop the fields of accounting and auditing and to enhance consultations.

Information Service

Ministry of Economy and Finance