Ministry of Economy and Finance of the Republic of Uzbekistan

On January 23, 2025 a meeting was held dedicated to the processes of the Report on the Observance of Standards and Codes in Accounting and Auditing (AA ROSC) in the Republic of Uzbekistan. This meeting was held in the form of the VKS with the participation of the Head of Accounting and Audit Methodology department of the Ministry of Economy and Finance Otabek Barakaev and a number of specialists, Senior Financial Management Specialist from the World Bank Andrei Busuioc, as well as a number of employees of the bank, the Central Bank, the State Assets Management Agency, the National Agency for Prospective Projects and other state and public organizations.

The meeting was held within the framework of AA ROSC assessments and aimed to develop Uzbekistan’s accounting and auditing systems, enhance their compliance with international standards, and improve the institutional framework in this field.

For reference:  AA ROSC (Report on the Observance of Standards and Codes Accounting and Auditing) is an international assessment process conducted by the World Bank in over 121 countries. It evaluates the transition to International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and aims to enhance the financial reporting system in line with international requirements.

During the meeting, discussions focused on the global significance of the ROSC assessment, the assessment process based on the new guidelines, the evaluation of compliance of accounting and auditing fields with international IFRS and ISA standards, and proposals to improve the existing legal and institutional framework in these areas.

Detailed information was provided on the seven indicators, 15 sub-indicators, and their assessment criteria used during the evaluation process. These indicators serve as key tools for evaluating financial reporting requirements, control mechanisms, qualification systems, and training programs.

Additionally, World Bank representatives prepared and distributed questionnaires to relevant organizations for the AA ROSC assessments. The preliminary results of the report are scheduled to be announced in April 2025.

The final AA ROSC reports will play a significant role in improving Uzbekistan’s accounting and auditing fields. Moreover, the report will contribute to enhancing transparency in accounting and auditing, ensuring sustainable development, and defining programmatic directions for reforms in these fields in line with international standards.

Information Service

Ministry of Economy and Finance