The training provided a practical overview of key concepts, accounting principles, and disclosure requirements for better implementation of international standards. The training also included a session on the newly adopted IFRS S1 and S2 standards adopted by ISSB, highlighting the evolving role of sustainability reporting. The sessions combined technical insights with interactive discussions, helping participants strengthen their knowledge and confidence in applying IFRS in practice.  

The event — organised by the Asian Development Bank (ADB) in collaboration with ACCA (the Association of Chartered Certified Accountants) — was designed to strengthen the implementation of international financial reporting standards across state-owned enterprises (SOEs) in Uzbekistan.

Participants represented SOEs from a wide range of sectors, including energy, water & sanitation services, transportation, banking, and automotive industries.

Otabek Barakaev, Head of Accounting Methodology and Regulation of Audit Activity Department of the Ministry of Economy and Finance of Uzbekistan, said: ‘The approval of the Presidential Decree advances the country’s transition to IFRS and modernises the national framework, introducing the use of international standards and digital business reporting to support the green economy. The legal status and professional standing of the accounting and auditing profession have also been strengthened by the new Decree.

'The introduction of public interest entities (PIEs) will enhance transparency and strengthen investor confidence, improving sovereign and corporate ratings.

'Over 3,500 applicants have benefited from the 9.5 billion soums spent on accountancy education and training, including more than 1,700 completing IFRS training. This investment is ongoing.’

Sajid Raza, Senior Financial Management Specialist at ADB, said: 'Uzbekistan’s adoption of IFRS, driven by recent Presidential Decrees, marks a bold step toward global financial transparency and economic reform. ADB’s Strategy 2030 prioritizes sound financial management, and we are committed to supporting Uzbekistan’s transition to IFRS and strengthening institutional capacity. This training contributes to that goal by providing practical insights into IFRS principles and conceptual framework along with sustainability reporting under IFRS S1 and S2.'

Gaukhar Ashirbekova, Public Affairs Lead for Eurasia at ACCA, said: ‘Together with our partners, we support standards implementation at a strategic, governmental, and institutional level to build the skills and knowledge of finance professionals and enhance the quality of financial and corporate reporting. ACCA is pleased to work with ADB to deliver IFRS capacity building training for regulatory bodies and SOEs, supporting greater transparency, comparability, and trust in financial reporting.’

In 2020, ACCA, the Ministry of Economy and Finance of Uzbekistan, and the Chamber of Auditors of Uzbekistan signed a Memorandum of Understanding aimed at:

• Implementing International Financial Reporting and Auditing Standard
• Developing the accounting profession
• Enhancing economic management. 

Under this MoU, ACCA is actively expanding its activities in Uzbekistan, contributing to the professional growth of specialists in finance, accounting, and auditing.

In collaboration with the Association of Certified Financial Professionals of Uzbekistan (ACFP), ACCA launched a strategic initiative in May 2024 to enhance financial specialists’ competencies and align them with advanced international accounting standards. This initiative integrates ACCA Advanced Diploma in Finance and Business into Uzbekistan’s national certification framework, allowing professionals to gain globally recognised qualification.

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About ACCA

We are ACCA (the Association of Chartered Certified Accountants), the only truly global professional accountancy body. Since we were founded in 1904, we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries.
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