RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of September 15, 2025 No. PP-282

About measures for enhancement of system of financial accounting according to the International requirements and standards

For the purpose of widespread introduction of international standards in system of financial accounting of the country, and also ensuring execution of the Presidential decree of the Republic of Uzbekistan of January 30, 2025 "About the State program on strategy implementation "Uzbekistan - 2030" in Year of environmental protection and "green economy" I decide No. UP-16:

1. Take into consideration that as a result of the taken measures for ensuring reliability and transparency of creation of the financial reporting large enterprises passed to preparation of the financial reporting on the basis of International accounting standards (International Financial Reporting Standards (IFRS) (further - IFRS), harmonization of national system of financial accounting with the international requirements is reached, and also system measures for increase in personnel potential are taken.

2. Approve the offer of the Ministry of Economics and finance on introduction concerning the subjects of entrepreneurship which are important for society and economy, legal status of the Socially significant organizations (Public interest entities - PIE), to the financial reporting to which audit and management separate requirements, as the next stage of continuation of the reforms directed to implementation of the international requirements and standards in system of financial accounting are established.

3. Form the Republican commission on implementation of international accounting standards (further - the Republican commission) in structure according to appendix No. 1 * and to determine it the main objectives:

(a) coordination of activities of state bodies for high-quality implementation of IFRS in the country and methodological support of subjects of entrepreneurship in this process;

(b) ensuring interaction of the interested ministries and departments of reduction of the national legal system in compliance with IFRS, forming of necessary legal mechanisms;

(c) determination of system measures for preparation and advanced training of personnel in the IFRS direction on the basis of the international educational standards and to attraction them to practical activities;

(d) improvement of quality of the financial reporting, ensuring its recognition at the international level and strengthening of investment appeal of the country.

4. The republican commission (D. Kuchkarov) in ten-day time proceeding from requirements of this resolution:

(a) to determine tasks of the relevant ministries and departments of further expansion of implementation of the international requirements and standards in system of financial accounting of the country;

(b) to develop specific plans for system work with the subjects of entrepreneurship belonging to the category of the Socially significant organizations and to take measures for their realization.

5. Determine that:

(a) the category of the Socially significant organizations joins subjects of entrepreneurship which owing to type of the activities and (or) the size of assets have high social and economic influence, and also wide range of concerned parties. At the same time the Ministry of Economics and finance together with the Central bank is determined by criteria of reference to this category;

(b) the subjects of entrepreneurship corresponding to the established criteria annually till July 1 join in the register of the Socially significant organizations (further - the Register) the Ministry of Economics and finance, and the organizations which are under the supervision of the Central bank - the Central bank;

(c) since January 1, 2026 the Register is kept by the Ministry of Economics and finance electronically and annually till July 1 is placed on single platform of the Government portal and the Portal of open data;

() the Socially significant organizations, since January 1 of the year following after year of their inclusion in the Register will organize conducting financial accounting on the basis of IFRS, and following the results of the next (second) year constitute the financial reporting and publish it together with audit opinion according to IFRS, except for legal entities for whom acts of the legislation provide earlier terms of transition to IFRS;

(e) in 2026 - 2028 expenses on primary registration and examination are compensated to the citizens who successfully passed examinations in the corresponding objects within the international certification of accountants at the expense of means of the republican budget of the Republic of Uzbekistan.

6. Establish procedure according to which:

(a) the legal entities who made the decision voluntarily to pass to IFRS in reporting year, send till March 1 of the next accounting year through private office of the taxpayer the adequate notice to tax authorities with indication of date of transition to IFRS;

(b) the legal entities creating consolidated financial statements according to requirements of IFRS constitute also separate financial statements on the basis of IFRS.

7. To the Ministry of Economics and finance together with the Central bank, the Tax Committee, Agency on management of the state assets and the National agency of perspective projects:

(a) to provide rendering the methodical help to the subjects of entrepreneurship for the first time applying IFRS and regular placement of necessary information on the matter on the official websites;

(b) to render methodical assistance in the organization of auditing committee in the Socially significant organizations.

8. To the Ministry of Economics and finance:

(a) in three-months time to develop and approve in accordance with the established procedure:

(i) procedure for forming and maintaining Register;

(ii) together with the Central bank criteria of reference to category of the Socially significant organizations, and also requirements to their financial reporting and audit;

(b) to provide high-quality maintaining the Register and timely entering into it of necessary changes. At the same time Agency on management of the state assets the list of the organizations with the state participation recording on the basis of IFRS is submitted to the Ministry of Economics and finance.

9. Approve "Road map" on reduction of system of financial accounting in compliance with international standards according to appendix No. 2*.

10. To the Ministry of Economics and finance to bring in the Cabinet of Ministers:

(a) till December 31, 2025:

(i) bill "About Financial Accounting and the Financial Reporting";

(ii) the project of temporary procedure for compensation for the account of the republican budget of the Republic of Uzbekistan to the citizens who successfully passed examinations in the corresponding objects within the international certification of accountants, expenses on primary registration and examination;

(b) till March 1, 2026 offers:

(i) on implementation of National accounting standards with harmonization of National accounting standards with IFRS for small and medium business;

(ii) The concept of development of auditor activities in Uzbekistan in 2026 - 2030.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info