The Minister of Finance issued the Recognition of international financial reporting standards and texts of explanations to it for the purpose of their application on the territory of the Republic of Uzbekistan Order.
International Financial Reporting Standards (IFRS) is a set of standards and interpretations aimed at reducing differences in the presentation of financial reporting, improving the quality of information provided by companies, including at the international level, Norma reported.
Reportedly transition to IFRS in Uzbekistan will take a phased manner.
In accordance with the document, more than 60 IFRS and texts of explanations to them can be applied on the territory of Uzbekistan.
The standards contain a set of rules for the formation of accounting and reporting of a particular area of activity of economic entities.