|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||Yes. Joint-stock companies, commercial banks, insurance organisations and legal entities classified as large taxpayers and business entities with a state share and state-owned enterprises approved by the State Assets Management Agency are required to prepare financial statements applying IFRS Standards. Other companies may voluntarily prepare financial statements applying IFRS Standards.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Yes. Foreign companies are subject to the same regulations as domestic companies.|
|The IFRS for SMEs Accounting Standard is required or permitted||No. National standards are required.|
|The IFRS for SMEs Accounting Standard is under consideration||Yes. The Ministry of Finance may consider whether to permit or require the adoption of the IFRS for SMEs Standard.|
Profile last updated: 21 April 2021
On February 24, 2020, the President of the Republic of Uzbekistan signed Resolution No. 4611 ‘On Additional Measures to Transition to International Financial Reporting Standards’ (Resolution No. 4611).
This resolution requires joint-stock companies, commercial banks, insurance organisations and legal entities classified as large taxpayers to prepare financial statements in accordance with IFRS Standards from 1 January 2021.
Moreover, business entities preparing financial statements on a voluntary basis in accordance with IFRS Standards are exempted from submitting financial statements in accordance with national accounting standards (NAS).
Apart from certain companies (see above), starting from 2020, the State Asset Management Agency will annually approve and publish, by 1 June, a schedule of business entities with a state share and of state-owned enterprises that must implement IFRS Standards and that do not meet the criteria above.
For companies that prepare financial statements applying IFRS Standards, the audit report states conformity with IFRS Standards.
To create a legal basis for the use of IFRS Standards in Uzbekistan as a regulatory document, the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated August 24, 2020 No. 507 ‘On approval of the Regulation on and the procedure for recognizing International Financial Reporting Standards and Interpretations to them’ was adopted. Recognition of IFRS Standards in the Republic of Uzbekistan is approved by an order of the Ministry of Finance.
To recognise IFRS Standards as legal documents, on August 24, 2020, the Cabinet of Ministers of the Republic of Uzbekistan adopted Resolution No. 507 ‘On approval of the Regulation on and the procedure for recognizing International Financial Reporting Standards and their Interpretations’.
With this Resolution, the Cabinet approved IFRS Standards and the procedure for recognising documents accompanying IFRS Standards.
In accordance with this Resolution, IFRS Standards for adoption in the territory of the Republic of Uzbekistan and IFRIC Interpretations are included in the following documents issued by the International Accounting Standards Board:
IFRS Standards, including any new IFRS Standards.
Interpretations of IFRS Standards;
amendments to IFRS Standards;
other documents specified by the International Accounting Standards Board as integral parts of the IFRS Standards.
This Resolution also established the procedure for expert examination of IFRS Standards for application in Uzbekistan and the procedure for endorsement of IFRS Standards in Uzbekistan.