|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Accounting standards established by the Ministry of Finance are required for listed companies. However, IFRS Standards are required for banks, and with some modifications of the Standards.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||No.|
|The IFRS for SMEs Standard is required or permitted||No. National standards are required.|
|The IFRS for SMEs Standard is under consideration||No.|
National Association of Accountants and Auditors of Uzbekistan (NAAAUz)
Chamber Auditors of Uzbekistan
In 2010 the President of the Republic of Uzbekistan adopted a Decree supporting adoption of IFRS in Uzbekistan (Presidential Decree #1438 dated 26 November 2010). The Decree would require audits of large state-owned entities on the basis of International Standards on Auditing by 2015. Following that, IFRS Standards would be implemented.
Moreover, the Central bank has adopted IFRS Standards for the banking sector in Uzbekistan. However, IFRS Standards have not yet been fully implemented for banks.
While the Central Bank has required the use of IFRS Standards in the financial statements of the banking sector since 1996, banks also follow certain prudential accounting requirements of the Central Bank that differ from IFRS. Examples of the differences include:
IFRS Standards have not been adopted for other companies, but adoption is under consideration by the Ministry of Finance. No timetable has been established. Some companies voluntarily publish IFRS financial statements in addition to financial statements using Uzbek accounting standards.
For banks, the audit report states conformity with IFRS Standards.
For all other companies, the audit report states conformity with Uzbek national accounting standards.
The Central bank regulations were adopted back in 2004. They refer to those IAS/IFRS Standards that were in effect before 2005. The requirements in those regulations are now outdated since they have not been kept up to date for new or amended IFRS Standards issued since 2005. Therefore, the Central bank is planning to change its regulation to refer simply to IFRS Standards as issued by the Board once IFRS Standards have been translated into Uzbek (the national language). This will be done in a separate legal act (Resolution of Cabinet of Ministers or Resolution of Central bank). By referring to IFRS Standards as issued by the Board, all future changes to IFRS Standards will automatically be adopted in Uzbekistan without a need to issue new regulations.
Under the Central Bank regulations adopting IFRS Standards for the banks, property, plant, and equipment must be accounted for using the revaluation model and not the cost-depreciation-impairment model. In applying the revaluation model, property, plant, and equipment is remeasured based on indices issued by the government on an annual basis.
Further, in applying IFRS Standards banks follow certain prudential accounting requirements of the Central Bank that differ from IFRS Standards. Examples of the differences include: