The Uzbekistan Ministry of Finance published a progress update on reforms to align accounting and auditing with International Financial Reporting Standards and other international standards. It confirms the introduction of a legal status for public interest entities and the formation of the register for the first quarter of 2026, provides for reimbursement of successful international accounting certification exam costs from the Republican budget through the end of 2028, and states that new national financial reporting standards aligned with IFRS will be introduced in phases from 1 January 2027. The public interest entity perimeter covers listed and publicly traded entities, banks and a broad range of other financial sector firms, investment funds, exchanges, certain state-owned enterprises with a state stake of at least 50 percent, and other large organizations that for two consecutive calendar years meet all three thresholds of assets and annual net revenue of at least one million times the base calculation amount and an average of at least 500 employees. The first new standard, Foundations for Preparing Financial Statements: Accounting Policies and Accounting Estimates, has been issued, translated amendments to IFRS have been recognized for use in Uzbekistan, and a revised Law on Accounting and Financial Reporting has been submitted to the Cabinet of Ministers. Further implementation steps include a draft Cabinet resolution on the temporary procedure for reimbursing certification exam costs and continued translation of the International Standards on Auditing, with all 50 standards translated and final texts under specialist review. The ministry also reported nearly 2,500 internationally certified accounting specialists, 176 audit firms and 1,337 certified auditors as of the first quarter of 2026, rollout of the Audit software platform, and preparations since January 2026 for the third round of mutual evaluation of the national anti-money laundering, counter-terrorist financing and counter-proliferation financing system.
Ministry of Finance (Republic of Uzbekistan) 2026-05-06
Uzbekistan Ministry of Finance details first public interest entity register and 2027 IFRS aligned standards rollout
The Ministry of Finance of Uzbekistan reported progress on reforms to align national accounting, auditing and financial reporting with International Financial Reporting Standards and other international standards. Measures include creating a legal status and register for public interest entities and phasing in new IFRS‑aligned national standards from 1 January 2027. The ministry confirmed reimbursement of successful international accounting certification exam costs from the Republican budget through 2028, issuance of a new standard on accounting policies and estimates, recognition of translated IFRS amendments, submission of a revised Law on Accounting and Financial Reporting, and completion of translations of all 50 International Standards on Auditing. It also noted growth in internationally certified specialists and auditors, deployment of the Audit software platform, and preparations for the third mutual evaluation of the national AML/CFT/CPF system.