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Accounting reform in Uzbekistan: outcomes and prospects
Real estate news By Trading Markets
Monday, October 22, 2007
A roundtable meeting dedicated to discussion of outcomes and prospects of accounting reforms in Uzbekistan was held at the Radisson SAS Hotel on 18 October. The round table was organized by UNDP Public Finance Reform in Uzbekistan Project in co-operation with USAID Accounting/Certified International Professional Accountant Project.
Changes taking place in the economic system of Uzbekistan require adequate enterprise management mechanisms. Financial reporting is one the most important components of such mechanisms. Bringing national accounting system in conformity with requirements of market economy and international standards of financial reporting will facilitate attraction of foreign investments to the real sector and will foster growth of economy as a whole. Accounting reform is the most effective tool for ensuring transparency and access to financial information.
Thereupon, the government of Uzbekistan has carried out a huge work for the last two years towards acceleration of accounting system reform in accordance with international financial reporting standards. At the present stage the full harmonization of national and international accounting standards is being planned. Urgency of issues discussed during the round table is caused by the necessity of elimination of existing contradictions in accounting system, in particular the need for improving legal regulation of accounting in the different branches of economy and the principles of financial statements.
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