According to the Law of the Republic of Uzbekistan “On Accounting” and the Resolution of the President of the Republic of Uzbekistan No. 4611 “On Additional Measures for the Transition to International Financial Reporting Standards” as of February 24, 2020 and the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 507 “On Approval of the Regulation on the Procedure for The Recognition of International Financial Reporting Standards and the Text of Explanations to It” as of August 24, 2020, the application of IAS and IFRS standards is envisaged, as well as the texts of explanatory notes to them in the territory of the Republic of Uzbekistan.
It is recommended to get familiarized with the text of respective legislative acts, in order to understand the new rules fully or contact our specialists.