Round table on outcomes and prospects of accounting reforms in Uzbekistan took place in the conference hall of the Radisson-SAS Hotel on 18 October  2007. Round-table was organized within the framework of joint project of UNDP and the Ministry of Finance of the Republic of Uzbekistan "Public Finance Reform in Uzbekistan" and 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 compliance with requirements of market economy and international standards of financial reporting will attract more foreign investments to the real sector and will foster economic growth. Accounting reform is the most effective tool for ensuring transparency and access to financial information.

Thereupon, the government of Uzbekistan has put lots of efforts during the last two years in order to accelerate accounting system reform and ensuring it compliance with international financial reporting standards. Currently it is planned to achieve full harmonization of national and international accounting standards.
Urgency of the issues raised during the round table is due to the necessity to eliminate existing contradictions in accounting system, in particular there is a need to improve legislation on accounting in the different sectors of economy and the principles of financial reporting.

As it was noted by Sharafitdin Khaidarov, Head of department of methodology of accounting and audit at the Ministry of Finance of the Republic of Uzbekista "Effective financial management requires modern, complete and trustworthy disclosure of financial information in accordance with international accounting standards. Financial reporting system should correspond to the market economy requirements".

Such issues as trends of the accounting system development in Uzbekistan, introduction of consolidated financial reporting for the enterprises and organizations and accounting of investment liabilities were discussed during the round table. Apart from that, participants exchanged their views on such issues as adopting normative documents developed within the framework of the Public Finance Reform in Uzbekistan Project.

Representatives of the Ministry of Finance, Ministry of Justice, entrepreneurs, practicing accountants and lawyers, representatives of the international and public organizations, higher education institutes participated in the round table.
Recommendations and ideas on further improving the efficiency of the accounting system in Uzbekistan were proposed during active discussions.