Representatives of the Central Bank, World Bank, Ministry of Finance of Uzbekistan, Uzbekistan Accountants and Auditors Association, Uzbekistan Auditors Chamber, commercial banks participated at the event.

World Bank specialists noted importance of implementation of international financial reporting standards and highly rated conducted works in the banking system of Uzbekistan.

In particular, Central Bank, Ministry of Finance, Uzbekistan Banking Association developed a complex of measures to reform accounting in banking-financial system. Currently, large volume of work is conducted over implementation of the project in cooperation with the World Bank.

During the event, the participants had chance to discuss with the project “Improving financial reports and audit in the banking system”, conducted by the Central Bank, and exchanged opinion on interested issued.

The project has three components – full implementation of international financial reporting standards and international audit standards in the banking system, harmonize international standards and requirements of financial reporting, and further strengthen opportunities of regulator of the banking system via trainings.

It is also planned to translate international financial reporting standards and international audit standards into Uzbek language and adopt them as normative documents.

Within the project, it is planned to hold various workshops and seminars on international standards of accounting and audit.