The event was organized by UNDP projects “Business Forum of Uzbekistan” and “Public finance reform in Uzbekistan” in partnership with the Ministry of Finance of Uzbekistan and the Chamber of Commerce and Industry of Uzbekistan.

Deepening of market-oriented reforms has changed the essence of economic transactions in Uzbekistan. Consequently, it has impact on the accounting system, which reflects all the processes in the economy and discloses information required to make decisions. These changes, in turn, require an elaboration of necessary legislative basis for effective regulation as well as timely, complete, transparent and credible disclosure of financial information, which should be in compliance with market economy needs and international accounting and audit standards.

Establishing such accounting and audit system will assist in providing foreign investors with necessary information, stimulate investments into Uzbek economy and further development of real sector, which in turn will increase and employment, incomes and welfare of population.

Business Forum was organized with the aim to engage all stakeholders into the decision of accounting and audit system perspectives and the issues of eliminating existing shortcomings, in particular, improving legislative regulation of the system and principles of financial reporting.

Representatives of the Ministry of Finance, Chamber of Commerce and Industry, entrepreneurs, public professional organizations, international agencies, academics and researchers in the field of accounting and audit, practitioners took part in the event.

Trends and actual issues of improving auditing practice, perspectives of international auditing standards implementation were discussed in the Business Forum. In addition, the participants also considered issues of audit of evaluation criteria, accounting of real estate in investment process and joint activity. Participants were given opportunity to listen to experts’ presentations and discuss recommendations on improving of legislative basis in the field of accounting and audit.

The discussion has shown high interest of all participants in solving existing problems. It was indicated that involvement of private sector in providing proposals and recommendations on improvement of this practice is an important.

The results of the discussions are very important as they can be used in the elaboration of well justified and quality recommendation son introducing changes and amendments into the national standards of accounting and national standards on auditing.