UZBEKISTAN switches to IFRS starting 2021

18 December 2019 — Marina MAGNAVAL
From 2021, Uzbekistan will switch to International Financial Reporting Standards (IFRS) - as follows from the draft resolution of the President of Uzbekistan "On additional measures for the transition to international financial reporting standards", published on the Uzbekistan's state portal (in Uzbek language).

Based on the document, joint-stock companies, banks, insurance companies, business entities with a state share in the authorized capital, as well as legal entities classified as large taxpayers, can switch to IFRS from January 1, 2021, and starting with the results of 2021 - prepare financial statements only on the basis of IFRS, writes.

The document provides for the development by October 1, 2020 of new tax reporting forms adapted to IFRS, as well as proposals to strengthen administrative responsibility measures for late preparation and publication of financial statements.

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