A seminar was held on the transformation of state-owned enterprises and the introduction of international financial reporting standards

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On February 20 of this year, the Ministry of Economy and Finance of the Republic of Uzbekistan, together with UzAssets JSC and representatives of international audit companies, organized a seminar on the topic: “Transformation of state-owned enterprises: functions of finance and internal audit”.

At the event, the Ministry of Economy and Finance outlined specific tasks for the transformation and implementation of international financial reporting standards for 22 state-owned enterprises.

In his speech, Odilbek Isakov, a member of the Supervisory Board of UzAssets, explained in detail to the participants the role of finance and internal audit functions in obtaining international credit ratings that help attract capital in international capital markets without a state guarantee.

During the discussion, the seminar participants reviewed the stages of transformation of the financial function, integration of accounting, management and tax accounting in accordance with International Financial Reporting Standards (IFRS). A document was also presented – “Methodology for the transformation of the financial function”, developed by specialists of UzAssets JSC.

Deloitte and KPMG specialists presented modern methods for improving internal audit functions and prospects for developing the role and competencies of internal audit services in state-owned enterprises.

As a result of the seminar, an agreement was reached to carry out the following stages of joint work to improve the functions of internal audit, as well as to introduce International Financial Reporting Standards (IFRS) into the accounting practices of state-owned enterprises.