The Association of Chartered Certified Accountants (ACCA) has signed memorandums of understanding (MoUs) with the Ministry of Economy and Finance of the Republic of Uzbekistan and the country’s central bank.
The agreements are intended to back ongoing financial reporting reforms, promote the use of international standards and build professional capacity in the country’s finance sector.
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They support the implementation of a presidential resolution aimed at improving corporate financial reporting and aligning Uzbekistan’s financial system with global practices.
The MoU with the Ministry of Economy and Finance extends existing cooperation on the adoption of International Financial Reporting Standards (IFRS) and development of the accountancy profession.
It covers training in international financial reporting and auditing standards, train-the-trainer programmes for educators, audit quality assurance, support for sustainability reporting and skills development in the public sector.
ACCA Central Asia, Armenia and Mongolia head Zhanna Iskenova said: “This MoU reflects the strong and long-standing cooperation between ACCA and the Ministry of Economy and Finance in supporting Uzbekistan’s financial reporting reforms and development of the accountancy profession.”
The agreement with the Central Bank of Uzbekistan focuses on IFRS implementation in the banking industry and enhancing skills at the central bank and commercial banks.
Planned cooperation includes targeted capacity-building, potential sector-specific certification and continuing professional development for banking staff, along with short-term specialist training with international experts.
ACCA Eurasia Public Affairs lead Gaukhar Ashirbekova said: “The cooperation with the Central Bank of Uzbekistan represents an important milestone in ACCA’s engagement with the country’s financial sector.
“We see strong potential to further support the banking sector through international knowledge exchange, professional development initiatives and capacity building for finance professionals working across the banking sector.”
In April this year, the ACCA and the Association of Certified Financial Professionals of Uzbekistan signed an MoU with the Uzbekistan ministry to advance finance skills in the country.
