BAKU, Azerbaijan, Nov. 27
By Klavdiya Romakayeva - Trend:
Uzmetkombinat JSC Uzbek metallurgical plant prepared an auditor's report for the Big Four accounting firms in accordance with international financial reporting standards (IFRS), Trend reports referring to repost.uz.
Uzmetkombinat’s modern management systems are being improved on the basis of the Decree of the President of the Republic of Uzbekistan dated February 24, 2020 "On additional measures for the transition to international financial reporting standards".
Recently, the Big Four accounting firms received an audit opinion on the first consolidated financial statements of Uzmetkombinat JSC, prepared in accordance with international financial reporting standards by the international auditing organization Deloitte & Touche.
The transition to international financial reporting standards will create a solid foundation for the Uzmetkombinat to enter world markets.
International Financial Reporting Standards (IFRS) are a set of documents for the preparation of financial statements, regulations governing the structure of financial statements, which are used by external users to make economic decisions about an organization.
IFRS plays an important role in providing foreign investors with the necessary information environment and expanding access to international financial markets. It also serves to improve the system of training specialists in the field of accounting and auditing in accordance with international standards.
Joint-stock companies, commercial banks, insurance companies, and legal entities that are included in the category of large taxpayers at the plant from January 1, 2021, will organize accounting in accordance with international financial reporting standards and prepare financial statements in accordance with international standards.
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