ACCA is an association of the most qualified professionals in finance and accounting. The association aims to provide the most sought-after qualifications to business-minded, capable and proud individuals from around the world who aspire to a successful position in accounting, auditing, finance and management. Today the association has 227,000 members and 544,000 students from 181 countries, helping them find a successful position by teaching them the business skills they need.
 

ACCA has offices in 101 countries and co-operates with 7,291 accredited employers. ACCA's activities are also directly coordinated by the IFRS (International Financial Reporting Standards). IFRS is the leading body for the development of international financial reporting standards.

Undoubtedly!

The ACCA qualification aims to provide professional knowledge, skills and competences as well as professional values in finance, accounting and auditing in accordance with International Financial Reporting Standards. Having an ACCA qualification will help finance professionals to achieve a successful position in any field: they can work in the public or private sector, in an accounting firm, in a foreign company or run their own business.

In accordance with the decisions of PP-4611 of 24 February 2020 ‘On Additional Measures for Transition to International Financial Reporting Standards’, training of bank employees under the ACCA (Association of Certified Public Accountants) international accountant training programme will be conducted in banks from 2018. Comprehensive measures (Annex No. 1 of the First Order, paragraph 45) contained in These comprehensive measures are included in the Strategy of actions on five priority directions of development of the Republic of Uzbekistan for 2017-2021. Paragraph 30 of this decision attaches great importance to the elaboration by commercial banks of a long-term development strategy aimed at qualitative transformation of banks into financially sustainable and competitive institutions operating on the basis of best practices and international standards.

Mastering International Auditing Standards (IAS) and Financial Reporting Standards (IFRS) is another important achievement of the ACCA programme and prepares graduates to work to these standards at a professional level. These areas serve to ensure the implementation of the tasks reflected in the Decree of the President of the Republic of Uzbekistan UP-3946 dated 19 September 2018 ‘On measures for further development of audit activity in the Republic of Uzbekistan’.

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‘2020 - implementation of IFRS (International Financial Reporting Standards) for business entities (training of IFRS specialists, development of reporting policies, analysis of compliance of IT systems for preparation of IFRS reporting, as well as assessment of business readiness for changes in accordance with the requirements of the International Monetary Fund) is considered a transition period.

As of 1 January 2021, a certain list of legal entities serving collective interests (joint stock companies, commercial banks, insurance organisations and legal entities that are large taxpayers) will be transferred to the mandatory application of the tax service. By the end of 2021, these entities must ensure the number of accounting staff of at least 3 specialists for the qualitative application of IFRS’.

Taken from the document ‘Implementation of International Financial Reporting Standards (IFRS) in Uzbekistan’.
Ministry of Finance of the Republic of Uzbekistan.

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