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    Economics

    CIS Accounting Council meeting emphasizes cooperation in standards

    CIS Accounting Council meeting emphasizes cooperation in standards

    The 20th meeting of the Accounting Coordinating Council of the CIS Member States took place at the Ministry of Economy and Finance of Uzbekistan on October 18-19. Uzbekistan has actively participated in the council since 2008, emphasizing the significance of mutual cooperation among CIS member states in developing accounting and auditing standards.

    Source: Ministry of Economy and Finance

    The Council was established to facilitate coordination among CIS Member States in developing modern accounting requirements, organizing accounting processes, preparing financial statements, and regulating auditing activities. It aims to harmonize national accounting and auditing systems with International Standards of Financial Reporting (IFRS) and International Standards of Auditing (ISA).

    Source: Ministry of Economy and Finance

    With the recent approval of the CIS Economic Development Strategy (2021-2025), accounting has been identified as a key area for cooperation within the coordinating council. Representatives from competent state bodies regulating accounting and auditing issues in CIS member states participated in this 20th council meeting.

    During the meeting, several crucial topics were discussed, including:

    1. The current status of mutual cooperation among CIS member states in the financial and economic sphere, along with the tasks of the Accounting Coordinating Council for 2024.

    2. The implementation of the action plan for the first stage of the CIS Economic Development Strategy until 2030 (2021-2025).

    3. The establishment of free online educational platforms in Uzbekistan to support training practitioners and specialists in international financial reporting standards. The government will cover the costs of training accountants and exam fees.

    4. The development of national accounting and audit regulation systems based on international principles, as well as the implementation of an agreement on consolidated financial statements for national economic entities of CIS member states.

    5. The organization of accounting for digital financial assets and the disclosure of information about them in financial reports.

    6. Further improvements to legislation related to accounting and auditing in CIS member states.

    Source: Ministry of Economy and Finance

    At the end of the meeting, an Information Notice about the 20th meeting was approved. The transfer of the chairmanship of the Coordinating Council to Azerbaijan from January 1, 2024, was also discussed. Participants expressed their gratitude to Uzbekistan for hosting and organizing the 20th meeting of the Coordinating Council on Accounting of the CIS Member States.

    The meeting underscored the continued importance of cooperation in accounting and auditing standards among CIS countries to promote economic stability and international harmonization.

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    19.10.2023, 12:59   Comments (0)   949
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