In a recent development, to elevate the finance sector of Uzbekistan, the Association of Chartered Certified Accountants – ACCA has inked memorandums of understanding – MoUs with the Ministry of Economy and Finance in addition to the central bank of the country.

The agreements aim at promoting continuous improvements in financial professional skills in the finance sector of Uzbekistan and facilitate the adoption of international norms and developing professional capabilities.

They advocate for the approval of a presidential resolution to enhance corporate financial reporting and the alignment of the financial system of Uzbekistan with international standards.

The MoU with the Ministry of Economy and Finance is a supplement of current cooperation in the implementation of International Financial Reporting Standards – IFRS and development of the accounting profession. It provides training when it comes to international auditing and financial reporting standards, train-the-trainer programmes for teachers, audit quality assurance, and assistance with sustainability reporting and expertise development in the public sector.

According to ACCA’s head of Central Asia, Armenia and Mongolia, Zhanna Iskenova, “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 stresses on the adoption of IFRS in the banking sector and the development of skills of the central bank as well as commercial banks.

The planned cooperation involves targeted capacity-building and potential sector-specific certification along with ongoing professional development for banking staff and short-term specialist training with certain international experts.

Says ACCA Eurasia Public Affairs lead, Gaukhar Ashirbekova, “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 2026, the ACCA along with the Association of Certified Financial Professionals of Uzbekistan went ahead and inked an MoU with the Uzbekistan ministry in order to develop finance skills in the country.