Mechanisms of Transformation of Accounting and Auditing Activities of Commercial Banks into the International Banking System
Keywords:
commercial banks, accounting and auditing, international banking system, International Accounting Standards, International Financial Reporting Standards, International Auditing Practices CommitteeAbstract
In the academic thesis, the mechanisms of transformation of the accounting and auditing activities of commercial banks in the Republic of Uzbekistan to the international banking system, as well as the accounting and auditing activities, the existing problems that arise in the implementation of this prospective plan, and the internationalization of the accounting and auditing activities of commercial banks in Uzbekistan The main reasons for the transformation of the banking system are explained.
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References
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This report was prepared based on the findings of a diagnostic review carried out in the Republic of Uzbekistan by a team from the World Bank in December 2008. The team was led by Jan Tyl (ECAAT) and comprised Andrei Busuioc (ECCAT) and Eskender Trushin (ECSPE). The review involved the participation of various stakeholders in corporate financial reporting in the country.
World Bank national accounts data. The data from the State Statistics Committee of the Republic of Uzbekistan indicate growth of 9.5%, and 7.5% in 2006; and GNI per capita of USD $871 and USD 653.
www.worldbank.org - official information of the World Bank;
The government should consider three options for such a financial statements registry: (i) within the supervisory bodies; (ii) within the National Statistics Committee, where all companies currently file their financial statements; or (iii) establishing a new autonomous agency that would deal with all corporate administration, from incorporation to wind-up.
International Financial Reporting Standards are issued by the International Accounting Standards Board, an independent accounting standard-setter based in London, United Kingdom. In April 2001, the IASB announced that it would adopt all of the International Accounting Standards issued by the International Accounting Standards Committee. For simplicity’s sake, the term IFRS will mean both IFRS and IAS in this report.
The International Standards on Auditing are the standards issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).
Republic of Uzbekistan, Country Financial Accountability Assessment, World Bank Report No. 31345, Operations Policy and Services Unit, Europe and Central Asia Region.
Country Financial Accountability Assessment, op.cit
The “Strategy for the Development of New Uzbekistan for 2022-2026” envisions reaching a GNI per capita of around US$4,000 by 2030. In 2021, Uzbekistan also established an official definition of poverty and committed to cutting poverty in half by 2030.
E. Gutierrez, T. Kliatskova “National Development Financial Institutions: Trends, Crisis Response Activities, and Lessons Learned”, 2021
www.cbu.uz/en/statistics/bankstats/846224 (The Central Bank of the Republic of Uzbekistan).
