The National Agency of Perspective Projects of the Republic of Uzbekistan held a meeting with the management of LLP "Deloitte" (Kazakhstan) and Audit Organisation "Deloitte & Touche" (Uzbekistan) to discuss the mechanisms of transitioning insurance organisations of Uzbekistan to International Financial Reporting Standards (IFRS) 17.

For the record: IFRS 17 was developed to ensure consistent and principled accounting for insurance contracts, focusing on measuring insurance liabilities at the current value of fulfillment and providing a more unified approach for the measurement and presentation of all insurance contracts.

During the meeting, the benefits of transitioning to IFRS 17 were highlighted, including simplified interaction between counterparties from different countries, the possibility of business expansion beyond borders, enhancing the company’s business reputation and its market value.

Discussions also covered issues related to the interaction between government authorities in the implementation of IFRS transition mechanisms, as well as the preparation of material and technical resources and specialists to operate under the new standards.