IT IS REGISTERED
Ministry of Justice
Republic of Uzbekistan
On January 18, 2005 No. 1445
of December 31, 2004 No. 28/12
About approval of the Regulations on procedure for creation and provision of consolidated financial statements by commercial banks
According to the conclusion of the Ministry of Justice of the Republic of Uzbekistan of N20-15-334/15 of December 10, 2004 the Board of the Central bank of the Republic of Uzbekistan decides:
1. Take into consideration the conclusion of the Ministry of Justice of the Republic of Uzbekistan of N20-15-334/15 of December 10, 2004.
2. Repeal the Resolution of the Central bank of November 27, 2004 N 25/4 "About approval of the Regulations on procedure for creation and provision of consolidated financial statements by commercial banks".
3. Approve Regulations on procedure for creation and provision of consolidated financial statements by commercial banks according to appendix.
4. Enact this resolution after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.
Approved by the resolution of Board of the Central bank of the Republic of Uzbekistan of December 31, 2004 No. 28/12
1. This Provision is developed according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About financial accounting" and establishes accounting policy for commercial banks of the Republic of Uzbekistan (further in the text - banks) on creation of consolidated financial statements taking into account requirements of International accounting standards (further in the text - IFRS).
2. For the purpose of this Provision the following concepts are used:
the consolidated financial statements are the group financial statements provided as the reporting of single business entity;
control is opportunity to determine financial and operational policy of business entity for the purpose of receipt of benefits from its activities;
the group is head bank with all its affiliated economic societies, branches and representations;
minority share - that part of profit or loss and net assets of affiliated economic society which falls to the share in its capital which the head business entity does not own directly or indirectly through affiliated economic societies;
the head bank is the bank owning one or more affiliated economic societies;
affiliated economic society is the economic partnership or society which is under control of head bank;
dependent economic society is economic partnership or society which more than twenty percent of authorized fund belong to head bank;
joint business - implies the contractual agreement under which two or more parties perform economic activity which is under their joint control;
the participant (bank or non-bank organization) is the party of joint activities which participates in joint control over these activities;
the accounting method on equity is accounting method on which investment originally is reflected on actual cost, and then is adjusted on the change of share of the investor (participant) in net assets of investee which happened after acquisition the Profit or loss of the investor (participant) includes its share in investee profits or losses.
3. The consolidated financial statements are constituted and it is represented for the purpose of providing users of the financial reporting with information on financial position, results of activities and changes in financial position of group in general.
4. Banks in consolidated financial statements shall consolidate the investments into affiliated economic societies, dependent economic societies and joint businesses, and also branches and representations. The financial reporting of head bank, its affiliated economic societies, branches and representations is attached to the consolidated statements.
5. The consolidated financial statements shall cover all affiliated and dependent economic societies which are under control, branches and representations and also investments into joint businesses, except for those which are considered as non-current assets, held for sale and as the stopped activities.
The example of determination of existence of control over the affiliated managing society is given in the appendix N 1 to this Provision.
6. Affiliated economic society is not excluded in case of consolidation only because its economic activity differs from activities of other business entities of the same group. At the same time it is necessary to open the additional information about distinctions in economic activity of affiliated economic societies for providing with essential information.
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