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The document ceased to be valid since February 27, 2022 according to the Resolution of Board of the Central bank of the Republic of Uzbekistan of November 18, 2021 No. 20/4

It is registered

Ministry of Justice

Republic of Uzbekistan

On January 14, 2003 No. 1199

RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of October 12, 2002 No. 23/8

About approval of the Instruction for financial accounting of intangible assets in banks of the Republic of Uzbekistan

(as amended on 20-09-2014)

The spelling is kept according to the original

Based on Articles 3, 7 and 51 Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", the Board of the Central bank of the Republic of Uzbekistan decides:

1. Approve the Instruction for financial accounting of intangible assets in banks of the Republic of Uzbekistan according to appendix.

2. And cash execution of the State Budget (D. A. Oripov) within 10 days to provide to accounting department, the reporting the approved Instruction to the Ministry of Justice of the Republic of Uzbekistan for state registration.

3. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

4. From the date of entry into force of this Resolution to declare invalid the Instruction for financial accounting of fixed assets, intangible assets, the invaluable and fast-wearing-out objects in banks of the Republic of Uzbekistan approved by Board of the Central bank of the Republic of Uzbekistan of February 5, 2000 No. 462 (reg. No. 912 of 18.03.2000, "The bulletin of regulations of the ministries, state committees and departments of the Republic of Uzbekistan", 2000, N 6), regarding conducting financial accounting of intangible assets.

5. To confer responsibility for control over execution of this resolution on the First Deputy Chairman of the Central bank M. R. Zhumagaldiyev.

Chairman of the Central bank

F.M.Mullazhonov

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of October 12, 2002 No. 23/8 (No. 519)

The instruction for financial accounting of intangible assets in banks of the Republic of Uzbekistan

This instruction 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", "About financial accounting", and also International accounting standards and determines accounting treatment for intangible assets in banks of the Republic of Uzbekistan.

I. General provisions

1. In this instruction the following basic concepts are applied:

1) Intangible assets are the non-monetary, identifiable assets which do not have the material and physical form, having useful service life more than one year and used by provision of banking services or for the administrative purposes.

Patents, copyright, goodwill (goodwill), trademarks, the computer software, licenses, etc. belong to intangible assets.

If the software is component of the corresponding equipment, it is considered as tangible asset. If the software is not component of the corresponding equipment, it is considered intangible asset.

2) Original (actual) cost is the amount of actual costs on acquisition or development of intangible assets, including the paid taxes, the customs duties and charges of service, and also costs on delivery and installation, installation and any other expenses which are directly connected with reduction of asset in the working condition for its proper use.

Costs, directly attributable to cost of intangible assets, include, for example, the professional fees for legal services. For receipt of actual cost all trade discounts and returns are subtracted.

The cost of intangible assets taking into account revaluation is called replacement cost. The amount on which the asset is recognized the balance sheet is called book value.

3) the Goodwill (goodwill) is good reputation, "the price of firm". The goodwill is determined as the amount paid by the buyer upon purchase of bank over the cost of its net assets (difference between market price of all assets and market price of all obligations). It means that the buyer of bank understands that acquisition of bank includes as well acquisition of customer relations, both with borrowers, and with depositors who were established by bank for many years.

4) the Active secondary market is the market where the prices are available to all participants of the market and at any time the sellers and buyers wishing to make the transaction can be found.

2. Basic provisions in accounting of intangible assets are determination of their book value and depreciation methods which shall be applied in relation to these assets, and also determination and accounting of changes of book value of intangible assets, procedure for depreciation and financial results from their disposal.

3. Intangible assets of bank are created by the following methods:

1) acquisition for a fee;

2) by development in bank;

3) obtaining is non-paid.

4. The asset item shall be acknowledged as intangible asset if she answers determination of intangible asset, there is probability of receipt of future economic benefits by bank and the asset cost can be reliably measured. This requirement is applicable as to the intangible assets received from the outside and to created in bank.

5. The bank shall estimate probability of future economic benefits which will exist throughout the term of useful service of asset.

6. The future economic benefits arriving from intangible asset can include the proceeds from sales of services, economy of costs and other benefits which are result of use of asset by bank.

7. If the intangible asset does not answer either determination, or criteria for recognition of intangible assets, costs under this Article are recognized as period expenses when they are suffered.

8. In case of impossibility of determination of asset as non-material (some intangible assets can contain in or on physical substance) it is necessary to proceed from importance of element (for example, compact disk - in case of the software, the legal documentation in case of the license or the patent).

II. Initial reflection and accounting of intangible assets

9. The intangible asset acquired for a fee is estimated and considered on original (actual) cost. Change of original cost is allowed only in case of revaluation of intangible assets.

Analytics of intangible assets are kept on the corresponding personal accounts opened by each type of intangible assets.

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