RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of July 19, 2003 No. 15/9

About approval of the Regulations on accounting policy and the financial reporting of banks

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 Regulations on accounting policy and the financial reporting of banks according to appendix.

2. Confer responsibility on accounting department, the reporting and cash execution of the State Budget (D. A. Oripov) within 10 days to provide this Regulations on accounting policy and the financial reporting of banks to the Ministry of Justice of the Republic of Uzbekistan for state registration.

3. This resolution becomes effective on January 1, 2004 after its state registration in the Ministry of Justice of the Republic of Uzbekistan.

4. To impose control of execution of this resolution on the First Deputy Chairman of the Central bank M. R. Zhumagaldiyev.

Approved by Board of the Central bank of the Republic of Uzbekistan of July 19, 2003 No. 15/9

Regulations on accounting policy and financial reporting of banks

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" for the purpose of establishment of requirements to development and deployment of policy and accounting procedures and the financial reporting in commercial banks (further in the text - banks).

The fundamental principles of financial accounting represent complex of the principles, concepts and determinations which allow clearly, consistently, timely and clear to reveal, estimate, consider, create and to transfer financial information. Financial accounting represents process as a result of which, by use of the fundamental principles of financial accounting, useful financial information is created. The purpose of financial statements is provision of information on financial position, activities and changes in financial position of bank which can be useful for a wide range of users in case of adoption of economic decisions by them.

For the purpose of effective implementation of this process it is necessary to consider requirements from the point of view of transfer of financial information to interested persons. These requirements are usually subdivided into two categories - requirements of internal users (heads of bank) and external users by financial information.

Internal users are interested in information containing in financial statements though they have access also to additional management and financial information which helps them to carry out the obligations on planning, decision making and control.

External users are interested in information on activities and indicators of bank, changes in financial position of bank which can be useful for a wide range of users in case of adoption of economic decisions by them. Financial statements shall satisfy to total requirements of most of users.

I. General provisions

1. According to article 41 of the Law of the Republic of Uzbekistan "About banks and banking activity", the Central bank of the Republic of Uzbekistan establishes accounting rule and the financial reporting in banks.

2. This Provision extends only to financial accounting and the financial reporting in banks and does not include the tax matters, and also does not consider questions of regulation, operational questions, questions of supervision and implementation of calculations.

3. Basis of financial accounting and the reporting in banks of the Republic of Uzbekistan is the Law of the Republic of Uzbekistan "About financial accounting" and International accounting standards (further in the text - IFRS). The financial reporting published by banks and also the basic principles, concepts and determinations which will be used by banks in the course of financial accounting and the reporting shall correspond to the Law of the Republic of Uzbekistan "About financial accounting" and IFRS.

4. Central Bank establishes the fundamental principles and the basic rules of financial accounting in banks. Regulating documents of the Central bank on conducting financial accounting are not intended for provision of detailed accounting procedures, i.e. the sequence of steps taken for achievement of particular purposes, or set of the established forms or methods of conducting accounting transactions by bank.

5. The regulating documents developed by the Central bank according to appendix N 1, on financial accounting are intended for provision of financial accounting in banks. These principles, concepts and determinations shall be applied in bank uniformly and consistently at the level of all processes of financial accounting, is preferably automated.

6. The appendix N 1 provides the list of regulating documents on conducting financial accounting in banks. On the basis of regulating documents of the Central bank, banks shall develop own accounting policy and similar procedures.

II. Obligations on the organization of work according to the fundamental principles of accounting

7. For realization of the purpose of the fundamental principles of financial accounting certain obligations of Council of the bank, Bank board, Department (management, department) financial accounting and internal audit of bank shall be established.

8. The bank board, on specifying of Council of the bank, shall determine and describe questions of application of this provision during creation of policy and procedures in accounting activities of bank.

9. Banks are responsible for creation of bank accounting policy according to this Provision.

10. The approved accounting policy and procedures of bank are subject to accomplishment by officials and bank employees and shall promote them in use of the corresponding principles of financial accounting and avoidance of acceptance of unreasoned decisions.

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