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The document ceased to be valid since  November 11, 2021 according to the Resolution of Board of the Central bank of the Republic of Uzbekistan of July 15, 2021 No. 17/3

IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On January 21, 2004 No. 1301

RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of November 8, 2003 No. 27/4

About approval of the Regulations on procedure for error correction in financial statements of commercial banks

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

1. Approve Regulations on procedure for error correction in financial statements of commercial banks according to appendix.

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

3. This resolution becomes effective since January 31, 2004 after 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.

 

Chairman of the board of the Central bank

F.Mullazhanov

Approved by the Resolution of Board of the Central bank of November 8, 2003 No. 27/4

Regulations on procedure for error correction in financial statements of commercial banks

I. General provisions

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 establishes requirements to error correction in financial statements of commercial banks of the Republic of Uzbekistan (further in the text - banks) according to international accounting standards (further in the text - IFRS).

The purpose of this provision is implementation the politician and procedures for error correction in the financial reporting of banks according to regulations of the Central bank and IFRS. Action of this Provision extends only to the financial reporting represented by head banks.

II. Determinations

1. For the purpose of this Provision the following concepts are used:

mistakes are omissions or other incorrectly stated data in the financial reporting of banks for one or more previous periods which are found in current period and are confirmed with solid data which was available, and also could be received and considered in case of creation and submission of financial statements on these previous periods. In this case the solid data is implied supplied also as the information in case of which correct use and calculation there is possibility of avoidance of mistakes.

The wrong mathematical calculations, wrong application of accounting policy, oversight or incorrect interpretation of the facts, conscious misrepresentation, and also fraud can be origin of these mistakes;

retrospective (or retroactive) recalculation is correction of mistake by recognition and disclosure of corrected data in the reviewed report as though the mistake was not made.

III. Accounting treatment for correction of mistake in the financial reporting of bank

2. Banks consider the amount of correction of mistake retrospectively. Correction of mistake by banks (which belongs to previous or to earlier periods) in case of determination of profit or loss for the period in which this error was found is not allowed.

3. Banks perform adjusting entry (or postings) in the ledger for previous year (or years) during which the mistake (i) occurred.

4. In case the software on filling of the ledger does not allow to perform the adjusting entries specified in Item 5 of this provision, banks make adjusting entries in current period as follows:

a) in case mistakes influence only the amount of remaining balance of balance sheet accounts in the balance statement, debiting and crediting of the corresponding accounts of the balance statement for their adjustment is performed (appendix N 1);

b) in case mistakes influence at the same time and accounts of the balance statement, and into accounts of the profit and loss statement, debiting or crediting of opening balance of retained earnings in correspondence with the corresponding balance sheet account for the purpose of adjustment on the amount of mistakes in the profit and loss statement for previous periods is performed (appendix N 2);

c) in case mistakes influence only accounts of the profit and loss statement (any account of the balance statement is not mentioned), banks reflect correction of mistake by debiting and simultaneous crediting of opening balance of retained earnings for the amount of mistakes (appendix N 3).

5. In case of error correction banks create the working table which is in detail describing mistake and explaining necessary adjustment which affirms bank board. The working table approved by board is filed in the folder (documents of day) as the supporting document on this adjusting entry, and one copy remains for use in preparation of financial statements.

IV. Influence of mistakes on accounts presentation

6. By preparation of the compared financial statements banks perform correction of mistake by recalculation of the compared data for that period(s) when this mistake was made as though the mistake never was.

7. In case of retrospective correction of mistake which belongs to the periods preceding those which are provided in comparative financial statements this mistake it shall be provided by adjustment of opening balance of retained earnings very first of the provided periods. Also any other information in financial reportings reflected in the relation of previous periods is recalculated.

8. Information on corrective postings is provided in the Central bank of the Republic of Uzbekistan within 30 days after their implementation.

Appendix No. 1

to Regulations on procedure for error correction in financial statements of commercial banks

Example on correction of the mistake mentioning only the balance statement

 
      Допущения:
     В течение  20x1  года Банк A обнаружил,  что основное средство на
сумму 100 млн. сум. по ошибке было классифицировано как другое
собственное имущество банка.
Эта ошибка была совершена из-за того, что здан

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