of August 30, 1996 No. 279-I
About financial accounting
The purpose of this Law is regulation of the relations in the field of the organization, financial accounting and reporting preparation.
The legislation on financial accounting consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about financial accounting then are applied rules of the international treaty.
Fundamental accounting principles are the continuity, reliability, comparability of indicators.
Financial accounting represents the ordered system of collection, registration and generalization of accounting information by continuous, continuous, documentary accounting of all economic activities, and also creation on its basis of financial and other reporting.
Financial accounting is kept by method of double record by the simultaneous and interconnected reflection of economic activity in money value on at least two accounts of financial accounting.
Accounting information are the processed data on objects of financial accounting based on source accounting documents which are reflected in bookkeeping registers, the financial reporting, explanations and other documents connected with the organization and financial accounting.
Subjects of financial accounting are state governing bodies, the legal entities registered in the Republic of Uzbekistan, their affiliated enterprises, representations, branches and other structural divisions located both in the territory of the Republic of Uzbekistan and beyond its limits.
Persons who are engaged in business activity without formation of legal entity, self-government institutions of citizens and also representations, branches and other structural divisions of foreign legal entities which are in the territory of the Republic of Uzbekistan record and represent the reporting according to the procedure, established by the legislation.
Objects of financial accounting are the assets, obligations, equity, reserves, the income, expenses, profit, losses and economic activities connected with their movement.
Objects of financial accounting are subject synthetic and to analytics.
Synthetic accounting is performed by generalization of data on objects of financial accounting on certain economic signs according to the procedure, determined by the legislation.
Analytics are kept for the purpose of forming of detailed accounting information on objects of financial accounting according to the procedure, determined by the subject of financial accounting independently.
Regulation of financial accounting and the financial reporting, development and approval of accounting standards are assigned to the Ministry of Finance of the Republic of Uzbekistan.
Rules of financial accounting are determined by accounting standards, including the standard of the simplified financial accounting for small business entities.
Regulation of financial accounting and the financial reporting of state-financed organizations and state trust funds is performed on the basis of standards of the budget accounting and other acts of the legislation.
Regulation of financial accounting and the reporting of banks and other credit institutions is performed by the Central bank of the Republic of Uzbekistan according to the legislation.
Accounting standards determine the minimum requirements to financial accounting and financial reporting preparation.
National accounting standards establish special requirements to the organization, financial accounting and financial reporting preparation.
Subjects of financial accounting can apply international accounting standards according to the procedure, established by the legislation.
The organization of financial accounting and reporting is performed by the head of the subject of financial accounting.
The head of the subject of financial accounting has the right:
create service of financial accounting under the leadership of the head of service of financial accounting or use services of the accountant involved on contractual basis;
delegate on contractual basis financial accounting of the specialized organization (auditing organizations, the organizations of tax consultants and other organizations in which charter rendering service in financial accounting is provided);
to independently keep financial accounting.
The head of the subject of financial accounting shall provide:
development of accounting policy, system of internal accounting and reporting;
procedure for internal control;
complete and reliable financial accounting;
safety of accounting documents;
preparation of the financial reporting;
preparation of tax statements and other financial records;
timeliness of calculations;
observance of requirements of article 12 of this Law.
The head of service of financial accounting is the chief accountant or other official performing functions of financial accounting and financial management.
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