ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of December 14, 2005 No. 105

About approval of the Regulations on procedure for write-off from balance of intangible assets

Based on the Law of the Republic of Uzbekistan "About financial accounting" and according to the Regulations on the Ministry of Finance of the Republic of Uzbekistan approved by the resolution of the President of the Republic of Uzbekistan of March 18, 2017 No. PP-2847, I order:

1. Approve the enclosed Regulations on procedure for write-off from balance of intangible assets.

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

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of December 14, 2005 No. 105

Regulations On procedure for write-off from balance of intangible assets

This Provision according to the Law of the Republic of Uzbekistan "About financial accounting", the National accounting standard of the Republic of Uzbekistan (NSBU No. 7) "Intangible assets" (reg. No. 1485 of June 27, 2005) establishes procedure for financial accounting of write-off from balance of intangible assets.

§ 1. General provisions

1. This Provision extends on all legal entities (except for state-financed organizations, banks and other credit institutions), irrespective of their form of business (further - the organization).

2. Intangible assets are written off from balance as a result:

a) liquidations;

b) realization;

c) exchange;

d) voluntary conveyance;

e) transfers to the authorized capital in the form of constituent contribution;

e) payment with intangible assets in case of exit of the participant from the list of members of the legal entity;

g) identifications of the facts of shortage.

3. In case of determination of financial result (profit or loss) from disposal of intangible assets remaining balance of the amount of revaluation of intangible assets which were overpriced earlier i.e. excess of the amounts of the previous revaluations over the amount of the previous writedowns of this object of intangible assets, joins on credit accounts of disposal of other assets with simultaneous reduction of the reserve capital on account 8510 "Adjustments on revaluation of non-current assets".

4. On the intangible assets which were disposed for the reasons specified in Item 2 this provision before entry into force of the National accounting standard (NSBU No. 7) "Intangible assets" approved by the order of the Ministry of Finance of the Republic of Uzbekistan of March 25, 2005 No. 35 (reg. No. 1485 of 27.06.2005, "Collection of the legislation of the Republic of Uzbekistan", 2005, Art. No. 25-26, 188), results (balance) of revaluation of the disposed intangible assets considered on account 8510 "Adjustments on revaluation of non-current assets" i.e. excess of the amounts of the previous revaluations over the amount of the previous writedowns of these intangible assets, are transferred to account 8520 "Reserve capital".

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