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The document ceased to be valid since  September 5, 2020 according to the Order of the director of the Agency on management of the state assets of the Republic of Uzbekistan of May 1, 2020 No. 01/11-15/62

It is registered

Ministry of Justice

Republic of Uzbekistan

On July 24, 2006 No. 1607


of June 14, 2006 No. 01/19-22

About approval of the National standard of the Republic of Uzbekistan of assessment of property "Assessment for the purpose of the financial reporting and adjacent documentation"

According to the Law of the Republic of Uzbekistan "About estimative activities", the resolution of the President of the Republic of Uzbekistan of April 26, 2006 NPP-335 "About Measures for Enhancement of Activities of the State Property Committee of the Republic of Uzbekistan" and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 8, 2003 the State committee of the Republic of Uzbekistan on management of state-owned property decides N210 "About Licensing of Estimative Activities":

1. Approve the National standard of the Republic of Uzbekistan of property assessment "Assessment for the purpose of, the financial reporting and adjacent documentation" according to appendix.

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


Chairman of the State Property Committee

Republic of Uzbekistan D. Musayev

Approved by the resolution of the State committee of the Republic of Uzbekistan on management of the State-owned property of June 14, 2006 No. 01/19-22

National standard of the Republic of Uzbekistan of property assessment (NSOI 4). "Assessment for the purpose of the financial reporting and adjacent documentation"

This National standard of assessment of property "Assessment for the purpose of the financial reporting and adjacent documentation" (NSOI N4) is developed on the basis of the Law of the Republic of Uzbekistan "About estimative activities" and is element of normative regulation of estimative activities in the Republic of Uzbekistan.

1. Introduction

In NSOI N4 general concepts and the principles to which the Appraiser shall follow by preparation of assessment of assets for the financial reporting and the corresponding accounts are stated to reflect influence of the change in price for the current sizes of cost. In it concepts which shall be clear for accountants, employees of regulating authorities and other users of services in property assessment are also considered.

NSOI N4 should be considered in the context of the general provisions and instructions for application containing in NSOI N1.

Among the criteria applicable in case of assessment fixed (or long-term) assets, for example capital assets, is such which proceed from usefulness or suitability of the considered asset, its contribution to production of goods and services for which it was designed and established, and other similar aspects important for calculation of market value. Appraisers of assets shall understand also that assets which usually are considered "fixed" (or long-term) under certain circumstances can be referred to category of "the current assets". The parcels of land and structures which keep in quality of inventories for sale can be example. Therefore Appraisers can deal or with the fixed assets, or with certain types of the current assets.

In case of application of NSOI N4 strict observance by the Appraiser of market valuation principles, objectivity and complete disclosure of the circumstances connected with this assessment in suitable and user-friendly format have fundamental value. In cases when specialized nature of property does not allow use of concepts of market value, NSOI N4 orders proper interpretation and disclosure of data in case of assessment.

2. Scope of application

NSOI N4 is applicable to all estimates of capital assets included in any public or published document. Accounting standards recognize revaluations of cost as an alternative to "historical" costs, and in case of acceptance of the accounting policy providing carrying out regular revaluations, the companies shall open measurement base, frequency of revaluations and to specify whether the independent (external) Appraiser was attracted for their carrying out.

Regulatory legal acts of the Republic of Uzbekistan or accounting rule can demand modification of NSOI N4. Any departure caused by such circumstances shall be fixed and is detailed and clearly proved in the valuation report.

NSOI N4 is inapplicable in case of assessment which is carried out for the private or internal purposes of the client, such as the conclusion of the transaction, receipt of the loan (credit) or for other purposes lying out of the sphere of public concerns.

3. Determinations

Market value is settlement sum of money for which exchange of asset for date of assessment between the interested seller and the interested buyer as a result of the commercial transaction after carrying out proper marketing in case of which each of the parties would be effective would take place, being knowledgeable, is prudent also without coercion.

The most effective use is determined as that from real, legally admissible alternative options of use which is physically possible, reasonably justified, financially feasible and in case of which market value of the estimated asset will be maximum.

Market value for the existing use is determined as the market value of asset based on continuation of its existing use in the assumption that this asset can be sold in the public market for the existing use in case of observance of the conditions containing in determination of market value regardless of whether the existing use of asset is the most effective or not.

Costs for replacement taking into account depreciation and the cost of operating plant.

The method of "costs for replacement taking into account depreciation" is applied (ZZUI) in case of assessment of specialized property which seldom is on sale (if is on sale in general) in the public market differently as as a part of the operating business and, therefore, cannot be estimated according to determination of concept of market value. ZZUI are founded on assessment of the current market value of the parcel of land for its existing use plus gross costs for replacement (or reproduction) improvements less discounts for physical wear and taking into account all corresponding forms of obsolescence and optimization.


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