ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of August 16, 2004 No. 101

About approval of the Regulations on procedure for write-off from balance of fixed asset cost

This Provision according to the Law of the Republic of Uzbekistan "About financial accounting" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, No. 9, the Art. 142), the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of December 31, 2009 No. 343 "About approval of the Regulations on procedure for realization of fixed assets and incomplete construction of facilities of state-financed organizations and state unitary enterprises, and also distributions of money from their realization" (Collection of the legislation of the Republic of Uzbekistan, 2009, No. 52, the Art. 578), National accounting standards of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets" approved by the order of the Minister of Finance of the Republic of Uzbekistan of October 9, 2003 No. 114 (reg. No. 1299 of January 20, 2004) (Collection of the legislation of the Republic of Uzbekistan, 2004, No. 3, the Art. 35) and (NSBU No. 6) "Lease accounting" approved by the order of the Minister of Finance of the Republic of Uzbekistan of April 6, 2009 No. 41 (reg. No. 1946 of April 24, 2009) (The collection of the legislation of the Republic of Uzbekistan, 2009, No. 17, of the Art. 220) establishes unified methodological basis of financial accounting of write-off from balance of fixed assets.

1. Approve the enclosed Regulations on procedure for write-off from balance of fixed asset cost (new edition).

2. Consider No. 26 which voided the order of the Ministry of Finance of the Republic of Uzbekistan of February 26, 2001 "About approval of the Regulations on procedure for write-off from balance of fixed assets" (reg. 31023 of 05.04.2001, the Bulletin of regulations of the ministries of the state committees and departments of the Republic of Uzbekistan, 2001, No. 7).

3. 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 August 16, 2004 No. 101

Regulations on procedure for write-off from balance of fixed asset cost

This Provision according to the Law of the Republic of Uzbekistan "About financial accounting", the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of December 31, 2009 No. 343 "About approval of the Regulations on procedure for realization of fixed assets and incomplete construction of facilities of state-financed organizations and state unitary enterprises, and also distributions of money from their realization", national accounting standards of the Republic of Uzbekistan - NSBU No. 5 "Fixed assets" (reg. No. 1299 of January 20, 2004) and NSBU No. 6 "Lease accounting" (reg. No. 1946 of April 24, 2009), establishes unified methodological basis of financial accounting of write-off from balance of fixed asset cost.

1. General provisions

1. This Provision extends to all companies and the organizations, irrespective of patterns of ownership and departmental subordination (except for banks and credit institutions).

2. Fixed asset cost is 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 the founder's contribution;

e) transfers under the agreement of finance lease (leasing) (1);

g) identifications of shortage or loss;

h) calculation with fixed assets in case of exit of the participant from the list of members of the legal entity.

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(1) In case of fixed asset transfer under the agreement of operational lease of cost depletion of fixed assets from balance it is not made.

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

4. In case of use of results (balance) of revaluation of the fixed 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 fixed assets, for reduction (write-off) of goodwill amount (the price of the firm) formed in the course of privatization of property marks in documents (registers) on fixed asset accounting about the amount of the revaluation (balance) directed for cost repayment of the goodwill (the price of firm) formed in case of privatization become.

At the same time, the amounts of revaluation (balance) directed for cost repayment of goodwill (the price of firm) on each fixed asset object are determined by multiplication of the amount of revaluation (balance) of each fixed asset object by the corresponding coefficient. This coefficient is determined as ratio of the amount of the reserve capital from the revaluation of fixed assets directed for cost repayment of goodwill (the price of firm) to the amount of the reserve capital from revaluation of fixed assets before cost repayment of goodwill (the price of firm).

Thus, in case of disposal of fixed asset objects on which the amounts of revaluation (balance) from revaluation are directed to cost repayment of goodwill (the price of firm) from the reserve capital formed in case of revaluation of fixed assets, on credit accounts of fixed asset retirement the amount equal to the amount of balance of revaluation from the revaluation of this fixed asset object reduced by the revaluation size directed to cost repayment of goodwill (the price of firm) is transferred.

5. On the fixed assets which were disposed for the reasons specified in Item 2 this provision before entry into force of the National accounting standard (NSBU No. 5) "Fixed assets" approved by the order of the Ministry of Finance of the Republic of Uzbekistan of October 9, 2003 No. 114 (reg. No. 1299 of 20.01.2004, "Collection of the legislation of the Republic of Uzbekistan", 2004, No. 3, of the Art. 35), results (balance) of revaluation of the disposed fixed asset objects 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 fixed assets, are transferred to account 8520 "Reserve capital".

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