ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of April 6, 2009 No. 41

About approval of the National accounting standard of the Republic of Uzbekistan (NSBU No. 6) "Lease accounting"

According to the Law of the Republic of Uzbekistan "About financial accounting" and 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 National accounting standard of the Republic of Uzbekistan (NSBU No. 6) "Lease accounting".

2. Declare invalid the Order of the Minister of Finance of the Republic of Uzbekistan of May 12, 2004 No. 75 "About approval of the National accounting standard of the Republic of Uzbekistan (NSBU No. 6) "Lease accounting" (per. No. 1374 of 22.06.2004 - "Collection of the legislation of the Republic of Uzbekistan", 2004, No. 25, the Art. 292).

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

Approved by the Order of the Minister of Finance of the Republic of Uzbekistan of April 6, 2009, No. 41

National accounting standard of the Republic of Uzbekistan (NSBU No. 6) "Lease accounting"

This National Accounting Standard (NAS) is developed on the basis of the laws of the Republic of Uzbekistan "About financial accounting", "About leasing", the Tax code of the Republic of Uzbekistan and is element of system of normative regulation of financial accounting in the Republic of Uzbekistan.

Paragraph 1. General provisions

1. The purpose of this NSBU is determination of unified methodological bases of financial accounting and reflection in the financial reporting of rent transactions.

2. This NSBU is not applied to the following objects and transactions:

a) the farmout agreements connected with investigation and use of natural resources, such as oil, natural gas and other nonrestorable resources;

b) license agreements on intellectual property items.

Paragraph 2. The main terms used in this NSBU

3. Lease - the agreement under which one party (lessor) transfers to other party (lessee) for a fee the right of temporary ownership and use or property use right during agreed time frame.

4. Subjects of lease are:

a) the lessor - the owner of property or person authorized by the legislation or the owner to lease property;

b) the lessee - legal entities and physical persons which receive property in lease according to the lease agreement.

5. For the purpose of this NSBU lease is subdivided on:

a) finance lease (including leasing);

b) operational lease.

6. Finance lease - the rent relations arising in case of cession of property (object of finance lease) under the contract in ownership and use for the term exceeding twelve months. At the same time the agreement of finance lease shall answer one of the following requirements:

upon termination of the term of the agreement of finance lease object of finance lease carries over the lessee;

the term of the agreement of finance lease exceeds 80 percent of service life of object of finance lease, or residual cost of object of finance lease upon termination of the agreement of finance lease makes less than 20 percent of its original cost;

upon termination of the term of the agreement of finance lease the lessee has repurchase right of object of finance lease at the price much below than its market value for date of realization of this right, and in lease term commencement there is reasonable confidence that this right will be exercised;

the current discounted value of lease payments for the period of validity of finance lease exceeds ninety percent of current value of object of finance lease at the time of transfer in lease.

7. Operational lease - provision of property in temporary ownership and use or in use under the agreement of property hiring (lease) which is not the agreement of finance lease.

8. Leasing - special type of finance lease in case of which one party (lessor) at the request of other party (leasing recipient) acquires at the third party (seller) in property the property (object of leasing) caused by the agreement of leasing and presents him to the leasing recipient for a fee on the conditions determined by such contract in ownership and use for the term exceeding twelve months. At the same time the agreement of leasing shall answer one of the requirements specified in Item 6 of this NSBU.

9. Subjects of leasing are:

a) the lessor - person acquiring object of leasing in property for the purpose of its subsequent transfer to the leasing recipient under the agreement of leasing;

b) the leasing recipient - person acquiring object of leasing in the ownership and use;

c) the seller - person at whom the lessor acquires object of leasing.

10. Objects of lease (leasing) - any inconsumable things, including the companies, property complexes, certain buildings, constructions, the equipment, vehicles, other personal and real estate (except the property withdrawn from circulation, or turnover ability of which is limited).

11. The sublease (subleasing) - contractual relations, in case of which the lessee (leasing recipient) to other person having the right to hand over leased property (object of lease (leasing)) with the consent of the lessor (lessor) in the sublease (subleasing), remaining responsible for the lease agreement (leasing) before the lessor (lessor).

12. Lease term commencement (leasing) - date with which the lessee (leasing recipient) begins to perform right of possession and uses or uses of object of lease (leasing) according to provisions of the lease (leasing). It is date of initial recognition of lease (leasing) (i.e. recognitions of the corresponding assets and liabilities as a result of implementation of lease (leasing).

13. Lease term (leasing) - the period of operation of not repealed farmout (leasing) agreement, and also any subsequent periods during which the prolongation of this agreement from the lessee (leasing recipient) stipulated in case of the conclusion of the lease agreement (leasing) is possible.

14. Lease (leasing) payment - the amount paid to the lessor (lessor) by the lessee (leasing recipient) based on the signed lease agreement (leasing).

15. Interest income of the lessor (lessor) - the part of lease (leasing) payment determined in the form of difference between the amount of lease (leasing) payment and compensation amount of project cost of lease (leasing).

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