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Registered by

Ministry of Justice

Republic of Uzbekistan

On June 1, 2009 No. 1961

ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of May 11, 2009 No. 54

About approval of the Regulations on procedure for reflection of rent transactions in financial accounting

(as amended on 28-09-2016)

According to the Law of the Republic of Uzbekistan "About financial accounting" I order:

1. Approve Regulations on procedure for reflection of rent transactions in financial accounting according to appendix.

2. Declare invalid the order of the Minister of Finance of the Republic of Uzbekistan of May 12, 2004 No. 74 "About approval of the Regulations on procedure for reflection of leasing transactions in financial accounting" (reg. No. 1373 of June 22, 2004) (Collection of the legislation of the Republic of Uzbekistan, 2004, No. 25, the Art. 291).

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.

Minister

R. Azimov

 

Approved by the Order of the Minister of Finance of the Republic of Uzbekistan of May 11, 2009 No. 54

Regulations on procedure for reflection of rent transactions in accounting accounting

This Provision according to the laws of the Republic of Uzbekistan "About financial accounting" and "About leasing" establishes procedure for reflection of rent transactions in financial accounting.

1. General provisions

1. This Provision extends on all business entities (further - the companies) irrespective of patterns of ownership and departmental subordination (except for state-financed organizations, banks and other credit institutions).

2. This Provision 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.

3. For the purpose of this provision the concept of finance lease includes also concept of leasing.

2. Accounting of transactions on finance lease at the lessor (lessor)

4. Acquisition of objects of finance lease for the purpose of their subsequent provision in finance lease in financial accounting is reflected as follows:

a) in case of receipt of objects of finance lease, including the amount of the taxes and other obligatory payments connected with acquisition (if they are not compensated):

debit of accounts of capital investments (0800);

account 6010 credit "Accounts for payment to suppliers and contractors", or 6120 "Accounts for payment to affiliated and dependent economic societies", or accounts of debt to different creditors (6900), or other corresponding accounts;

b) other expenses which are directly connected with acquisition of objects of finance lease:

debit of accounts of capital investments (0800);

credit of account 2310 "Auxiliary production", account 6110 "Accounts for payment to separate divisions", account 6120 "Accounts for payment to affiliated and dependent economic societies", accounts of debt to different creditors (6900) and other corresponding accounts;

c) the costs performed by the lessor (lessor), connected with delivery of object of finance lease and its reduction to the condition suitable for proper use, compensated by the lessee (leasing recipient) according to the agreement of finance lease:

debit of accounts of capital investments (0800);

the credit of accounts of materials (1000), accounts of settlings with personnel on compensation (6700), accounts of debt on payments in the state trust funds (6500) and other corresponding accounts;

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