Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC

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Ministry of Justice

Republic of Uzbekistan

On August 14, 1998 No. 474

Approved by the Ministry of Finance of the Republic of Uzbekistan of July 26, 1998

National Accounting standard of the Republic of Uzbekistan NSBU No. 1 "Accounting policy and financial reporting"

(as amended on 06-07-2023)

General provisions

1. This National Accounting Standard (NAS) is developed on the basis of the Law of the Republic of Uzbekistan "About financial accounting" and is element of system of normative regulation of financial accounting in the Republic of Uzbekistan. This standard shall be applied in combination with other NSBU.

Standard purpose

2. This NSBU establishes bases for forming and financial reporting preparation of business entity, for the purpose of ensuring comparability of financial statements of business entity for the different accounting periods, and also financial statements of different business entities.

For achievement of this purpose, this standard provides, concepts which shall be at the heart of accounting policy and the financial reporting, business entities content and the minimum requirements to contents of the financial reporting.

Detailed requirements for reflection, measurement and disclosure of separate transactions and events, are described in other NSBU.

This Standard does not describe the requirement to information which shall be provided except the financial reporting. For example, business entities can provide financial review as the additional information to financial statements.

3. In this standard, accounting policy is understood as set of the methods accepted by the head of business entity for financial accounting and financial reporting preparation according to their principles and bases.

Methods of their group and assessment of the facts of economic activity, cost repayment of assets, acceptances of the organization of document flow, inventory count, methods of application of accounts of financial accounting, system of accounting registers, information processing and different corresponding ways, acceptances and methods belong to methods of financial accounting.

4. Accounting policy of business entity is created by the subject's head on the basis of this NSBU in order that the financial performance of activities of business entity represented in the financial reporting for different years was comparable.

5. The financial reporting is method of representation financial information, characterizing activities of business entity for certain period irrespective of whether it is separate independent managing the subject, or enters into the consolidated group of business entities.

6. The purpose of financial statements is provision of information on financial position of business entity, indicators of its activities and about cash flow, necessary for wide range of users for adoption of economic decisions.

Financial statements show also results of the resource management of business entity exercised of management.

7. For goal achievement of this Standard, financial statements shall contain the following information which helps users with forecasting of cash flow, and in particular, terms and probability of forming of money and their equivalents:

7.1. About the assets which are under control of business entity (the probable cash inflows or other economic benefit which are sources);

7.2. About the obligations of business entity (which are sources of probable cash outflows or other economic benefit);

7.3. About retained earnings of business entity (which represent changes in economic resources and obligations of business entity from one period to another, except for fees of owners and payments to owners);

7.4. About cash flow (as indicator of possible movement of cash flows in the future).

This information it is necessary for assessment of possibility of business entity to pay to users of the financial reporting dividends and interests, and also to timely make calculations for obligations.

8. The head of business entity bears responsibility in compliance the legislation for accounting policy, and also for preparation and submission of financial statements of business entity.

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