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It is registered

Ministry of Justice

Republic of Uzbekistan

On December 28, 1998 No. 580

Approved by the Ministry of Finance of the Republic of Uzbekistan of October 14, 1998, No. 50

National Accounting standard of the Republic of Uzbekistan of financial accounting of the Republic of Uzbekistan NSBU No. 8 "Consolidated financial statements and accounting of investments into affiliated economic societies"

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.

Purpose and coverage

2. The purpose of this NSBU is determination of procedure for creation and submission of consolidated financial statements of group of the managing societies which are under control of the head managing society (which is hereinafter referred to as "Head society").

In this standard the accounting treatment for investments into affiliated economic societies in separate financial statements of head society is also considered.

3. This standard is not applied to:

3.1. To accounting of investments in joint activities (see. National accounting standard, "Reflection in the financial reporting of share in joint activities");

3.2. To accounting of investments into associates. Requirements of this standard also do not extend to the summary financial reporting of the ministries, departments and state-financed organizations


4. The terms used in this standard:

Control (in relation to this standard) is the right to determine financial and economic policy of business entities for the purpose of receipt of benefit from their activities.

Affiliated economic society (further "subsidiary") is business entity who is controlled by head society

Head society is the business entity having one or several subsidiaries.

The group is head society and all its subsidiaries Consolidated financial statements - it is system of the indicators reflecting financial position on reporting date and financial results for the accounting period of group of the managing societies.

Separate financial statements are reporting of each member of group which is subject to consolidation.

The share of minority is the part of net incomes (losses) of economic activity and net assets of subsidiary falling to share which does not belong to head society directly or indirectly in subsidiaries.

Submission of consolidated financial statements

5. Head society shall represent consolidated financial statements, except the head societies described in Item 6.

6. The head society which is in turn someone's affiliated and being in ownership of other society can not represent the consolidated statements under condition if it is not required by its head society and there is consent to it of owners of share of minority.

Such head society in the separate financial statements shall open:

a) the reason for which the consolidated financial statements were not provided;

b) the used method in financial accounting of investments into subsidiary;

c) the name and the registered office of its head society representing consolidated financial statements.

Head society also does not constitute the consolidated statements in case of availability at it only dependent societies.

Each such case is subject to disclosure in explanations to the balance sheet and the report on financial results of head society.

Consolidation coverage

7. The head society constituting consolidated financial statements shall consolidate all subsidiaries, foreign and local unless:

7.1. The subsidiary is acquired only for the purpose of the subsequent realization in the near future and control over them will be temporary;

7.2. The subsidiary functions within the long-term special conditions established by head society which significantly reduce its capability to transfer funds to head society.

Such subsidiaries shall be considered as investments according to National Accounting Standard (NAS) "Accounting of financial investments".

Technique of creation of consolidated statements

8. By preparation of consolidated financial statements financial statements of head society and all its subsidiaries unite by line-by-line summing of identical asset items, obligations, equity, the income and expenses:

In order that consolidated financial statements provided financial information about group as about single society, it is necessary:

8.1. Exclude:

- book value of investments of head society in everyone affiliated and share of head society in equity of each subsidiary;

- balance according to settlement accounts between head and subsidiary;

- the intra group transactions according to the income, expenses, dividends and also resulting from these transactions unrealized profits and losses, except for losses which are not reparable;

8.2. Determine share of participation of minority in net income of subsidiary which reduces the income of group at determination of the amount of net income which is due to head society;

8.3. Determine minority share in net assets of subsidiary and provide in the consolidated balance sheet for the accounting period separately from obligations and equity of head society:

- the amount calculated for date of initial acquisition;

- specific weight of share of minority in movement of equity from the date of acquisition.

9. In consolidated financial statements the financial reporting of head society, affiliated and shares of minority, constituted for the same accounting period and on the same reporting date unites.

If the financial reporting of any subsidiary (for example, located outside Uzbekistan) is constituted for the same accounting period, as consolidated financial statements, but on the reporting date other than reporting date of consolidated financial statements, then such subsidiary constitutes interim financial statements on the same reporting date, as reporting date of consolidated financial statements.

In case of impossibility of creation of interim financial statements by subsidiary join in consolidated financial statements this to the financial reporting of subsidiary, delivered to other reporting date provided that the discrepancy between them does not exceed three months.

When the financial statements constituted on different reporting dates are consolidated, adjustment on the changes which are result of the essential transactions or other events which are taking place between these dates is made.

10. Consolidated financial statements shall be prepared on the basis of use of single accounting policy for similar transactions and other events of financial and economic activities.

If one of participants of group uses accounting policy, other than that which is accepted in case of creation of consolidated financial statements on similar transactions, the corresponding corrections in case of consolidation are made to these financial statements. And if use of single accounting policy by preparation of consolidated financial statements is impossible, then this fact shall be discovered along with that part of Articles in consolidated financial statements to which different accounting policy was applied.


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