Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC

Registered by

Ministry of Justice

Republic of Uzbekistan

On January 20, 2004 No. 1299

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of October 9, 2003 No. 114

About approval of the National accounting standard of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets"

(as amended on 22-10-2018)

Based on the Law of the Republic of Uzbekistan "About financial accounting" and according to 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. 5) "Fixed assets".

2. Recognize invalid:

National accounting standard of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets" approved by the Ministry of Finance of the Republic of Uzbekistan on September 7, 1998 No. 46 (reg. No. 491 of September 23, 1998 - the Bulletin of regulations, 1999, No. 6);

The order of the Ministry of Finance of the Republic of Uzbekistan of February 23, 2001 No. 23 "About modification and amendments in the National accounting standard of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets" (reg. No. 491-1 of February 23, 2001 - the Bulletin of regulations, 2001, No. 3-4);

The order of the Ministry of Finance of the Republic of Uzbekistan of July 2, 2001 No. 60 "About modification and amendments in the National accounting standard of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets" (reg. No. 491-2 of July 7, 2001 - the Bulletin of regulations, 2001, No. 13).

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.

Minister of Finance

M. Nurmuratov

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of October 9, 2003, No. 114

National accounting standard of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets"

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.

§ 1. General provisions

1. The purpose of this standard is determination of technique of fixed asset accounting, belonging to business entity (further - the company) on the property rights, economic maintaining or operational management.

2. Basic provisions in fixed asset accounting is determination of the moment of recognition by their assets, determination of their book value and depreciation methods which shall be applied in relation to these assets, and also determination and accounting of other changes of book value of fixed assets and financial results from their disposal.

3. The terms used in this standard:

a) fixed assets are tangible assets which the company contains for the purpose of use them in production process of products, performance of works or rendering services or for implementation of administrative and welfare functions for a long time when conducting economic activity;

b) depreciable cost is the amount of initial (recovery) asset cost shown in financial statements, minus the expected (estimated) salvage value. For fixed assets which original cost is increased by cost amount on works on completion additional equipment, reconstruction, upgrade and to modernization, depreciable cost is their residual (balance sheet) cost determined at the time of commissioning of these fixed assets after completion of these works minus the expected (estimated) salvage value;

c) depreciation - value term of depreciation in the form of systematic distribution and transferring to product cost (works, services) or period expenses proceeding from purpose of fixed assets of depreciable cost of asset during the term of useful service;

d) the term of useful service - period of time throughout which the asset will be used by the company, or product quantity (works and services) which the company expects to receive from use of this asset. For the fixed assets put into operation after completion of works on completion, additional equipment, reconstruction, upgrade and modernization, the term of useful service is the period of time from the moment of commissioning of these fixed assets after completion of these works throughout which fixed assets will be used by the company, or to receive product quantity (works and services) which the company expects from use of these fixed assets;

e) the original cost is the cost of the made costs on construction (construction and completion) or acquisition of fixed assets, including the paid and not recoverable taxes (charges), but costs on delivery and installation, installation, commisioning and any other expenses which are directly connected with reduction of asset in the working condition for its proper use;

e) the current value is fixed asset cost at the operating market prices of certain date or the amount sufficient for acquisition of asset or obligation fulfillment during transaction between informed, wishing to make such transaction, independent from each other the parties;

g) residual (balance sheet) cost is initial (recovery) fixed asset cost less cumulative depreciation amount;

h) salvage value - the expected amount of the received assets in case of liquidation of fixed assets at the end of the expected term of useful service less the expected costs on disposal.

4. Fixed assets the tangible assets at the same time answering to the following criteria are included:

a) service life more than one year;

b) objects the cost of more fiftyfold size of the minimum wage established in the Republic of Uzbekistan (at the time of acquisition), for unit (set). The director has the right to set for accounting year smaller limit of cost of objects for their accounting as a part of fixed assets.

Irrespective of service life and cost, fixed assets are not included:

a) special tools and devices (tools and devices of purpose intended for serial and mass production of certain products or for production of the individual order);

b) special and sanitary clothes, special footwear;

c) bedding;

d) office supplies (calculators, desktop devices etc.);

e) kitchen and table stock, and also table linen;

e) temporary (not title constructions), devices and devices which costs on construction belong on cost of installation and construction works;

g) replaceable equipment useful life less than one year;

h) fishing tools (trawls, seines, networks, tackles, merezh, etc.).

As a part of fixed assets the parcels of land transferred to the possession to the company according to the legislation are also considered.

Capital investments in long-term plantings, on radical improvement of lands, in leased fixed asset objects, are included the fixed assets annually in cost amount relating to accepted in reporting year in operation, irrespective of end date of all complex of works.

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