ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of March 23, 2004 No. 51

About approval of the National accounting standard of the Republic of Uzbekistan (NSBU No. 22) "Accounting of the assets and liabilities expressed in foreign currency"

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. 22) "Accounting of the assets and liabilities expressed in foreign currency".

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

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of March 23, 2004, No. 51

National accounting standard of the Republic of Uzbekistan (NSBU No. 22) "Accounting of the assets and liabilities expressed in foreign currency"

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 NSBU is determination of procedure for reflection in financial accounting of the assets and liabilities expressed in foreign currency and their disclosures in the financial reporting.

2. Action of this NSBU extends to all organizations (except for banks and other credit institutions) in the territory of the Republic of Uzbekistan (further - business entities) performing foreign currency transactions in the territory of the Republic of Uzbekistan.

3. This NSBU is not applied in case of recalculation of indicators of the financial reporting constituted in poison ivy, in foreign currency in cases of the requirement of such recalculations by constituent documents, etc.

4. In the Republic of Uzbekistan all business entities shall keep financial accounting and represent the financial reporting in national currency - the amounts if the legislation does not provide other procedure.

5. The terms used in this standard:

a) activities outside the Republic of Uzbekistan - the activities performed by the business entity registered in the Republic of Uzbekistan through structural divisions outside the Republic of Uzbekistan;

b) transaction date in foreign currency - day of origin at business entity of the right according to the legislation or the agreement to accept assets and liabilities which are result of foreign currency transaction to financial accounting.

6. Foreign currency transactions are the transactions made in foreign currency when business entity:

a) acquires or realizes assets, works and services for foreign currency;

b) obtains or grants the credits and loans on which amount dues or to obtaining are established in foreign currency:

c) assumes liabilities or, or has accounts to obtaining in foreign currency.

7. Depending on the change in the exchange rate of foreign currencies to bag established by the Central bank of the Republic of Uzbekistan (further - Central Bank rate), and from recalculation of assets and liabilities there is positive or negative exchange difference.

§ 2. Reflection of foreign currency transactions in financial accounting

8. The asset cost and obligations expressed in foreign currency for the purpose of reflection in financial accounting is subject to recalculation in poison ivy.

9. Recalculation in the poison ivy of asset cost and obligations expressed in foreign currency is made at the Central Bank rate for this foreign currency in relation to bag.

10. For the purposes of financial accounting the specified recalculation in poison ivy is made at the Central Bank rate for transaction date in foreign currency. Dates of making of separate foreign currency transactions for the purposes of financial accounting are given in appendix to this NSBU.

11. In financial accounting the accounts payable to the consignor in foreign currency arises for date of realization of consignment goods at the Central Bank rate for the same date. Further accounting of debt is performed according to this NSBU.

12. Ceased to be valid according to the Order registered by the Ministry of Justice of the Republic of Uzbekistan of 20.08.2018 No. 1364-3

§ 3. Assessment of the inventory stocks and other assets acquired for foreign currency

13. Assessment of inventory stocks (except for goods) and other assets acquired for foreign currency is determined by agreements of consignment proceeding from the cost specified in source accounting documents (shipping documents or the cargo customs declaration) confirming their acquisition in recalculation at the Central Bank rate on their acceptance date to financial accounting and also the other expenses connected with acquisition which are created according to Item 1.1.12 of the Regulations on structure of costs on production and sales of products (works, services) and about procedure for the forming of financial results approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 1999 No. 54, the National accounting standard of the Republic of Uzbekistan (NSBU No. 5) "Fixed assets" (reg. No. 1299 of January 20, 2004) and the National accounting standard of the Republic of Uzbekistan (NSBU No. 4) "Inventory stocks" (reg. No. 1595 of July 17, 2006)."

§ 4. Accounting of exchange difference

14. Business entities monthly make revaluation currency the balance sheet item on the last number of month under report and for date of making of economic activities at the Central Bank rate.

15. In this NSBU for the purpose of revaluation and determination of exchange difference treat currency clauses of balance:

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