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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of February 5, 1999 No. 54

About approval of the Regulations on structure of costs on production and sales of products (works, services) and about procedure for forming of financial results

(as amended on 30-12-2020)

According to the Tax code of the Republic of Uzbekistan and for providing single methodology of financial accounting of the income and expenses of business entities the Cabinet of Ministers decides.

1. Approve Regulations on structure of costs on production and sales of products (works, services) and about procedure for forming of financial results according to appendix.

2. To the Ministry of Finance of the Republic of Uzbekistan in a month:

develop and introduce to the Cabinet of Ministers the draft of the resolution on approval of standard rates on the normalized costs;

develop and publish comments to the Provision approved by this resolution;

together with the State Tax Committee of the Republic of Uzbekistan to develop and approve the instruction for application of the specified Provision by the small enterprises applying simplified taxation system and the physical persons who are engaged in business activity without formation of legal entity;

together with the ministries and departments to provide review and reduction of departmental regulating documents in compliance with this resolution.

3. Recognize invalid:

Items 1, 2 and 3 resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of March 26, 1994 No. 164 "About approval of regulations on financial accounting and the reporting in the Republic of Uzbekistan and enhancement of system of accounts of financial accounting" (the joint venture of the Republic of Uzbekistan, 1994, No. 3, the Art. 19),

the resolution of the Cabinet of Ministers of December 18, 1995 No. 461 "About introduction change in the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 26, 1994 No. 164" (the joint venture of the Republic of Uzbekistan, 1995 No. 12, the Art. 48).

4. Control, behind execution of this resolution to assign to the Deputy prime minister Hamidov B. S.

Chairman of the Cabinet of Ministers

Islam Karimov

Approved by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 1999 No. 54

Regulations on structure of costs on production and sales of products (works, services) and about procedure for forming of financial results

General provisions

This Provision establishes unified methodological bases of cost determination on production and sales of products (works, services) and procedure for forming of financial results of business entities - legal entities, and also the physical persons who are engaged in business activity without formation of legal entity.

The provision is developed taking into account distinctions which arise in case of calculation of costs for the purposes of financial accounting and for the purposes of the taxation the Main objective of financial accounting is calculation of costs and determination of financial results of activities of business entities for determination of their competitiveness.

The Provision contains group of costs and the basic rules of forming of financial results.

On the basis of this provision, features of structure and the cost accounting of separate industries are determined by the relevant ministries and departments, economic associations (corporations, concerns, associations, the companies, etc.). The Republic of Uzbekistan in coordination with the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan.

A. Forming of financial results

The classification of costs given in the Provision first of all is oriented to the correct and complete reflection of costs in financial accounting, and also determination of financial results (profit or loss) of activities of business entity for creation of its financial statement.

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