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Registered by

Ministry of Justice

Republic of Uzbekistan

On June 27, 2005 No. 1485

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of March 25, 2005 No. 35

About approval of the National accounting standard of the Republic of Uzbekistan (NSBU No. 7) "Intangible assets"

(as amended on 12-06-2017)

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. 7) "Intangible assets" (new edition).

2. Recognize invalid:

National accounting standard of the Republic of Uzbekistan (NSBU No. 7) "Intangible assets" approved by the Ministry of Finance of the Republic of Uzbekistan on October 12, 1998 No. 49 (reg. No. 506 of 20.10.1998, "The bulletin of regulations of the ministries of the state committees and departments of the Republic of Uzbekistan", 1999, No. 6);

The order of the Ministry of Finance of the Republic of Uzbekistan of June 19, 2001 No. 54 "About entering of amendments into the National accounting standard of the Republic of Uzbekistan (NSBU No. 7) "Intangible assets" (reg. No. 506-1 of 29.06.2001, "The bulletin of regulations of the ministries of the state committees and departments of the Republic of Uzbekistan" 2001, No. 12).

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.

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of March 25, 2005, No. 35

National accounting standard of the Republic of Uzbekistan (NSBU No. 7) "Intangible assets" (new edition)

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 methodology of financial accounting and reflection in the financial reporting of the intangible assets belonging to business entity except banks and other credit institutions (further the company) on the property rights, economic maintaining or operational management.

2. Basic provisions of accounting of intangible assets are: determination of the moment of recognition, assessment of book value, term of useful service, determination of depreciation methods, assessment and accounting of other changes of book value and determination of financial results from their disposal, and also procedure for disclosure of information on them in the financial reporting.

3. This provision of NSBU are not applied to rules of accounting:

a) the costs for research and development works considered according to the National accounting standard of the Republic of Uzbekistan (NSBU No. 11) "Costs for research and development works" approved by the Ministry of Finance of the Republic of Uzbekistan on December 3, 1998 No. 64 (reg. No. 581 of 28.12.1998, "The bulletin of regulations of the ministries, state committees and departments of the Republic of Uzbekistan" 1999, No. 6);

b) the types of lease considered according to the National accounting standard of the Republic of Uzbekistan (NSBU No. 6) "Lease accounting" (reg. No. 1946 of April 24, 2009) (Collection of the legislation of the Republic of Uzbekistan, 2009, No. 17, the Art. 220);

c) deferred expenses.

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