Forms of financial statement and requirements for them have been developed

In recent years, large-scale work has been carried out in the field of accounting and auditing, in particular, on the introduction of international standards of financial reporting (IFRS).

The Ministry of Economy and Finance has studied the world experience, and in order to coordinate and methodologically ensure the process of introduction of the IFRS, as well as to support and create relief for business entities, a draft order was developed on the forms of financial reports and requirements for the IFRS.

The following norms are determined by this draft order:

the statement period of the annual financial report and the procedure for submitting the financial statement ;

deadlines for submitting financial statements, including submission of annual financial statements based on National accounting standards (NAS) no later than March 1 of the year following the statement year, and annual financial statements based on the IFRS no later than May 1 of the year following the reporting year;

separate annual financial statement forms based on IFRS and NAS;

that organizations that prepare financial statements according to the IFRS can determine the forms of financial statements that they publish on their website with the accounting policy.

Also, with this draft order, some departmental normative legal documents, including those requiring quarterly submission of financial reports, are deemed to have lost their validity.

This draft order was posted on the portal for discussion of draft normative legal documents of the Republic of Uzbekistan on May 14, 2024 (ID - 98 836). Suggestions (comments) from the participants of the discussion regarding the draft of the order can be submitted through this link.

It should be noted that, in addition, drafts of regulatory legal documents will be announced, which include proposals for further improvement of the accounting system and measures to encourage the transition to the IFRS.

Information Service

Ministry of Economy and Finance