Regulatory Alerts2003-11-08 | 27/4Added · Updated
Approval of the Regulation on the Procedure for Correcting Errors in Financial Statements of Commercial Banks
The Board of the Central Bank of the Republic of Uzbekistan approved a regulation establishing the procedure for correcting errors in the financial statements of commercial banks. The regulation mandates that banks account for error corrections retrospectively, requiring the restatement of comparative financial information as if the errors had never occurred. It specifies accounting treatments for errors affecting only the balance sheet, only the income statement, or both, including methods for software limitations. The regulation defines errors, outlines the preparation of working schedules for corrections, and requires the submission of information regarding correcting entries to the Central Bank within 30 days. This resolution was subsequently recognized as lost in force on November 11, 2021.
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