Regulatory Alerts2016-05-12
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Comments on the New Edition of the Law of the Republic of Uzbekistan "On Accounting"
The Law of the Republic of Uzbekistan "On Accounting" has been adopted in a new edition to align with international standards and recent economic reforms. The revision introduces nine new articles and amends nearly all existing provisions, including the definition of accounting concepts, the scope of subjects and objects, and the principles of accounting. It establishes stricter responsibilities for the heads of accounting entities and accounting services, mandates the maintenance of accounting documents for at least five years, and defines the legal status of professional accounting associations. The Central Bank of Uzbekistan is granted authority to set mandatory rules for the accounting and reporting of banks and microcredit organizations.
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