Regulatory Alerts2016-04-13 | ЎРҚ-404Added · Updated
On Amendments and Additions to the Law of the Republic of Uzbekistan "On Accounting"
The Law amends and adopts a new edition of the Law "On Accounting," establishing the legal framework for organizing accounting, maintaining records, and preparing financial reports in Uzbekistan. It defines accounting as a regulated system for collecting, recording, and summarizing information on all economic transactions using double-entry bookkeeping. The legislation mandates that the Ministry of Finance regulates accounting standards for general entities, while the Central Bank regulates banks and credit institutions. It outlines the responsibilities of entity heads, qualifications for chief accountants, requirements for primary documents and registers, and rules for inventory and valuation of assets and liabilities.
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