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2016-04-13 | ЎРҚ-404

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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.

Uzbekistan

Central Bank of the Republic of Uzbekistan

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25.07.2026

29.11.2023 01

30.10.2021

21.04.2021

31.12.2020

14.04.2016

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[ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.01.00 General Rules] [ TSZ: 1. Finance / Accounting]

Law of the Republic of Uzbekistan

On Amendments and Additions to the Law of the Republic of Uzbekistan "On Accounting"

Adopted by the Legislative Chamber on March 3, 2016 Approved by the Senate on March 31, 2016

Article 1. Amendments and additions are made to the Law of the Republic of Uzbekistan No. 279-I "On Accounting" adopted on August 30, 1996 (Vestnik of the Oliy Majlis of the Republic of Uzbekistan, 1996, No. 9, Article 142; Vestnik of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2013, No. 4, Article 98, No. 10, Article 263, No. 12, Article 350; 2014, No. 5, Article 130; 2015, No. 12, Article 452), and its new edition is approved (appendix is attached).

Article 2. The Cabinet of Ministers of the Republic of Uzbekistan:

align government decrees with this Law;

ensure that state management bodies review and cancel their normative legal documents that contradict this Law.

Article 3. This Law enters into force from the day of its official publication.

This Law was published in the "Halk So'zi" newspaper, Issue No. 73 (6508) of April 14, 2016

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

April 13, 2016,

UQ-404

Law of the Republic of Uzbekistan

On Accounting

(new edition)

Article 1. The purpose of this Law [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.01.00 General Rules]

The purpose of this Law is to regulate relations in the field of organizing accounting, maintaining records, and preparing reports. See previous edition.

Article 2. Legislation on Accounting

Legislation on Accounting consists of this Law and other legislative documents. See previous edition.

Relations in the field of organizing accounting, maintaining records, and preparing reports in an area with a special legal regime established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established in this Law. (Paragraph 2 of Article 2 was supplemented with a second part based on Law No. UQ-1158 of the Republic of Uzbekistan dated July 13, 2026 — , 14.07.2026, No. 03/26/1158/0727. Date of entry into force — July 25, 2026) [ OKOS: 1. 19.00.00.00 International Relations. International Law / 19.06.00.00 Law of International Treaties / 19.06.03.00 Application and Interpretation of Treaties]

If an international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation on accounting of the Republic of Uzbekistan, the rules of the international treaty are applied. ( 2 -nd Article in the edition of Law No. UQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 3. Basic Principles of Accounting

Continuity, reliability, and comparability of indicators are the basic principles of accounting.

Article 4. Accounting [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.01.00 General Rules]

Accounting is a regulated system of collecting, recording, and summarizing accounting information by comprehensively, continuously, and documentarily recording all economic transactions, as well as preparing financial and other reports based on it.

Accounting is conducted using the double-entry method by reflecting economic transactions in at least two accounts of accounting simultaneously and interdependently, valued in monetary terms.

Article 5. Accounting Information

Accounting information is processed information about accounting objects reflected in primary accounting documents, accounting registers, financial reports, explanations, and other documents related to organizing and maintaining accounting.

Article 6. Subjects of Accounting

State authorities and management bodies, legal entities registered in the Republic of Uzbekistan, their branch enterprises, representative offices, branches, and other structural subdivisions located both within and outside the territory of the Republic of Uzbekistan are subjects of accounting. See previous edition.

[ OKOS: 1. 17.00.00.00 Fair Trial / 17.06.00.00 Economic Procedural Legislation / 17.06.05.00 Proceedings for Review of Decisions]

Individuals engaged in entrepreneurial activity without forming a legal entity, bodies of self-government of citizens, as well as representative offices, branches, and other structural subdivisions of foreign legal entities within the territory of the Republic of Uzbekistan maintain records and submit reports in the manner established by legislation. (Paragraph 2 of Article 6 in the edition of Law No. UQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Regulation "On the Composition of Costs for Producing and Selling Products (Works, Services) and the Procedure for Forming Financial Results" approved by Resolution No. 54 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 5, 1999; Article 29 of the Law of the Republic of Uzbekistan "On Bodies of Self-Government of Citizens"; Article 54 of Law No. UQ-598 "On Investments and Investment Activity" of the Republic of Uzbekistan dated December 25, 2019; Instruction "On Accounting in Budgetary Institutions" approved by Order No. 105 of the Minister of Finance of the Republic of Uzbekistan dated December 17, 2010 (registration number 2169, 22.12.2010).

Article 7. Objects of Accounting [ OKOS: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.29.00 Other Types of Obligations; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.03.00 Accounting of Intangible Assets]

Economic transactions related to assets, liabilities, equity capital, reserves, revenues, expenses, profits, losses, and their movement are objects of accounting.

Objects of accounting are maintained in synthetic and analytical accounts.

Article 8. Synthetic and Analytical Accounts See previous edition.

[ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.07.00 Accounting in Specific Industries]

Synthetic accounting is carried out by summarizing information about accounting objects according to certain economic characteristics in the manner established by legislation. (Paragraph 1 of Article 8 in the edition of Law No. UQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Analytical accounting is conducted in the manner independently determined by the subject of accounting for the purpose of forming detailed accounting information about accounting objects.

Article 9. Regulation of Accounting and Reporting [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.08.00 Budget Accounting Standards]

The regulation of accounting and financial reporting, and the development and approval of accounting standards are entrusted to the Ministry of Finance of the Republic of Uzbekistan.

For additional information, see: Regulation "On the Ministry of Finance of the Republic of Uzbekistan" approved by Resolution No. PQ-2847 of the President of the Republic of Uzbekistan dated March 18, 2017.

Rules for maintaining accounting are established by accounting standards, including the standard for simplified accounting for subjects of small entrepreneurship.

See: National Standard of Accounting "Simplified Procedure for Maintaining Accounting by Subjects of Small Entrepreneurship" (No. 20 of NSAS) (registration number 2501, 14.08.2013). See previous edition.

Accounting and financial reporting of budgetary institutions and state target funds are carried out on the basis of budget accounting standards and other legislative documents.

See: Article 163 of the Budget Code of the Republic of Uzbekistan; Instruction "On Accounting in Budgetary Institutions" (registration number 2169, 22.12.2010). [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.18.00 Regulation and Supervision by Banks]

The regulation of accounting and reporting of banks and other credit institutions is carried out by the Central Bank of the Republic of Uzbekistan in accordance with legislation. (Paragraphs third and fourth of Article 9 in the edition of Law No. UQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Article 70 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity" (new edition); Article 61 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" (new edition); Instruction "On the Procedure for Maintaining Accounting and Organizing Accounting Work in Banks of the Republic of Uzbekistan" approved by Resolution No. 11/5 of the Management Board of the Central Bank of the Republic of Uzbekistan dated May 3, 2008 (registration number 1834, 11.07.2008).

Article 10. Accounting Standards [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.08.00 Budget Accounting Standards]

Accounting standards establish minimum requirements for maintaining accounting and preparing financial reports.

National standards of accounting establish special requirements for organizing accounting, maintaining records, and preparing financial reports. See previous edition.

Subjects of accounting may apply international standards of financial reporting in the manner established by legislation. (Paragraph 3 of Article 10 in the edition of Law No. UQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Paragraph 5 of Article 102 of the Law of the Republic of Uzbekistan "On Joint-Stock Companies and Protection of Shareholders' Rights"; Paragraph 3 of Item 9 of Decree No. PF-4720 of the President of the Republic of Uzbekistan dated April 24, 2015 "On Measures for Introducing Modern Corporate Governance Methods in Joint-Stock Companies"; Resolution No. PQ-4611 of the President of the Republic of Uzbekistan dated February 24, 2020 "On Additional Measures for Transition to International Standards of Financial Reporting".

Article 11. Organization of Accounting and Reporting

The head of the subject of accounting organizes accounting and reporting.

The head of the subject of accounting has the following rights:

to organize the accounting service under the head of the accounting service or use the accounting service attracted on a contractual basis;

to entrust the maintenance of accounting to a specialized organization (audit organizations, tax advisory organizations, and other organizations whose charter provides for the provision of services for maintaining accounting) on a contractual basis;

See: Laws of the Republic of Uzbekistan "On Audit Activity" and "On Tax Advisory Activity".

to maintain accounting independently.

The head of the subject of accounting:

ensures the development of accounting policy, internal accounting, and reporting systems;

internal control procedures;

the full and reliable maintenance of accounting;

the integrity of accounting documents; See previous edition.

the preparation and publication of financial reports in the manner established by legislation; (Paragraph 6 of Part 3 of Article 11 was amended in the edition of Law No. UQ-726 of the Republic of Uzbekistan dated October 29, 2021 — , 30.10.2021, No. 03/21/726/1001 — enters into force from January 31, 2022)

See: Article 26 of this Law; Paragraph 5 of Article 102 of the Law of the Republic of Uzbekistan "On Joint-Stock Companies and Protection of Shareholders' Rights"; Article 72 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity"; Paragraph 2 of Article 25 of the Law of the Republic of Uzbekistan "On Public Funds".

the preparation of tax reports and other financial documents;

timely execution of calculations;

compliance with the requirements of Article 12 of this Law.

See: Instruction "On Accounting in Budgetary Institutions" (registration number 2169, 22.12.2010).

Article 12. Head of the Accounting Service [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.01.00 General Rules]

The Chief Accountant or another official performing the functions of accounting and financial management is the head of the accounting service.

The head of the accounting service is directly subordinate to the head of the subject of accounting.

The requirements of the head of the accounting service for the documentation of economic transactions on a documentary basis and their submission to the accounting service are mandatory for all employees of the subject of accounting.

In the event of disputes between the head of the subject of accounting and the head of the accounting service regarding the implementation of certain economic transactions, documents regarding them may be accepted for execution by the written order of the head of the subject of accounting, who is personally responsible for the consequences of the implementation of the transactions. [ OKOS: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.04.00.00 Audit Activity / 09.04.03.00 Procedure for Conducting Audits]

The head of the accounting service of a subject of accounting required to undergo mandatory audit (excluding banks and other credit institutions) must meet the following requirements:

have higher education;

if having higher economic education, have at least three years of work experience in the last five calendar years in maintaining accounting or preparing financial reports or audit activity; if having higher non-economic education, have at least seven years of such experience in the last ten calendar years.

The head of the subject of accounting required to undergo mandatory audit must ensure that the head of the accounting service undergoes annual qualification improvement.

The requirements of paragraphs fifth and sixth of this Article are also applied to employees of specialized organizations that have taken on the maintenance of accounting on a contractual basis for the head of the subject of accounting required to undergo mandatory audit.

See: Items 9–20 of the Instruction "On Accounting in Budgetary Institutions" (registration number 2169, 22.12.2010). [ OKOS: 1. 03.00.00.00 Civil Legislation / 03.02.00.00 Citizens (Natural Persons) / 03.02.05.00 Recognition of a Citizen as Incapable. Limitation of Capacity]

A person recognized as incapable or limited in capacity in the established manner, as well as a person who has not completed a criminal record or has not had it expunged for a crime committed intentionally, cannot be the head of the accounting service.

See: Articles 30 and 31 of the Civil Code of the Republic of Uzbekistan; Articles 78 and 79 of the Criminal Code of the Republic of Uzbekistan. [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.17.00 Accounting and Reporting in Banks]

Requirements for the heads of the accounting service of banks and other credit institutions are established by the Central Bank of the Republic of Uzbekistan.

See: Paragraph 13 of Part 2 of Article 61 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" (new edition).

Article 13. Right of Signature

Documents serving as the basis for receiving and issuing money, material assets, and other assets, credit and settlement obligations, as well as financial and other reports, are signed by the head of the subject of accounting or by persons designated by him.

The head of the subject of accounting approves two lists of persons with the right to sign. The first list includes persons performing managerial functions in the subject of accounting, and the second list includes persons performing accounting and financial management functions. If the head of the subject of accounting has taken on the functions of accounting and financial management, he includes himself in both lists.

Documents without the signatures of the persons specified in paragraph 2 of this Article are considered invalid.

Article 14. Primary Accounting Documents [ OKOS: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.17.00.00 Trade / 09.17.07.00 Use of Cash Registers and Terminals in Providing Paid Services to the Population]

Primary accounting documents recording the execution of operations and orders for their posting serve as the basis for accounting of economic transactions. When goods (works, services) obtained in the trade and service sectors by economic entities are paid for using bank corporate plastic cards, receipts from payment terminals are also recognized as primary accounting documents.

Primary accounting documents are drawn up at the time economic transactions are carried out or after they are completed.

Economic transactions relevant to the reporting period, if documents confirming their execution have not been received, are reflected in accounting with the corresponding primary document formalized.

The mandatory requisites of primary accounting documents are as follows:

name of the subject of accounting;

name and number of the document, date and place of its creation;

name, content of the economic transaction, and quantity in measurement units (expressed in natural and monetary terms);

positions and signatures of persons who performed the economic transaction (person), indicating the surname and initials of the first name and patronymic, or other requisites necessary for identification.

Persons who created and signed primary accounting documents are responsible for their timely, correct, and reliable creation, as well as their submission within the deadlines established for reflection in accounting.

Primary accounting documents may be created and submitted in electronic form.

Corrections not confirmed by participants in the economic transaction are not allowed in primary accounting documents. Corrections and erasures are not allowed in bank and cash-pull documents.

See: Order No. 143 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the Regulation on Documents and Document Circulation in Accounting" (registration number 3538, 30.07.2024).

Article 15. Accounting Registers [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.02.00 Accounting of Fixed Assets]

Accounting registers consist of journals, records, books, and approved forms (templates) conducted in accordance with the double-entry method.

Accounting registers may be created, processed, and stored in electronic form using technical means, information systems, and information technologies.

Information from primary accounting documents must be systematized and accumulated in accounting registers.

The mandatory requisites of an accounting register include:

name of the register;

name of the subject of accounting;

date of commencement and completion of maintaining the register and (or) the period for which the register is created;

chronological and (or) systematic grouping of economic transactions;

monetary amount in monetary terms with the indication of the unit of measurement of economic transactions;

signatures or other requisites necessary for identification of persons responsible for maintaining the register, indicating their positions, surnames, and initials of first name and patronymic.

Corrections not confirmed are not allowed in accounting registers.

Article 16. Inventory of Assets and Liabilities

The accuracy and reliability of accounting and financial reporting information are confirmed by mandatory inventory of assets and liabilities. Objects of inventory, the procedure for conducting it, and deadlines are established in the accounting standard on inventory.

See: Order No. 141 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (No. 19 of NSAS) 'Organization and Conduct of Inventory'" (registration number 3548, 12.08.2024).

Article 17. Valuation of Assets and Liabilities [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.06.00 Inventory and Revaluation, Revaluation, Write-off; 2. 09.00.00.00 Entrepreneurship and Economic Activity / 09.06.00.00 Valuation Activity / 09.06.04.00 Procedure and Standards for Valuation]

Valuation of commodity-material reserves is carried out according to the lower of two valuations — actual cost (purchase price or production cost) on the date the balance sheet is drawn up, or market value (net realizable value).

See: Section "G" of the Regulation "On the Composition of Costs for Producing and Selling Products (Works, Services) and the Procedure for Forming Financial Results" approved by Resolution No. 54 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 5, 1999 ("Valuation of Commodity-Material Reserves, Work in Progress, and Expenses of Future Periods").

Fixed assets and intangible assets are recorded at their initial (restorable) value.

See: Order No. 133 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 5) 'Fixed Assets'" (registration number 3546, 09.08.2024), Order No. 134 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 7) 'Intangible Assets'" (registration number 3547, 09.08.2024).

The derecognition of fixed assets and intangible assets is carried out through the calculation of depreciation (amortization) until their value is fully covered or until the object is removed from accounting. Depreciation charges are made starting from the month following the object being put into use. Land value is not depreciated.

See: Order No. 144 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the Regulation on the Procedure for Derecognition of Intangible Assets" (registration number 3543, 05.08.2024).

Financial investments are accounted for in accordance with accounting standards.

See: Order No. 138 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 12) 'Accounting for Financial Investments'" (registration number 3531, 18.07.2024) and Order No. 135 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 8) 'Consolidated Financial Statements and Accounting for Investments in Subsidiary Enterprises'" (registration number 3537, 26.07.2024).

Liabilities are reflected in monetary terms in accordance with the agreement of the parties.

Liabilities arising by court decision are reflected in the corresponding amount.

Contingent assets and liabilities are reflected in accordance with accounting standards.

Assessment of assets and liabilities of budgetary institutions is carried out in accordance with budget accounting standards.

Accounting is maintained in the national currency - the sum.

See: Paragraph 1 of the "Procedure for Repricing Prices and Making Changes to the Accounting and Reporting of Legal Entities Registered in the Republic of Uzbekistan" approved by Resolution No. 307 of the Cabinet of Ministers of the Republic of Uzbekistan dated June 20, 1994, regarding the introduction of the national currency, Order No. 201 of the Minister of Economy and Finance of the Republic of Uzbekistan dated December 6, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 22) 'Accounting for Assets and Liabilities Expressed in Foreign Currency'" (registration number 3587, 19.12.2024).

Article 18. Accounting for Income and Expenses [OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 State Budget / 07.05.02.00 State Budget Revenues; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 State Budget / 07.05.03.00 State Budget Expenditures; 3. 09.00.00.00 Entrepreneurship and Economic Activity / 09.06.00.00 Valuation Activity / 09.06.04.00 Valuation Procedures and Standards]

Income and expenses are reflected in the accounting report period in accordance with accounting standards, regardless of when they were paid and when funds were received, depending on which period they relate to.

Income and expenses related to the execution of the State Budget of the Republic of Uzbekistan and budgets of state target funds are reflected in accordance with budget legislation. ( Part two of Article 18

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Part VIII of the Budget Code of the Republic of Uzbekistan ('Budget Accounting and Reporting'). Also, for additional information, see: The "Regulation on the Composition of Costs for Producing and Selling Products (Works, Services) and the Procedure for Forming Financial Results" approved by Resolution No. 54 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 5, 1999.

Article 19. Accounting for Private Capital

Private capital consists of charter fund (share capital), additional capital, reserve capital, and undistributed profit.

Charter fund (share capital) reflects the aggregate of contributions (expressed in monetary terms) established in the founding documents. Material and intangible assets contributed as shares to the charter fund (share capital) are valued according to the agreement between founders (participants), and in cases provided by law, must be valued by an appraisal organization.

Additional capital reflects emission income obtained from the initial sale of shares at prices above nominal value, as well as exchange rate differences arising during the formation of charter fund (share capital) expressed in foreign currency equivalents. Previous edition.

Reserve capital reflects inflation reserves arising from revaluation of long-term assets, allocations from net profit in amounts provided by legislation and founding documents, as well as the value of property acquired free of charge. ( Part four of Article 19

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Undistributed profit expresses the accumulation of profit and may be added to the charter fund (share capital) based on the decision of owners.

See: Order No. 191 of the Minister of Economy and Finance of the Republic of Uzbekistan dated November 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 21) 'Chart of Accounts for Accounting in Business Entities and Instructions for its Use'" (registration number 3593, 27.12.2024), Order No. 130 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 1) 'Presentation of Financial Statements and Accounting Policy'" (registration number 3544, 06.08.2024).

Article 20. Accounting for Pledges [OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.01.00 General Rules]

The value of property pledged to secure one's own or others' obligations, including funds, is accounted for separately by the subject of accounting from other assets.

The value of pledged property, funds accepted as pledges, and currency values are reflected in off-balance sheet accounts.

Article 21. Internal Control

Internal control is a system of measures adopted by the head of the accounting subject based on the accounting policy to ensure the legality and economic feasibility of carrying out economic operations, preservation of assets, prevention and detection of theft and errors in maintaining accounting records, preparing financial and other reports.

The accounting subject organizes and implements internal control.

Article 22. Financial Reporting [OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.05.00 Financial Reporting]

Financial reporting consists of structured information about the financial position of the accounting subject at the reporting date, the financial results of its activities during the reporting period, and the movement of funds.

Annual financial reporting includes:

the balance sheet;

the report on financial results;

the report on cash flows;

See: Order No. 181 of the Minister of Economy and Finance of the Republic of Uzbekistan dated October 8, 2024 "On Approval of the Regulation on Deadlines for Submission of Financial Reports and Their Composition and Content" (registration number 3567, 04.11.2024), Order No. 130 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 1) 'Presentation of Financial Statements and Accounting Policy'" (registration number 3544, 06.08.2024), Order No. 199 of the Minister of Economy and Finance of the Republic of Uzbekistan dated December 5, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (Standard No. 9 CSN) 'Report on Cash Flows'" (registration number 3592, 27.12.2024).

the report on private capital;

notes, calculations, and explanations.

Requirements for financial reporting prepared according to international standards are defined in international standards for financial reporting.

When preparing financial reporting, the accounting subject must include the balance sheets and other report forms of its independent branches, subsidiaries, and other structural units separated onto a separate balance sheet.

Financial reporting is compiled cumulatively from the beginning of the reporting year. Previous edition.

Financial reporting of budgetary institutions, recipients of budget funds, and state target funds is compiled and submitted in accordance with budget legislation. ( Part six of Article 22

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Article 163 of the Budget Code of the Republic of Uzbekistan.

The composition and content of financial reporting are determined by the Ministry of Finance of the Republic of Uzbekistan.

The composition and content of financial reporting of banks and other credit institutions are determined by the Central Bank of the Republic of Uzbekistan.

See: Article 70 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity" (new edition), Article 61 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" (new edition).

Also, see: Order No. 131 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the Conceptual Basis for Preparing and Submitting Financial Reporting" (registration number 3530, 12.07.2024).

Article 23. Consolidated Financial Reporting

An accounting subject that is a main business entity and has subsidiary business entities or organizations under its control compiles consolidated financial reporting.

The procedure for compiling consolidated financial reporting, as well as requirements imposed on organizations under the control of the main business entity, are determined by accounting standards.

See: Order No. 135 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 8) 'Consolidated Financial Statements and Accounting for Investments in Subsidiary Enterprises'" (registration number 3537, 26.07.2024). Previous edition.

The requirements of this article do not apply to the aggregated financial reporting of ministries, departments, and budgetary institutions. (Part three of Article 23 Amendment of the Law of the Republic of Uzbekistan No. URQ-880 dated November 28, 2023 — , 29.11.2023, No. 03/23/880/0905)

Article 24. Reporting Period for Financial Reporting [OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.05.00 Financial Reporting]

January 1 – December 31 calendar year is the reporting period for annual financial reporting.

Starting from January 1, the reporting period for periodic financial reporting compiled within a calendar year covers the period including the reporting date of the period for which the periodic financial reporting is being compiled.

For newly established legal entities, the period from the date of acquisition of legal entity status until December 31 of that year is considered the first reporting year; for non-legal entities, the period from the date of registration with state bodies until December 31 of that year is considered the first reporting year.

If a legal entity (excluding budgetary institutions) is registered after October 1, the first reporting year ends on December 31 of the following year.

Information about economic operations carried out before registration or acquisition of legal entity status is included in the financial reporting of the first reporting year.

Article 25. Submission of Financial Reporting [OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.05.00 Financial Reporting]

Financial reporting is submitted to:

state tax service bodies;

owners in accordance with founding documents;

state statistics bodies; Previous edition.

other bodies in accordance with legislation. (Fifth paragraph of Part one of Article 25

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Financial reporting may be submitted in electronic form.

Financial reporting is submitted every quarter of the year. Small enterprises and micro-enterprises submit only annual financial reporting consisting of the balance sheet and the report on financial results.

Deadlines for submitting financial reporting are determined by the Ministry of Finance of the Republic of Uzbekistan.

See: Order No. 130 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the National Standard of Accounting of the Republic of Uzbekistan (National Standard of Accounting No. 1) 'Presentation of Financial Statements and Accounting Policy'" Order No. 181 of the Minister of Economy and Finance of the Republic of Uzbekistan dated October 8, 2024 "On Approval of the Regulation on Deadlines for Submission of Financial Reports and Their Composition and Content" (registration number 3567, 04.11.2024). [OKSO: 1. 02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (also see 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers]

The Cabinet of Ministers of the Republic of Uzbekistan may establish other deadlines for submitting financial reporting for certain subjects of accounting.

Article 26. Publication of Financial Reporting Previous edition.

[OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.05.00 Financial Reporting]

Annual financial reporting of business entities is open to interested banks, exchanges, investors, creditors, as well as other persons in accordance with legislation.

Joint-stock companies, as well as insurance companies, banks, public funds, and other organizations in accordance with legislation must publish their annual financial reports together with an audit opinion at least two weeks before the date of the annual general meeting of shareholders or the other supreme governing body of the accounting subject.

See: Part five of Article 102 of the Law of the Republic of Uzbekistan "On Joint-Stock Companies and Protection of Shareholders' Rights", Article 72 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity" (new edition), Part two of Article 25 of the Law of the Republic of Uzbekistan "On Public Funds".

This article does not apply to financial reporting of accounting subjects for whom other requirements of legislation are established. ( Parts one, two, and three of Article 26

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 27. Financial Reporting During Liquidation [OKSO: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.29.00.00 Accounting. Financial Reporting / 07.29.05.00 Financial Reporting; 2. 09.00.00.00 Entrepreneurship and Economic Activity / 09.03.00.00 Bankruptcy and Sanation (also see 03.03.03.00) / 09.03.09.00 Liquidation Process]

Final financial reporting is compiled during the liquidation of a business entity.

Responsibility for accounting for liquidation operations, compiling the liquidation balance sheet and report, and determining asset values lies with the liquidation commission (liquidator).

Bad debts and losses are not included in the liquidation balance sheet.

Liabilities in the liquidation balance sheet are reflected with interest accrued as of the date of its compilation.

Article 28. Confidentiality of Accounting Information Previous edition.

Confidentiality is observed in maintaining accounting records. Familiarization with the content of accounting registers is permitted only with the permission of the head of the accounting subject or in cases provided by legislation. ( Part one of Article 28

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Persons who have obtained permission to familiarize themselves with accounting registers must maintain confidentiality. Violation of confidentiality entails liability in accordance with the law.

See: Article 191 of the Criminal Code of the Republic of Uzbekistan.

Article 29. Storage of Accounting Documents Previous edition.

Primary accounting documents, accounting registers, financial reporting, and other reports, as well as other documents related to organizing and maintaining accounting, are stored by the accounting subject for periods established by legislation, but for at least five years after the reporting year.

Removal of accounting documents is carried out in accordance with legislation. ( Parts one and two of Article 29

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Articles 157–168 of the Criminal Procedure Code of the Republic of Uzbekistan and Order No. 143 of the Minister of Economy and Finance of the Republic of Uzbekistan dated June 14, 2024 "On Approval of the Regulation on Documents and Document Circulation in Accounting" (registration number 3538, 30.07.2024).

Article 30. Public Associations of Accountants Previous edition.

Accountants have the right to form public associations in accordance with the procedure established by legislation to express and protect their common interests. ( Text of Article 30

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

For additional information, see: Articles 42–46, 74 of the Civil Code of the Republic of Uzbekistan, Chapter II of the Law of the Republic of Uzbekistan "On Public Associations in the Republic of Uzbekistan" ('Formation of Public Associations and Cessation of Their Activities') and Part III of the Law of the Republic of Uzbekistan "On Non-Governmental Non-Profit Organizations" ('Procedure for Establishing a Non-Governmental Non-Profit Organization').

Article 31. Dispute Resolution Previous edition.

Disputes in the field of organizing, maintaining accounting, and compiling reports are resolved in accordance with the procedure established by legislation. ( Article 31

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) Previous edition.

Article 32. Liability for Violation of Legislation on Accounting

Persons guilty of violating legislation on accounting are liable in the established manner. ( Article 32

Amendment of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Article 220 of the Tax Code of the Republic of Uzbekistan (new edition), Article 175 1 of the Code of Administrative Offenses of the Republic of Uzbekistan. (Collection of Legislation of the Republic of Uzbekistan, 2016, No. 15, Article 142; National Database of Legislative Information, 31.12.2020, No. 03/20/660/1682; , 21.04.2021, No. 03/21/683/0375; 30.10.2021, No. 03/21/726/1001; 29.11.2023, No. 03/23/880/0905; 14.07.2026, No. 03/26/1158/0727)