Uzbekistan's Ministry of Economy and Finance has opened a public consultation on nine draft National Financial Reporting Standards based on international standards. The proposals address accounting matters insufficiently covered by existing national standards, including the transition to the new framework, asset accounting and the recognition of income and expenses. The draft on first-time adoption sets out a general framework for organizations moving to the new requirements. Proposals on asset accounting seek consistent treatment of inventories, property, plant and equipment, and intangible assets. Separate drafts address fair value measurement and cash flow reporting. The package also covers accounting for revenue and expenses from customer contracts, borrowing costs and foreign currency transactions. The drafts form part of a previously mandated replacement of national accounting standards, with phased introduction of the new standards planned from Jan. 1, 2027. The broader 2026–2027 program encompasses more than 30 documents across eight areas, and five standards have already been registered.
Uzbekistan's Ministry of Economy and Finance consults on nine national financial reporting standards
Uzbekistan's Ministry of Economy and Finance is consulting on nine draft national financial reporting standards based on international standards. The proposals address gaps in existing rules across transition arrangements, asset accounting and financial reporting, including income and expense recognition. They form part of a broader replacement of national accounting standards, with phased introduction planned from Jan. 1, 2027.