Uzbekistan's Ministry of Economy and Finance has prepared an advisory chart of accounts and a methodological guide to help organizations apply National Financial Reporting Standards (NFRS). The standards are being developed progressively through the revision and consolidation of existing national accounting standards to align them with International Financial Reporting Standards. The chart of accounts draws on the Conceptual Framework for the Preparation and Presentation of Financial Statements and relevant NFRS requirements. It does not impose a mandatory uniform structure, allowing organizations to develop their own working chart according to their activities and accounting policies. The accompanying guide explains the main differences between the new and existing standards, changes to accounting and financial reporting, and their practical application. These materials support software updates, the preparation of financial statement items and adjustments to accounts. Five documents relating to NFRS have been registered, while nine draft standards are open for public discussion. Each document's scope and effective date are determined separately. The transition may require changes to accounting software registers, reporting forms and disclosure capabilities. Software developers, suppliers and implementers are advised to plan adjustments around approved standards and their effective dates, rather than treating drafts as binding requirements.
Uzbekistan's Ministry of Economy and Finance develops advisory chart of accounts and guidance for new reporting standards
Uzbekistan's Ministry of Economy and Finance has prepared an advisory chart of accounts and guidance to support the adoption of new national financial reporting standards. Organizations may tailor the chart to their activities and accounting policies. Software adjustments should follow approved standards and their effective dates, rather than treating drafts as binding requirements.