Uzbekistan's Ministry of Finance has developed a National Financial Reporting Standard (MHMS) titled “Fundamentals of Preparing Financial Statements: Accounting Policies and Accounting Estimates” (registration No. 3810, 11 April 2026), positioning it as one of the country’s first modern normative documents for accounting and financial reporting. The standard is intended to support implementation of the Presidential decision PQ–282 of 15 September 2025 and to align national accounting practices with international requirements. The MHMS sets a single, clear approach for forming and applying accounting policies, determining accounting estimates, and correcting errors, with the stated aim of improving the reliability, faithful representation and comparability of financial statements. It applies to most legal entities operating in Uzbekistan regardless of ownership form, with certain special categories of organisations excluded, and is presented as being developed in line with widely used international practice.
Ministry of Finance (Republic of Uzbekistan) 2026-04-13
Uzbekistan's Ministry of Finance introduces a National Financial Reporting Standard on accounting policies and accounting estimates
The Ministry of Finance of Uzbekistan has adopted National Financial Reporting Standard “Fundamentals of Preparing Financial Statements: Accounting Policies and Accounting Estimates” (MHMS, No. 3810, 11 April 2026) to implement Presidential decision PQ–282 and align national accounting with international requirements. The standard sets a unified approach to accounting policies, estimates and error correction to improve reliability and comparability of financial statements, and applies to most legal entities, with certain categories excluded.