13.04.2018

LAW OF THE REPUBLIC OF UZBEKISTAN ABOUT ACCOUNTING (new version)

Article 1. Purpose of this Act

The purpose of this Law is to regulate relations in the field of organization, maintenance and reporting of accounting.

Article 2. Accounting legislation

Accounting legislation consists of this Law and other legal documents.

If the international agreement of the Republic of Uzbekistan stipulates rules different from those stipulated in the accounting legislation of the Republic of Uzbekistan, the rules of the international agreement shall be applied.

Article 3. Basic principles of accounting

Continuity, reliability, comparability of indicators are the main principles of accounting.

Article 4. accounting

Accounting consists of a regulated system of collecting, recording and summarizing accounting information through a comprehensive, continuous, document-based accounting of all business operations, as well as drawing up financial and other reports based on it.

Accounting is carried out in a double-entry way, by reflecting the economic transaction in at least two accounting accounts simultaneously and in a mutually dependent manner.

Article 5. Accounting information

Accounting information is processed information about accounting objects based on primary accounting documents, reflected in accounting registers, financial statements, explanations and other documents related to the organization and management of accounting.

Article 6. Accounting subjects

State authorities and management bodies, legal entities registered in the Republic of Uzbekistan, their subsidiaries, representative offices, branches and other structural units located in the territory of the Republic of Uzbekistan and outside of it are accounting entities.

Persons engaged in business activities without establishing a legal entity, self-management bodies of citizens, as well as representative offices, branches and other structural divisions of foreign legal entities in the territory of the Republic of Uzbekistan shall keep accounts and submit reports in accordance with the procedure established by law. .

Article 7. Accounting objects

Assets, liabilities, private capital, reserves, income, expenses, profits, losses and economic operations related to their movement are the objects of accounting.

Accounting objects are kept in synthetic and analytical accounts.

Article 8. Synthetic and analytical calculus

Synthetic accounting is carried out by summarizing information about accounting objects according to specific economic characteristics in accordance with the law.

Analytical accounting is maintained in a manner determined independently by the subject of accounting in order to form detailed accounting information about accounting objects.

Article 9. Regulation of accounting and reporting

Regulation of accounting and financial reporting, development and approval of accounting standards is entrusted to the Ministry of Finance of the Republic of Uzbekistan.

Accounting rules are defined by accounting standards, including simplified accounting standards for small business entities.

Regulation of accounting and financial reporting of budget organizations and state special purpose funds is carried out on the basis of budget accounting standards and other legal documents.

Regulation of accounting and reporting of banks and other credit organizations is carried out by the Central Bank of the Republic of Uzbekistan in accordance with the legislation.

Article 10. Accounting standards

Accounting standards define the minimum requirements for accounting and financial reporting.

National accounting standards define special requirements for the organization, maintenance and preparation of financial statements.

Accounting entities may apply international standards of financial reporting in accordance with the procedure established by law.

Article 11. Organization of accounting and reporting

The organization of accounting and reporting is carried out by the head of the accounting entity.

The head of the accounting entity has the following rights:

- organization of an accounting service under the leadership of the head of the accounting service or using the services of an accountant engaged on the basis of a contract;

- entrusting accounting to a specialized organization (auditing organizations, tax consultants and other organizations whose charter provides for accounting services) on the basis of a contract;

- independent accounting.

Head of accounting department:

- development of accounting policy, internal accounting and reporting system;

- internal control procedure;

- complete and reliable accounting;

- perfect preservation of account documents;

- preparation and publication of financial statements in accordance with the procedure established by law;

- preparation of tax report and other financial documents;

- that calculations are made on time;

- must ensure compliance with the requirements of Article 12 of this Law.

Article 12. Head of accounting service

The chief accountant or other official who performs accounting and financial management tasks is the head of the accounting service.

The head of the accounting service reports directly to the head of the accounting entity.

The requirements of the head of the accounting service regarding formalization of economic transactions based on documents and their submission to the accounting service are mandatory for all employees of the accounting entity.

In the event of disagreements between the head of the accounting entity and the head of the accounting service regarding the implementation of certain business operations, the documents on them shall be executed by the written order of the head of the accounting entity who is personally responsible for the consequences of the operations. possible

The head of the accounting service of the accounting entity (excluding banks and other credit organizations) subject to mandatory audit must meet the following requirements:

- have a higher education;

- in the case of having a higher economic education, at least three years out of the last five calendar years, and in the case of having a non-economic higher education, at least seven years out of the last ten calendar years in accounting or financial reporting or auditing activities have work experience related to

The head of the accounting entity, which must undergo a mandatory audit, must ensure that the head of the accounting service undergoes annual training.

The requirements of the fifth and sixth parts of this article shall also be applied to the employee of the specialized organization to whom the head of the accounting entity has entrusted the management of accounting on the basis of a contract.

A person who has been found to be incompetent or has limited legal capacity in accordance with the established procedure, as well as a person whose conviction for a crime committed intentionally has not been completed or whose conviction has not been removed, cannot be the head of the accounting service.

The requirements for the heads of the accounting service of banks and other credit organizations are determined by the Central Bank of the Republic of Uzbekistan.

Article 13. Signature right

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

The head of the accounting entity approves two lists of persons authorized to sign. The first list includes persons performing management duties in the accounting entity, and the second includes persons performing accounting and financial management duties. If the head of the accounting entity has assumed the tasks of accounting and financial management, then he will appear in both lists.

Documents without the signatures of the persons specified in the second part of this article are considered invalid.

Article 14. Primary account documents

Initial accounting documents recording the implementation of operations and orders for their transfer are the basis for accounting of economic operations. Checks of payment terminals are also recognized as primary account documents when business entities pay for goods (works, services) received in the field of trade and services using bank corporate plastic cards.

Initial accounting documents are prepared during the implementation of economic operations or after the operations are completed.

Business transactions related to the reporting period, if the documents confirming their implementation have not been received, the corresponding initial document is drawn up and reflected in the accounting.

Mandatory details of initial account documents are as follows:

- name of the accounting entity;

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

- the name of the economic transaction, its content and the quantity measure (expressed in kind and money);

- names and signatures of the persons (persons) who performed the business operation, indicating the surname and first and patronymic initials or other details necessary for identification.

The persons who drew up and signed the initial accounting documents are responsible for their timely, correct and reliable structure, as well as their submission within the specified periods for reflection in accounting.

Initial account documents can be created and submitted in the form of electronic documents.

It is not allowed to make corrections to the initial accounting documents that are not approved by the participants of the economic operation. Corrections and deletions in bank and cash documents are not allowed.

Article 15. Accounting registers

Accounting registers consist of journals, records, books and approved forms (forms) maintained according to the double-entry method.

Accounting registers can be created, processed and stored as electronic documents using technical means, information systems and information technologies.

In the accounting registers, the information from the initial accounting documents should be systematized and collected.

Mandatory requisites of the accounting register are as follows:

- the name of the register;

- name of the accounting entity;

- the date of the start and end of keeping the register and (or) the period when the register was created;

- chronological and (or) systematic grouping of economic operations;

- the amount of measurement in money, indicating the unit of measurement of economic operations;

- the positions, surnames and signatures of the persons responsible for keeping the register with the initials of their first and last names or other details necessary for the identification of these persons.

Unapproved corrections to accounting records are not allowed.

Article 16. Inventory of assets and liabilities

The accuracy and reliability of accounting and financial reporting information is confirmed by mandatory inventory of assets and liabilities. Inventory objects, the procedure and terms of its transfer are defined in the inventory accounting standard.

Article 17. Valuation of assets and liabilities

Inventories are valued at the lower of the following two values: actual cost (purchase price or cost of production) or market value (net realizable value) at the balance sheet date.

Fixed assets and intangible assets are accounted for at their initial (recovery) cost.

Depreciation of the value of fixed assets and intangible assets is carried out by calculating depreciation (amortization) until their value is fully covered or the object is written off. Depreciation allocations are made from the month after the object is put into use. The value of the land is not depreciated.

Financial investments are accounted for in accordance with accounting standards.

Obligations are expressed in money according to the agreement of the parties.

Obligations arising from a court decision are reflected in the appropriate amount.

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

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

Accounting is kept in the national currency - soums.

Article 18. Accounting for income and expenses

Incomes and expenses are reflected in accordance with accounting standards in the reporting period, regardless of the time of payment and the date of receipt of money.

Incomes and expenses for the implementation of the State budget of the Republic of Uzbekistan and the budgets of state special funds are reflected in accordance with the legislation on the budget.

Article 19. Equity accounting

Equity consists of authorized capital (authorized capital), added, reserve capital and retained earnings.

The authorized fund (authorized capital) reflects the sum of the contributions (expressed in money) specified in the founding documents. Tangible and intangible assets included in the form of contributions to the authorized fund (authorized capital) are evaluated according to the agreement between the founders (participants), and in the cases stipulated by the law, they must be evaluated by the evaluation organization.

Added capital reflects the issue income from the initial sale of shares at prices higher than their nominal value, as well as the exchange rate difference that occurs during the formation of the authorized fund (authorized capital) expressed in equivalent foreign currency.

Reserve capital reflects inflation reserves formed during the revaluation of long-term assets, deductions from net profit in the amounts provided for by legislation and founding documents, as well as the value of property received for free.

Retained earnings represent the accumulation of profits and can be added to the authorized fund (authorized capital) at the discretion of the owners.

Article 20. Accounting for collateral

The value of the property pledged to secure its own or others' obligations, including cash, is considered separately from other assets by the accounting entity.

The value of mortgaged property, cash and foreign exchange assets taken as collateral are reflected in separate off-balance sheet accounts.

Article 21. Internal control

Internal control is adopted by the head of the accounting entity in order to ensure the legality and economic expediency of economic operations, the preservation of assets, the prevention of cases of robbery and errors in the preparation of financial and other reports. is a system of measures organized on the basis of accounting policy.

The accounting entity organizes and implements internal control.

Article 22. Financial reporting

The financial report consists of systematic information about the financial status of the accounting entity as of the reporting date, the financial result of its activity during the reporting period, and the movement of funds.

The annual financial report includes:

- balance sheet;

- financial performance report;

- statement of cash flows;

- statement of private equity;

- comments, calculations and explanations.

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

An accounting entity must include the accounting balances of its representative offices, branches and other structural divisions, as well as other reporting forms, when preparing a financial report.

The financial report is drawn up from the beginning of the reporting year with an increasing end.

The financial report of budget organizations, recipients of budget funds and state trust funds is prepared and presented in accordance with the legislation on the budget.

The composition and content of the financial report is determined by the Ministry of Finance of the Republic of Uzbekistan.

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

Article 23. Consolidated Financial Statements

An accounting entity, which is the main economic company and has subsidiary companies, organizations under its control, prepares consolidated financial statements.

The procedure for drawing up consolidated financial statements, as well as requirements for organizations under the control of the main economic company, are determined by accounting standards.

The requirements of this article do not apply to the consolidated financial statements of ministries, state committees, agencies and budget organizations.

Article 24. Reporting period of financial statements

January 1 - December 31 calendar year is the reporting period of the annual financial report.

The period from January 1, including the reporting date of the period for which the periodic financial report is prepared, is the reporting period for the periodic financial report prepared during the calendar year.

For newly established legal entities, the period from the date of acquisition of the right of legal entity until December 31 of the same year, and for non-legal entities, from the date of their registration with state bodies. the period up to December 31 of the year is considered the first reporting year.

If a legal entity (except budget organizations) was registered after October 1, the first reporting year ends on December 31 of the following year.

Information on business operations carried out before registration or obtaining the right of a legal entity is included in the financial report of the first reporting year.

Article 25. Presentation of financial statements

The financial report is submitted to:

- to state tax service authorities;

- to the owners in accordance with the founding documents;

- to state statistical bodies;

- to other bodies in accordance with the law.

The financial report can be submitted in the form of an electronic document.

The financial report is presented every quarter of the year. Small enterprises and micro-firms submit only an annual financial report consisting of a balance sheet and a statement of financial results.

The deadlines for submitting the financial report are determined by the Ministry of Finance of the Republic of Uzbekistan.

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

Article 26. Publication of financial statements

The annual financial report of economic entities is open to interested banks, stock exchanges, investors, creditors, as well as other persons in accordance with the law.

Joint-stock companies, as well as insurance organizations, banks, public funds and other organizations in accordance with the law, submit the annual financial report together with the auditor's report at least two weeks before the date of the annual general meeting of shareholders or other top management body of the accounting entity. it is necessary to lon.

This article does not apply to the financial statements of accounting entities that are subject to other requirements of the law.

Article 27. Financial statement at liquidation

A final financial statement is drawn up during the liquidation of an economic entity.

The liquidation commission (liquidator) is responsible for accounting for liquidation operations, drawing up a liquidation balance sheet and report, and determining the value of assets.

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

Liabilities are reflected in the balance sheet with interest calculated on the date of its creation.

Article 28. Confidentiality of accounting information

Confidentiality is observed in accounting. Acquaintance with the contents of the accounting registers is allowed according to the permission of the head of the accounting entity or in the cases stipulated by the law.

Persons who have access to accounting registers must maintain confidentiality. Violation of confidentiality shall cause liability in accordance with the law.

Article 29. Keeping accounting documents

Initial accounting documents, accounting registers, financial statements and other reports, as well as other documents related to the organization and management of accounting are kept by the accounting entity during the periods established by the law, but at least five years after the reporting year.

Withdrawal of accounting documents is carried out in accordance with the law.

Article 30. Public associations of accountants

Accountants have the right to form public associations of accountants in order to represent and protect their common interests in accordance with the law.

Article 31. Dispute resolution

Disputes in the field of accounting organization, maintenance and reporting are resolved in accordance with the procedure established by law.

Article 32. Liability for violation of accounting legislation

Persons guilty of violating the legislation on accounting shall be held accountable in accordance with the established procedure.