Financial statements in Uzbekistan

Financial statements are systematized information (Article 22 of the Law) about an entity’s position, financial performance, and cash flows. An ordinary annual report under NAS is filed by 1 March, while an IFRS report is filed by 1 May of the following year.

In brief:

• Annual reporting deadlines are 1 March and 1 May (clause 7 of the Regulation): the first applies to NAS and the second to IFRS.
• A complete NAS set consists of four primary forms and explanatory information; microfirms and small enterprises file only two forms.
• Joint-stock companies, commercial banks, insurance companies, and large taxpayers must apply IFRS (clause 1 of Resolution PP-4611).
• Some entities must have their annual statements audited (Article 35 of the Audit Law) and publish them with the audit opinion.
• Statements are ready only after reconciliations, inventory counts, form checks, and signatures by authorized persons.

Updated: 04 September 2026

What financial statements are

Financial statements show an entity’s position at the reporting date, the results of its operations, and cash flows for the period. They are produced from accounting records, so reported figures must be traceable to source documents, registers, inventory counts, and the accounting policy.

The Law distinguishes accounting from final reporting. Accounting is a continuous system for recording all business transactions, while reporting presents the results of that system to users in a structured form. Its core principles are continuity, reliability, and comparability.

The head of the entity organizes accounting and reporting (Article 11 of the Law). The head ensures the accounting policy, internal accounting, completeness and reliability of data, and the preparation and publication of statements. Assigning the work to an employed chief accountant or an outside provider does not relieve the head of these duties.

Financial statements are signed by authorized persons (Article 13 of the Law). The head approves the lists of persons entitled to sign for management and for accounting and financial management; a document without the required signature is invalid.

This article covers final financial statements, not the recognition rules for every transaction. The article on NAS explains the national standards system, while the material on income and expense accounting helps determine the period in which an item belongs in the statements.

What financial statements include

A complete annual set under the National Accounting Standards (NAS) has five parts (Article 22 of the Law):

• a balance sheet;
• a statement of financial results;
• a statement of equity;
• a cash flow statement;
• notes, calculations, and explanations.

The balance sheet shows assets, liabilities, and equity at the reporting date. The statement of financial results reports income, expenses, and the resulting profit or loss. The statement of equity explains changes in equity, while the cash flow statement shows receipts and payments from operating, investing, and financing activities. The notes disclose material accounting policies and explain line items in the forms.

The forms in the general Regulation do not replace consolidated statements (clause 1 of the Regulation). Banks, non-bank credit and insurance organizations, and budget-funded organizations apply special sector rules, so the general list of forms and deadlines should not be used for them without checking the relevant regulation.

The statements include figures for representative offices, branches, and other divisions placed on a separate balance sheet. Forms are prepared cumulatively from the start of the year, not merely for transactions in the latest month or quarter.

NAS or IFRS: which standards apply

Most entities apply NAS unless a special instrument requires IFRS. National standards establish minimum requirements (Article 10 of the Law) and specific accounting and reporting rules; IFRS may be applied as provided by legislation.

Joint-stock companies, commercial banks, insurance organizations, and legal entities classified as large taxpayers have applied IFRS since 2021 (clause 1 of Resolution PP-4611). Certain state-owned and state-participated enterprises transition under an annual schedule of the State Assets Management Agency.

A legal entity may transition to IFRS voluntarily. Through its personal account, it notifies the tax authority by 1 March (clause 6 of Resolution PP-282) of the year following the transition year and states the transition date. Entities that prepare IFRS statements do not also file NAS statements (clause 12 of the Regulation).

A register of public-interest entities has been maintained since 2026. It includes, among others, entities whose securities are listed and publicly traded, commercial banks and the specified non-bank financial institutions, investment funds, and exchanges. Under the general quantitative test, an entity enters this category if, in each of two consecutive years, both its assets and annual net revenue are at least 1,000,000 BCAs—currently UZS 440.000.000.000 for each threshold—and its average annual workforce is at least 500 employees (criteria).

Example. If a company has assets of UZS 484.000.000.000, net revenue of UZS 462.000.000.000, and an average annual workforce of 520 employees in each of two consecutive years, it meets all three quantitative conditions at the same time. It should still not determine the inclusion date itself: the authorized body forms the register.

The register is formed annually by 1 July. An included entity starts IFRS accounting on 1 January of the following year and, for the next, second year, prepares and publishes IFRS statements with an audit opinion unless an earlier transition applies to it (clauses 4–5 of the Regulation).

Which reporting period to use

The annual reporting period is the calendar year (Article 24 of the Law), from 1 January through 31 December. The reporting date is the last calendar day of the period. Periodic statements, when special rules require them, are prepared cumulatively from 1 January through the relevant reporting date.

For a new entity, the first period depends on its registration date. If a legal entity is registered before 1 October, its statements cover the funds and their sources from the first day of the registration month through 31 December. When registration occurs after 1 October (clause 6 of the Regulation), the first period runs from the state-registration date through 31 December of the following year. An exception applies to entities formed from liquidated or reorganized entities and their divisions.

If an entity is liquidated, reorganized, or merged during the year, it files statements from the year’s start through the event (clause 5 of the Regulation). Liquidation requires final financial statements (Article 27 of the Law); the liquidation commission or liquidator is responsible for liquidation accounting, the liquidation balance sheet, reporting, and asset valuation.

Where and when to file financial statements

Annual statements are filed with the state bodies specified by law. The Law identifies tax authorities, owners, and statistics (Article 25 of the Law), as well as other bodies where a special instrument or the entity’s status so requires. Statements are delivered to owners under the procedure in the constituent documents.

Statements may be filed electronically (Article 25 of the Law). Resolution PP-8 discontinued paper submission of reports from the Unified List, and state bodies receive them through information systems. The Unified Reporting System is voluntary in 2026; mandatory transition begins in stages in 2027.

The general 1 March or 1 May deadline does not automatically apply to every special sector. The filing-deadline Regulation expressly excludes budget-funded and insurance organizations, commercial banks, and non-bank credit organizations: their recipients, forms, and deadlines are governed by sector instruments.

How to prepare and sign the statements

First close the accounting period: record source documents, accruals, depreciation, and valuation adjustments, and reconcile settlements, cash, and bank accounts. Then verify assets and liabilities through inventory counts, close income and expense accounts, check turnovers, and produce the reporting forms from reconciled registers.

All entities present figures in soums (clause 3 of the Regulation) unless the law establishes another procedure. Assets and liabilities in foreign currencies are translated at the Central Bank exchange rate.

The forms carry the prescribed signatures (clause 4 of the Regulation) of the head and chief accountant, or the person performing accounting and financial-management functions. If the head performs those functions personally, the head also signs in place of the chief accountant.

Each form must contain all details, lines, and columns (clause 13 of the Regulation). If the entity has no data for a line or column, it inserts a dash. An empty line without that mark may look like an omission rather than confirmed absence of an item.

An inventory count is not a formality before printing the balance sheet. The Law requires factual confirmation through an inventory of assets and liabilities (Article 16 of the Law). Differences between physical balances and the registers must be investigated and recorded before the statements are approved.

The accounting policy establishes selected methods, material estimates, and disclosure procedures, but this article does not replace the entity’s own document. It should specify the choices made before the period begins and when a selected method may be changed.

When consolidated statements are required

A parent business entity with subsidiaries or other controlled entities prepares consolidated financial statements (Article 23 of the Law). They present the group as a single economic unit and do not replace the separate statements of each legal entity.

The consolidation procedure and requirements for controlled entities are set by the relevant standards. NAS 8 applies under NAS, and the applicable international standards govern an IFRS group. A legal entity that prepares consolidated IFRS statements must also prepare separate IFRS statements (clause 6 of Resolution PP-282).

Before consolidating the group, determine the control perimeter, align accounting policies and reporting dates, and eliminate intragroup turnover, balances, income, expenses, and unrealized results. These are consolidation procedures and should not be confused with simply adding up subsidiary balance sheets.

Who needs an audit and publication

Joint-stock companies, banks and other credit organizations, insurers, agricultural cooperatives, certain funds, entities with state ownership, exchanges, and commercial entities meeting the statutory criteria undergo a mandatory annual audit. The full mandatory-audit list (Article 35 of the Audit Law) should be checked based on the entity’s status, not only its size.

A commercial entity is also subject to audit if it meets two of three criteria (Article 35 of the Audit Law) at the same time:

• balance-sheet assets exceed 100,000 BCAs, currently UZS 44.000.000.000;
• revenue exceeds 200,000 BCAs, currently UZS 88.000.000.000;
• the average annual workforce exceeds 100 employees.

Example. The entity’s assets are UZS 48.400.000.000, which is UZS 4.400.000.000 above the UZS 44.000.000.000 threshold. Revenue is UZS 83.600.000.000, or UZS 4.400.000.000 below the UZS 88.000.000.000 threshold. Average annual employment is 105 people, which exceeds 100. Two of the three conditions are met, so the audit is mandatory.

After a mandatory audit, a copy of the opinion is filed with the tax authority within 15 days (Article 35 of the Audit Law), but in all cases no later than 15 June of the following year. The audit opinion contains the auditor’s written opinion (Article 39 of the Audit Law) on the reliability of the statements and their compliance with legal requirements.

An entity’s annual statements are open to interested users. Joint-stock companies, banks, insurers, public funds, and other designated entities publish them with the audit opinion (Article 26 of the Law) no later than two weeks before the annual general meeting or other highest governing body. Additional sector requirements apply to banks, insurers, and non-bank credit organizations.

For example, publication of an insurer’s annual report requires the audit opinion (Article 58 of the Insurance Law). A non-bank credit organization must conduct an audit and publish the statements with the opinion (Article 31 of the relevant Law) at least two weeks before the annual meeting. An agricultural cooperative provides the opinion to its management board ten days before the general meeting (Article 42 of the Cooperative Law).

Liability for violations

Failure to ensure correct and accurate data or to conduct an inventory count exposes officials to a fine of UZS 1.320.000–3.080.000, equal to 3–7 BCAs (Article 175-1 of the Administrative Liability Code). A repeated violation within a year after an administrative penalty carries a fine of UZS 3.080.000–4.400.000, equal to 7–10 BCAs. Depending on the unperformed duty, liability may affect the entity’s head and the head of its accounting function.

Avoiding a mandatory audit separately exposes officials to a fine of UZS 2.200.000 to 4.400.000, equal to 5–10 BCAs (Article 179-1 of the Administrative Liability Code). If the entity does not complete the mandatory audit by the end of the calendar year after an administrative penalty, it is charged a fine of UZS 44.000.000, equal to 100 BCAs (Article 35 of the Audit Law). Paying the fine does not cancel the duty to conduct the audit.

Liability does not automatically turn every accounting error into an offense. The specific duty, actions of the responsible person, reliability of the source documents, correction of the error, and any repeat circumstances all matter. Correcting the statements should be accompanied by an accounting adjustment and retention of the documents supporting the change.

What changed in 2025–2026

• Resolution PP-282 of 15 September 2025 introduced public-interest entities, an electronic register from 2026, phased IFRS transition for included entities, notice of voluntary transition, and a duty to prepare separate statements when IFRS statements are consolidated. The Resolution took effect on 17 December 2025.
• The Public-Interest Entity Criteria Regulation has applied since 1 January 2026. Such entities publish IFRS statements and the audit opinion on their website and the Unified Corporate Information Portal at least two weeks before the annual general meeting, but no later than 15 June of the following year (clauses 8–10 of the Regulation).
• Resolution PP-8 of 9 January 2024 made the Unified Reporting System voluntary for all businesses from 1 January 2026; it becomes mandatory for small and medium-sized businesses on 1 January 2027 and for all businesses on 1 January 2028.
• Law No. ZRU-1137 of 21 April 2026, effective from 22 July 2026, assigned approval of an LLC’s financial statements to the exclusive powers of the general meeting of participants. The meeting on annual results is held no later than six months after the end of the financial year (Article 32 of the Law).
• Order No. 3400-2 of 24 July 2026, effective from 25 July 2026, recognized new IFRS amendments for application in Uzbekistan. They include supplier-finance disclosures and classification of liabilities based on the right to defer settlement for at least 12 months and loan-covenant conditions.
• From 1 January 2027, legal entities other than public-interest and budget-funded organizations will apply the new National Financial Reporting Standard No. 1 on the reporting set, presentation, and disclosure (commencement; scope and subject). Standard No. 2 on preparation principles, accounting policies, estimates, and error correction takes effect at the same time (order; scope and subject), while a new Conceptual Framework replaces the 2024 framework. Statements for 2026 are therefore prepared under the rules effective in 2026, but accounting policies and processes for 2027 should be mapped to the MHMS requirements in advance.

What to check before filing the report

The accountant and the head need a single control list before filing. It helps identify a discrepancy before the same error reaches the financial statements, the owners’ resolution, and the audit materials.

1. Determine the applicable framework: NAS, IFRS, or special sector regulation.
2. Check the reporting period and the registration, reorganization, or liquidation date.
3. Complete entry of source documents, accruals, closing entries, and reconciliations.
4. Conduct the required inventory count and record the differences found.
5. Cross-check the forms: profit, cash, and equity must be explained by the relevant statements and notes.
6. Complete all details, lines, and columns; insert a dash where there is no data.
7. Check the presentation currency, comparative figures, and disclosure of material accounting policies.
8. Obtain authorized signatures and, where required, an audit opinion and owners’ approval.
9. File with the correct recipients by the deadline and retain proof of receipt.
10. Keep the statements and related accounting documents for at least five years after the reporting year (Article 29 of the Law).

Frequently asked questions

What do a company’s financial statements include?

An ordinary annual NAS set includes a balance sheet, statement of financial results, statement of equity, cash flow statement, and notes with calculations and explanations. For a microfirm or small enterprise, the set is reduced to the balance sheet and statement of financial results. An IFRS entity uses the international reporting set, including other comprehensive income and an indirect-method cash flow statement.

When are annual financial statements due?

NAS statements are filed no later than 1 March of the year following the reporting year, while IFRS statements are due no later than 1 May. These general deadlines do not automatically extend to budget-funded and insurance organizations, banks, and non-bank credit organizations. Their sector instrument must be checked. A mandatory audit has a separate deadline: a copy of the opinion is sent to the tax authority after the audit, but no later than 15 June.

Must NAS statements be filed together with IFRS statements?

No. An entity that prepares and files financial statements under IFRS does not submit a second NAS set. For a voluntary transition, a legal entity notifies the tax authority through its personal account by 1 March of the following year and states the transition date. If an entity prepares consolidated IFRS statements, it also prepares separate IFRS statements, not a national set.

Where can I find a company’s financial statements by TIN?

The law does not establish one open source containing the statements of every company. Annual statements are open to interested users as provided by law, but mandatory public publication primarily applies to joint-stock companies, banks, insurers, public funds, and other specifically designated entities. Check the company’s official website, issuer disclosure platforms, and sector registers; the TIN helps identify the entity but does not itself guarantee public access to its report.

Who approves an LLC’s financial statements?

Since 22 July 2026, approval of an LLC’s financial statements falls within the exclusive powers of the general meeting of participants. The charter determines the timing of the annual meeting, but the meeting approving the annual results must take place no later than six months after the end of the financial year. The executive body prepares the materials and calls the meeting, but it cannot replace the participants in deciding whether to approve the statements.