Accounting under national standards in Uzbekistan

National Accounting Standards (NAS) determine how an entity documents transactions, makes double entries, selects accounting methods, and prepares financial statements. First check whether the entity must apply IFRS. Then approve its accounting policy and working chart of accounts, and establish source documents, registers, inventory counts, and internal controls.

In brief:

• NAS apply to entities in the general regime unless IFRS or special sector rules govern them.
• The head of the entity organizes accounting even when an employee or outside accountant performs the work.
• The working chart of accounts is based on NAS 21 and forms part of the accounting policy.
• Source documents and registers may be electronic if they contain the required details and corrections are properly confirmed.
• The practical result is a traceable chain from the document and entry to inventory counts and accurate financial statements.

Updated: 04 September 2026

What are the national standards and who applies them

National Accounting Standards set specific requirements for recognizing, measuring, and recording accounting items. Accounting itself is the comprehensive, continuous, and documented recording of transactions by double entry in at least two accounts under the accounting rule (Article 4 of the Law). Its core principles are continuity, reliability, and comparability under the Law (Article 3 of the Law).

NAS are the baseline for an ordinary commercial entity. The Law nevertheless permits entities to apply IFRS instead of national rules (Article 10 of the Law). Budget-funded organizations use public-sector accounting standards, while banks and other credit organizations follow Central Bank rules for their sector (Article 9 of the Law).

The first step is therefore to determine the entity’s regime rather than the type of transaction: NAS, mandatory or voluntary IFRS, or sector-specific regulation. Tax accounting runs alongside financial accounting and does not replace it.

Which national accounting standards are in force

An entity’s working set combines general and topic-specific standards. A new edition of NAS 1 has applied since 1 January 2025 and replaced the former NAS 1, 3, 14, and 15 with one standard. Old lists that show those numbers as separate current standards should not be used.

The table helps locate the relevant document but does not replace checking its current wording on Lex.uz. For a particular transaction, open the standard itself and every registered amendment effective on the transaction and reporting dates.

When does IFRS apply instead of national standards

Joint-stock companies, commercial banks, insurance companies, and legal entities classified as large taxpayers have kept accounting records and prepared financial statements under IFRS since 1 January 2021 under the mandatory list. A separately approved schedule determines transition for certain state-owned entities.

Other business entities may prepare IFRS financial statements voluntarily. An entity doing so is exempt from submitting financial statements under NAS on that basis. The exemption concerns financial reporting, not tax calculations, source documents, or the duty to maintain internal control.

Before approving the accounting policy, check large-taxpayer status, legal form, sector requirements, and inclusion in the register of public interest entities. A mistake at this stage means configuring the chart of accounts and reporting forms for the wrong framework.

How should accounting be organized

The head of the entity remains responsible for organizing accounting. The head may create an accounting service led by a chief accountant, engage an accountant under contract, outsource the work to a specialist entity, or keep the records personally using one option (Article 11 of the Law).

The head must ensure an accounting policy, internal accounting and reporting arrangements, internal control, complete and accurate recording, document preservation, and timely settlements within the entity (Article 11 of the Law). Outsourcing allocates the work but does not remove those duties from the head.

In practice, assign owners for four processes: receiving source documents, checking and posting them, closing the period, and preparing reports. Set deadlines for passing documents between sales, procurement, warehouse, HR, and accounting teams. Require separate approval and written support for the NAS method selected for an unusual transaction.

How should an accounting policy be prepared

The accounting policy turns NAS requirements into rules for the particular entity. It records the applicable standards and methods, working chart of accounts, source-document and register forms, document workflow, inventory-count procedure, period close, materiality, internal reporting, and control procedures.

Align the policy with the actual information system. If the software uses analytics by contract, project, unit, or warehouse, the working chart and registers should support the same dimensions. A selected method cannot remain only in an order: it must work consistently in entries, calculations, and reporting.

Review the policy when legislation or a standard changes, the business model changes, a material new transaction arises, or the information system changes. Distinguish a change in method from correction of an error and disclose its reporting effect under NAS 1.

A separate accounting-policy guide covers adoption and amendment decisions in greater detail.

How should the NAS 21 chart of accounts be used

NAS 21 contains the national chart of accounts and its application instructions. Its new edition has applied since 1 January 2025 under the approving order. The chart covers assets, liabilities, equity, income and expenses, and off-balance-sheet accounts.

An entity develops its working chart on that basis and includes it in the accounting policy as an operating tool. It need not copy every available account. Retain applicable accounts, open the analytics the business needs, and ensure they map to financial statement lines. Do not create a structure that changes an account’s economic meaning or defeats the prescribed account correspondence.

Before loading the chart into software, build a mapping: transaction → source document → debit and credit → analytics → reporting line. Test opening balances, standard posting templates, closing entries, and user rights. Reflect an NAS 21 amendment first in the policy and system settings, then apply it to new postings.

Which documents and registers are required

Every transaction starts with a source document prepared during the transaction or immediately afterward. It must state the entity and document names, number, date and place, the transaction’s substance and measures, positions, signatures, and signer identification as mandatory details (Article 14 of the Law). Electronic form is permitted.

For documents concerning receipt or issue of cash or valuables and credit or settlement obligations, the head approves two signer lists: managerial and accounting/financial. A document lacking the required signatures is invalid for accounting purposes (Article 13 of the Law).

Registers may be journals, statements, books, or approved electronic forms. They must identify the entity and period, systematize transactions, show the amount and measurement unit, and identify responsible persons. Unconfirmed corrections are prohibited in all registers (Article 15 of the Law). An electronic document has the same legal force as paper when the Law is met (Article 7 of the Law).

Keep source documents, registers, and financial statements for at least five years after the reporting year for the statutory period (Article 29 of the Law). Archive, contract, or special-sector rules may require a longer period.

How does simplified accounting work

A small enterprise may voluntarily choose simplified accounting under NAS 20. The standard excludes individual entrepreneurs and farms, which follow separate rules under its scope. An entity conducting several types of activity keeps them separately accounted for.

Simplification does not remove source documents, double entry, an accounting policy, or reporting. The small enterprise applies other NAS to its accounting items and chooses a simple or combined form based on the volume and nature of transactions. The simple form uses a journal and book of business transactions; the combined form uses several statements.

List recurring transactions and assess document and user volumes, warehousing, production, foreign-currency operations, and separate business lines. A simple form is suitable only when it allows every transaction, account balance, and reporting figure to be reconstructed without guesswork.

What requirements apply to a chief accountant

The chief accountant reports directly to the head, and employees must comply with the chief accountant’s document preparation and submission requirements. If they disagree over a transaction, the document may be processed on the head’s written instruction. The head then bears sole responsibility for the consequences of that decision (Article 12 of the Law).

Where an entity’s financial statements are subject to mandatory audit, the chief accountant or other head of accounting must have higher education. An economics degree requires at least three of the previous five years in accounting, audit, finance, or tax work; another degree requires at least seven of the previous ten years. Annual professional development is mandatory for the position (Article 12 of the Law). The Central Bank sets requirements for banks and other credit organizations.

Check the diploma, proof of experience, annual training, absence of statutory restrictions, and whether the job description matches actual authority. The same qualification rules apply to a specialist of an outsourced provider acting as head of accounting for an entity subject to mandatory audit.

How are individual accounting items recorded

For each material transaction, first select the topic-specific NAS, then the method in the accounting policy and the account in the working chart. The following is only a standards map; detailed calculations depend on the facts and transaction documents.

Do not merge financial and tax measurement. A transaction may have one amount or recognition date for financial accounting and another treatment for tax. Track the difference in the tax registers.

How do reporting and internal control connect to NAS

An inventory count is mandatory to confirm the accuracy and reliability of accounting data. NAS 19 determines its objects, timing, and procedure under the Law (Article 16 of the Law). Post the count results before preparing the relevant financial statements.

Internal control covers legality of transactions, asset protection, prevention and detection of errors and abuse, completeness of data, and timely reporting. The head organizes it for the entity (Article 21 of the Law). Close checklists, reconciliations, access segregation, and approval of unusual entries turn that duty into an operating process.

A complete set of financial statements includes the balance sheet, statements of financial performance, cash flows, and changes in equity, plus notes and explanations. Small and micro-enterprises submit a simplified balance sheet and statement of financial performance in the reduced set (Article 22 of the Law).

Financial statement forms, reporting periods, and submission procedures are covered separately.

Failure to meet accounting duties, including entering unreliable data or failing to perform an inventory count, exposes an official to a fine of 1.320.000–3.080.000 BRV. A repeat offense within a year carries 3.080.000–4.400.000 BRV under the sanction (Article 175¹ of the Administrative Code).

Example. At the current BRV of 440.000, the first fine range is 440.000 × 3 = 1.320.000 to 440.000 × 7 = 3.080.000. For a repeat offense, the upper limit is 440.000 × 10 = 4.400.000.

What changed in 2025–2026

• New editions of NAS 1 and NAS 21 have applied since 1 January 2025. NAS 1 replaced four former standards under Order No. 181, while NAS 21 replaced the former chart of accounts under Order No. 191. Order No. 282 of 26 August 2025, which amended NAS 21, took effect on 24 September 2025 under the amendment.
• Presidential Resolution No. PP-282 of 15 September 2025 took effect on 17 December 2025 and introduced the public interest entity register. A listed entity applies IFRS from 1 January of the following year and, after the second following year, prepares and publishes audited IFRS statements under the transition rule. An entity transitioning voluntarily notifies the tax authority through its account by 1 March of the following year.
• Orders No. 336 and 337 of 4 March 2026 were registered on 13 March. The NAS 20 amendments under Order No. 337 took effect on 14 March under that amendment, while the NAS 21 amendments under Order No. 336 took effect on 16 March 2026 under the second amendment.
• Future National Financial Reporting Standards were registered in 2026. NFRS 2 on accounting policies and estimates takes effect on 1 January 2027 under the registered instrument. NFRS 1 on financial statement presentation and disclosure takes effect on the same date and repeals NAS 1 under its transition clause. NFRS 77 for non-governmental non-profit organizations takes effect on 1 January 2028 under the special standard.

Until those dates, the NFRS instruments are registered future rules. For current accounting, rely on the effective NAS editions and the applicable IFRS regime while preparing the accounting policy, reporting forms, and information system for transition.

What should be checked before period close

Before closing, confirm that the accounting framework is correct, the accounting policy and working chart are current, and every transaction has a source document. Reconcile bank and cash accounts, counterparties and the budget, inventories, and property. Document inventory-count results and post the necessary adjustments.

Then review unusual and large entries, manual changes, post-reporting events, and how turnovers map to financial statement lines. Retain evidence of control: reconciliations, inventory lists, valuation calculations, approval records, and an archived reporting version. This route shows the final figures and how they were produced.

Frequently asked questions

May an ordinary LLC choose IFRS instead of NAS?

Yes. The Law permits IFRS, and voluntary preparation of IFRS financial statements gives an exemption from submitting NAS statements. Before transition, record the decision and date, prepare opening data, and check the new PP-282 tax-notification requirement. Tax accounting and source documents continue under the applicable legislation.

Must a small enterprise apply NAS 20?

No. The simplified procedure is voluntary. A small enterprise may use a simple or combined form, but it must follow other applicable NAS, document transactions, and produce accurate statements. NAS 20 does not apply to individual entrepreneurs or farms.

May source documents be entirely electronic?

Yes, if an electronic document contains all mandatory details, is properly signed, remains accessible, and is retained for the statutory period. Configure signer identification, change history, backups, and the ability to produce a readable copy. Also check sector-specific formats and information-system requirements.

Must every account in NAS 21 be used?

No. An entity builds its working chart on the national chart and retains the accounts needed for its transactions and reporting. It must preserve account purposes, sufficient analytics, and the prescribed correspondence. Approve the working chart within the accounting policy and update it when transactions or the standard change.

Who is responsible when accounting is outsourced?

The provider is responsible for its contractual duties and work quality, but the Law places organization of accounting and internal control on the entity’s head. The contract should therefore cover source-document deadlines, signer authority, closing, database access, document retention, error correction, and archive transfer when services end.