Approved by the Ministry of Finance of the Republic of Uzbekistan of July 26, 1998

National Accounting standard of the Republic of Uzbekistan No. 1 NSBU "Accounting policy and financial reporting"

General provisions

1. This National Accounting Standard (NAS) is developed on the basis of the Law of the Republic of Uzbekistan "About financial accounting" and is element of system of normative regulation of financial accounting in the Republic of Uzbekistan. This standard shall be applied in combination with other NSBU.

Standard purpose

2. This NSBU establishes bases for forming and creation of the financial reporting of business entity, for the purpose of ensuring comparability of financial statements of business entity for the different accounting periods, and also financial statements of different business entities.

For achievement of this purpose, this standard provides, concepts which shall be at the heart of accounting policy and the financial reporting, business entities content and the minimum requirements to contents of the financial reporting.

Detailed requirements for reflection, measurement and disclosure of separate transactions and events, are described in other NSBU.

This Standard does not describe the requirement to information which shall be provided except the financial reporting. For example, business entities can provide financial review as the additional information to financial statements.

3. In this standard, accounting policy is understood as set of the methods accepted by the head of business entity for conducting financial accounting and creation of the financial reporting according to their principles and bases.

Methods of their group and assessment of the facts of economic activity, cost repayment of assets, acceptances of the organization of document flow, inventory count, methods of application of accounts of financial accounting, system of accounting registers, information processing and different corresponding ways, acceptances and methods belong to methods of conducting financial accounting.

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