Approved by the Ministry of Finance of the Republic of Uzbekistan of October 14, 1998, No. 50

National Accounting standard of the Republic of Uzbekistan of financial accounting of the Republic of Uzbekistan No. 8 NSBU "Consolidated financial statements and accounting of investments into affiliated economic societies"

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.

Purpose and coverage

2. The purpose of this NSBU is determination of procedure for creation and submission of consolidated financial statements of group of the managing societies which are under control of the head managing society (which is hereinafter referred to as "Head society").

In this standard the accounting treatment for investments into affiliated economic societies in separate financial statements of head society is also considered.

3. This standard is not applied to:

3.1. To accounting of investments in joint activities (see. National accounting standard, "Reflection in the financial reporting of share in joint activities");

3.2. To accounting of investments into associates. Requirements of this standard also do not extend to the summary financial reporting of the ministries, departments and state-financed organizations

Determinations

4. The terms used in this standard:

Control (in relation to this standard) is the right to determine financial and economic policy of business entities for the purpose of receipt of benefit from their activities.

Affiliated economic society (further "subsidiary") is business entity who is controlled by head society

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