Ministry of Economy and Finance of the Republic of Uzbekistan jointly with Tax Committee under the Cabinet of Ministers of the Republic of Uzbekistan published the Information message on provision of financial and tax reporting according to international financial reporting standards for 2023.
According to the Law “On Accounting” economic entities keep accounting records and prepare financial statements in accordance with accounting standards, while the requirements for financial statements prepared in accordance with international standards are determined by the International Financial Reporting Standards (hereinafter - IFRS). Financial Reporting Standards (hereinafter - IFRS).
The Decree of the President of the Republic of Uzbekistan from February 24, 2020 № PP-4611 “On additional measures on transition to international financial reporting standards” provides that joint stock companies, commercial banks, insurance organizations and legal entities classified as to large taxpayers (hereinafter - organizations) from January 1, 2021 organize bookkeeping and, starting from January 1, 2021, prepare financial statements on the basis of IFRS. financial statements on the basis of IFRS, with the exception of legal entities for which the legislation provides for an earlier deadline. for which the legislation provides for an earlier date of transition to IFRS.
Business entities that voluntarily prepare financial statements in accordance with IFRS are exempt from the IFRS financial reporting requirements. Entities that voluntarily prepare financial statements in accordance with IFRS are exempt from presenting financial statements in accordance with the National Accounting Standards (NAS). National Accounting Standards (NAS).
Organizations keep accounting records and prepare financial statements on the basis of IFRS and explanations to them, the texts of which are recognized for application in the territory of the Republic of Uzbekistan (reg. № 3400 from 09.12.2022).
In accordance with IFRS 1 “First-time Adoption of International Financial Reporting Standards” (Reg. No. 3400 dated 09.12.2022, 27-appendix) the organization should prepare an introductory statement of IFRS financial position as at the date of transition to IFRS, which is the starting point for IFRS accounting. Thus, the date of transition to IFRS is the beginning of the earliest period for which an entity will present full comparative information under IFRS in its first financial statements.
The full set of IFRS financial statements and general aspects of their presentation are defined by IAS (IAS) 1 “Presentation of Financial Statements” (Reg. No. 3400 dated 09.12.2022, 2-Annex), providing for the provision of a full set of annual financial statements for 2 reporting dates for the minimum required comparative information.
Taking into account the above, organizations that prepare financial statements in accordance with IFRS disclose information in their annual financial statements based on IAS (IAS) 1 "Presentation of Financial Statements" (reg. No. 3400 dated 12/09/2022, Appendix 2), and also prepare tax reporting forms for indicators necessary for calculating taxes of legal entities that have transferred according to IFRS (reg. No. 3221-1 dated 10/20/2020) and submit these reports by the end of 2023 no later than June 1, 2024.
Organizations applying IFRS for the first time, whose date of transition to IFRS is set on January 1, 2024, including legal entities classified as large taxpayers starting from October 1, 2023, provide:
– by the end of 2023 – financial statements based on the National Accounting Standards;
– by the end of 2025 – the first complete set of financial statements in accordance with IFRS, including comparative information of the annual financial statements by the end of 2024.
Обязательная аудиторская проверка финансовой отчетности данных организаций, включающей сравнительную информацию, проводится аудиторскими организациями согласно законодательству об аудиторской деятельности и Международным стандартам аудита.
