Results for “NAS”

NAS (BHMS)

National standards that set the rules of accounting in Uzbekistan. Each standard is numbered and governs one topic. For business entities, NAS No. 1–12, 16, 17 and 19–24 are in force (there are no standards No. 14, 15 or 18). Standard No. 13 is a budget accounting standard (BHS) for budget organizations. Many standards were adopted in new versions in 2024.

Residual value (salvage value)

As defined in NAS No. 5: the expected amount of assets to be received when a fixed asset is retired at the end of its expected useful life, net of the expected costs of its disposal. It is deducted from the initial cost when determining the depreciable amount.

NAS No. 1

NAS No. 1 “Presentation of Financial Statements and Accounting Policies” sets out the general requirements for presenting financial statements and the rules for selecting and applying accounting policies. Its aim is to make the statements of an organization comparable across periods and with those of other organizations. Approved by Order No. 130 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 06.08.2024, No. 3544); in force from 1 January 2025.

NAS No. 2

NAS No. 2 “Revenue from Main Business Activities” defines an organization's revenue from its main business activities and the procedure for accounting for it. Approved by Order No. 132 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 05.08.2024, No. 3542).

NAS No. 3

NAS No. 3 “Statement of Financial Results” sets the rules for preparing the statement that shows income, expenses and profit (the income statement).

NAS No. 4

NAS No. 4 “Inventories” sets the procedure for accounting for inventories owned by an organization and presenting them in the financial statements. For foreign readers: broadly corresponds to IAS 2 “Inventories”. Approved by Order No. 24 of the Minister of Finance dated 28 May 2020 (registered with the Ministry of Justice on 30.06.2020, No. 3259).

NAS No. 5

NAS No. 5 “Fixed Assets” sets the procedure for recognition, measurement, revaluation and depreciation of fixed assets. It provides for four depreciation methods: straight-line, units of production, double declining balance, and sum-of-the-years' digits (cumulative). For foreign readers: broadly corresponds to IAS 16 “Property, Plant and Equipment”. Approved by Order No. 133 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 09.08.2024, No. 3546); in force from 1 January 2025.

NAS No. 6

NAS No. 6 “Lease Accounting” establishes a uniform methodological basis for reflecting lease (leasing) transactions in accounting and financial statements. Approved by Order No. 41 of the Minister of Finance dated 6 April 2009 (registered with the Ministry of Justice on 24.04.2009, No. 1946).

NAS No. 7

NAS No. 7 “Intangible Assets” sets the procedure for accounting for intangible assets and presenting them in the financial statements. Under the standard, for an asset to be recognized as an intangible asset, the cost of one unit at the time of acquisition must be at least 50 times the base calculation amount (BCA); the head of the organization may set a lower threshold. For foreign readers: broadly corresponds to IAS 38 “Intangible Assets”. Approved by Order No. 134 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 09.08.2024, No. 3547).

NAS No. 8

NAS No. 8 “Consolidated Financial Statements and Accounting for Investments in Subsidiaries” sets the procedure by which a parent organization prepares and presents the consolidated (combined) financial statements of the group of subsidiaries it controls. Approved by Order No. 135 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 26.07.2024, No. 3537).

NAS No. 9

NAS No. 9 “Statement of Cash Flows” sets the procedure for preparing the statement of cash flows. Cash receipts and payments are classified into three categories: operating, investing and financing activities. For foreign readers: broadly corresponds to IAS 7 “Statement of Cash Flows”. Approved by Order No. 199 of the Minister of Economy and Finance dated 5 December 2024 (registered with the Ministry of Justice on 27.12.2024, No. 3592); in force from 1 January 2025.

NAS No. 10

NAS No. 10 “Accounting for Government Assistance and Disclosure of Information about It” sets the procedure for reflecting government assistance received by an organization in accounting and financial statements. For foreign readers: broadly corresponds to IAS 20 “Accounting for Government Grants and Disclosure of Government Assistance”. Approved by Order No. 136 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 24.07.2024, No. 3534).

NAS No. 11

NAS No. 11 “Research and Development Expenditures” sets the procedure for accounting for expenditures on research and development work. The key question is whether such expenditure is recognized as an asset or treated as a period expense. Approved by Order No. 137 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 25.07.2024, No. 3535).

NAS No. 12

NAS No. 12 “Accounting for Financial Investments” sets the method of accounting for financial investments and the procedure for presenting them in the financial statements. Approved by Order No. 138 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 18.07.2024, No. 3531).

NAS No. 16

NAS No. 16 “Events Occurring in Business Activities after the Balance Sheet Date and Unforeseen Circumstances” sets the procedure for accounting for, and disclosing in the financial statements, events and unforeseen circumstances in business activities that occur after the balance sheet date. For foreign readers: broadly corresponds to IAS 10 “Events after the Reporting Period”. Approved by Order No. 139 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 31.07.2024, No. 3539).

NAS No. 17

NAS No. 17 “Capital Construction Contracts” sets the procedure by which contractors account for income and expenses under capital construction contracts. The key question is how to allocate income and expenses among the reporting periods in which the contract is performed. For foreign readers: broadly corresponds to IAS 11 “Construction Contracts” (now superseded by IFRS 15). Approved by Order No. 140 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 23.07.2024, No. 3533).

NAS No. 19

NAS No. 19 “Organization and Conduct of Inventory Counts” sets the procedure for taking an inventory of assets and liabilities and documenting the results in business entities and in organizations financed from the budget. Approved by Order No. 141 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 12.08.2024, No. 3548).

NAS No. 20

NAS No. 20 “Simplified Procedure for Accounting by Small Business Entities” sets out simplified accounting that small business entities may choose voluntarily: transactions are recorded chronologically in a journal and posted to an accounting book. It does not apply to individual entrepreneurs or farms. Approved by Order No. 70 of the Minister of Finance dated 16 July 2013 (registered with the Ministry of Justice on 14.08.2013, No. 2501).

NAS No. 21

NAS No. 21 “Chart of Accounts for Accounting of Business Entities and Instructions for Its Application” sets out the chart of accounts (asset, liability, contra-asset, contra-liability, transit and off-balance sheet accounts) and the procedure for using them. Approved by Order No. 191 of the Minister of Economy and Finance dated 14 November 2024 (registered with the Ministry of Justice on 27.12.2024, No. 3593); in force from 1 January 2025.

NAS No. 22

NAS No. 22 “Accounting for Assets and Liabilities Denominated in Foreign Currency” sets the procedure for accounting for foreign currency transactions: they are recognized in soums at the Central Bank exchange rate on the transaction date, monetary items are remeasured at the end of each month, and exchange differences are recognized as income or expenses from financial activities. For foreign readers: broadly corresponds to IAS 21 “The Effects of Changes in Foreign Exchange Rates”. Approved by Order No. 201 of the Minister of Economy and Finance dated 6 December 2024 (registered with the Ministry of Justice on 19.12.2024, No. 3587).

Software has been purchased: should it be recorded as an intangible asset or expensed, and when does amortization start?

A freight company bought a route-planning program. If six requirements of NAS No. 7 are met at the same time, the program is recognized as an asset in account 0430; otherwise it is an expense. What goes into the initial cost and what does not, and why amortization starts not in the month of purchase but on the 1st day of the next month: one example, with a 60-month schedule.

Maternity (pregnancy and childbirth) benefit: who receives it, how is the length-of-service coefficient applied, and how is the benefit calculated if an employee becomes pregnant again while on childcare leave?

How many months of insurance record are needed for the benefit, which months do not break continuous service, when the 75, 85 and 100 percent coefficient applies, and how average earnings are determined if an employee on childcare leave becomes pregnant again: under the Regulation of Resolution No. 796 and Instruction No. 2667, with three scenarios for an employee of one sewing company.

How to liquidate a fixed asset: six stages from the commission to closing account 9210

An old steam boiler has broken down. Who inspects it, which certificate form is filled in, who approves it, when may it be cut up and how is the scrap metal taken into stock? Paragraphs 54–58 of NAS No. 5, three appendix forms and NAS No. 21 journal entries, using a cannery as the example.

If a buyer makes a claim about exported goods or the goods do not arrive: how are a discount, compensation and the exchange difference recorded in the accounts?

Some of the LED lamps sent to Bishkek were damaged in transit, and the buyer asked for a price reduction. Is this a sales discount or compensation under a claim, at which rate is the discount recorded if the receivable was remeasured at month-end, what happens if the goods do not arrive at all, and what is done with the customs declaration and payments: full accounting under the Customs Code and NAS No. 21.

0% VAT on export: in which month is the VAT paid on raw materials credited, how is the negative difference refunded and what is recorded in the books?

No VAT is charged on export sales, but the VAT paid on raw materials is not lost. It is credited step by step as the buyer's money arrives, and in the end a negative difference appears. The difference between the zero rate and exemption, a two-month calculation, the refund procedure and journal entries using the example of a juice company.

Two foreign-currency advances were received for an export and the goods were shipped later: at which rates is revenue recorded and how is the remaining receivable remeasured?

Half of the contract amount arrived in advance in two parts, the rest after shipment. One sale is recorded at three different rates: each advance at the rate of its own day, the remaining part at the rate of the shipment day. Why the advance is not remeasured at month-end while the remaining receivable is: the full chain using the example of a knitwear company.

Benford's law: why do almost a third of amounts start with the digit 1, and how does this help find a fake document?

If you count the first digit of a thousand payment amounts, about 301 will be 1s and only 46 will be 9s. This is not chance, it is Benford's law. When does the law work, when does it not, and what might a sharp increase in amounts starting with 4 in a list of payments point to? A table and a checking procedure.

Trade credit insurance: if a buyer who took goods on credit goes bankrupt, who covers the receivable?

A confectionery wholesaler sold 500 million soum of goods on credit to a large supermarket, and the supermarket became unable to pay. With trade credit insurance, how much of the loss comes back, and why do the limit set for the buyer and the seller's own share matter? Calculation and entries under NAS No. 21.

Not enough money to pay the tax in one go: who can get a deferral or an instalment plan, on what grounds, and when is interest charged?

After a desk tax audit, a plastic containers company was assessed 84 million soum of additional tax. Must it be paid within a month, or can it be split over six months? Grounds under Chapter 11 of the Tax Code, cases with and without interest, reasons for refusal, the documents required and what happens if the conditions are breached.

Returnable containers and single-use packaging: on which account are containers kept, what happens if a deposit is not returned and where is the expense recorded?

A drinking water company gives 19-litre bottles to customers against a deposit and packs small bottles into cardboard boxes. Which packaging goes into cost and which into selling expenses, why a returned deposit is not income, and what happens to a bottle that does not come back: the example of one company under NAS No. 4 and NAS No. 21.

Processing within the customs territory (code 51): if a product is made from a foreign customer's raw material, what is formalised at customs and what is recorded in the books?

A Kazakh customer sends aluminium profile, and a workshop in Uzbekistan assembles window frames from it and ships them back. Is duty paid on the profile, for how many years is the permit issued, what happens to the leftover profile and what does the workshop show on its own balance sheet: the example of one workshop under the Customs Code and NAS No. 21.

Statistical observation: where do the numbers come from, and do we always have to count everyone?

The second lesson of the course: how statistical data are collected, the four questions in planning an observation, the types of observation (by coverage, by timing and by the method of obtaining data) shown on one bakery, and the errors made in observation.

Debt: lending and borrowing

The eighth Basics lesson: the credit notebook of a neighbourhood shop, how the shopkeeper himself owes someone too, and the charge paid on top of a loan. We look at both sides of a debt in a simple table.

From law to standard: how have Uzbekistan's accounting rules taken shape from 1996 to today?

An accountant's daily work rests on a two-tier set of rules: at the top, the Law "On Accounting", and beneath it, the national standards (NAS, BHMS). The Law was adopted in 1996 and issued in a new version in 2016, while the standards were renewed in several waves from 1998 to 2024. A table of dates, official documents and the rules by which to read an archived report.

The cheap mixer lasts 3 years, the expensive one 6: which costs less per year? The equivalent annual cost method

One dough mixer costs 90 million soums and lasts 3 years, the other 150 million and 6 years. The present value of costs is much lower for the first, but this comparison is wrong: the lifespans differ. Equivalent annual cost brings both machines to a "price per year", and the answer comes out the other way round. The calculation, a check and the limits of the method.

Scissors, overalls, desk sets: when do tools, implements and household supplies become an expense, and why are they tracked again on off-balance sheet account 014?

A sewing workshop bought scissors, overalls for its staff and desk sets for the accounting office. They are not fixed assets, but they do not vanish in one go either. The criteria of NAS No. 4, writing off from account 1080 to expenses, control on off-balance sheet account 014 and write-off when items become unusable: a numerical example and journal entries.

Who is who in an insurance contract: beneficiary, sum insured, rate and deductible shown on one café

The second lesson of the course: the parties to an insurance contract (insurer, policyholder, insured person, beneficiary, agent and broker) and eight key terms, with a hypothetical calculation of insuring a café's equipment against fire.

The seven elements of a tax: which questions do you need to answer to understand any tax?

The second lesson of the course: the seven elements of a tax under the Tax Code (object, base, rate, period, and the procedures for calculation, reporting and payment), and the concepts of taxpayer, tax agent and tax benefit, shown on the VAT of one furniture workshop.

What is finance: from the family purse to the state treasury, the root of the word and a first step for beginners

The first lesson of the course: what finance is in plain words, how it differs from accounting, the roots of the Uzbek word «moliya» and the English word «finance», and a simple example of planning money in a family budget.

Why does a bank value your collateral below the market price, and how is the amount you can borrow calculated?

The market price of a warehouse, a truck and goods totals 1 150 million soum, but the bank counts them as 720 million and asks for 625 million of collateral for a 500 million loan. This is not unfair, it is protection against losses on a quick sale of the collateral. A full calculation with hypothetical coefficients, the difference between types of collateral and where collateral appears in the accounts.

Our supplier has tax arrears. The tax authority sent a reconciliation statement to our personal account and wants to collect that debt out of the money we owe the supplier. How much time do we have and what should we do?

Our bakery workshop sells its products to employees and we withhold the money from their next salary. Which account holds the employee's debt: 4710 or 4790? How are the sale and the withholding recorded?

May we show amounts in the financial statements rounded to thousands of soums rather than in soums? What do we do if, after rounding, the sum of the lines does not match the total?

Another bank offers a loan at 24% per year, while our current loan is at 28%. Is it worth closing the old one and taking the new one? How do we calculate it?

We want to export fresh fruit abroad by truck. What documents should the driver bring to the border checkpoint, and is it mandatory to notify customs in advance?

Our export cargo left the factory at the end of October but crossed the border at the beginning of November. In the books we recorded the revenue in October. In which month do we show this export turnover in the VAT return?

A customer from Turkmenistan sends us steel sheet; we make shelving units from it, ship them back and receive only a fee for the work. At what VAT rate is this service of ours taxed, and what is recorded in the books?

Our export canned food was carried to Almaty by a road haulage firm from Uzbekistan, and it showed VAT at 0% on its invoice. The firm is local, though — is that right? What should we check?

A CCD was cleared for an export consignment and the accountant recorded the revenue the same day. Before the cargo reached the border, the buyer withdrew from the contract and the furniture went back to the warehouse. What do we do now in the accounts and for VAT?

We have prepared a consignment of cable for export, but the buyer wants to collect it in parts. May we keep the consignment in a customs warehouse, is any tax payable in that case, and what changes in the books?

Uzbekistan has 66 thousand industrial enterprises: most in food (13.3 thousand) and non-metallic mineral products (9.2 thousand)

According to the National Statistics Committee, as of 1 October 2026 Uzbekistan has 66 thousand active industrial enterprises. The largest shares are in the manufacture of food products (20.2%) and of other non-metallic mineral products (13.9%).

From 11 December, 84 general IKPU codes for goods subject to mandatory digital labelling will become inactive

According to the Tax Service, from 11 December 2026, 84 general IKPU codes (MXIK in Uzbek) relating to labelled goods will be switched to inactive status. What manufacturers, importers, wholesale and retail businesses should check, and what to do if the right code does not exist.