In accordance with the tasks set out in the Resolution of the President of the Republic of Uzbekistan No. PQ–282 dated September 15, 2025, and with the aim of aligning national accounting practices with international requirements, the standard titled “Basis for the Preparation of Financial Statements: Accounting Policies and Accounting Estimates” (registration number 3810, dated April 11, 2026) has been developed for the first time. This document is intended to elevate the national financial reporting system to a new level and accelerate its harmonization with international standards.

The primary objective of the new standard is to enhance the reliability, accuracy, and comparability of financial statements prepared by business entities. It establishes a unified and clear framework for developing and applying accounting policies, determining accounting estimates, and correcting errors within organizations.

This standard applies to the majority of legal entities operating in the Republic of Uzbekistan, regardless of their form of ownership (with certain exceptions for specific categories of organizations). This highlights its broad practical significance.

As a result of the implementation of this standard:

• the reliability and accuracy of financial reporting will improve;
• comparability across different periods and organizations will be ensured;
• a transparent and understandable financial environment will be created for businesses and investors;
• opportunities for small and medium-sized enterprises to align with international standards will expand.

Additionally, the standard is particularly important as it has been developed in line with widely applied international practices, thereby contributing to the integration of the national accounting system into the global financial environment.

This document serves not only as a technical standard but also as a strategic foundation for advancing the accounting system to a new stage. By harmonizing national accounting practices with international standards, it becomes an essential component of broader economic reforms.

In conclusion, the adoption of this standard marks the beginning of a new era in the development of Uzbekistan’s national financial reporting system and lays a solid foundation for the further advancement of the sector.

PR and Communications department

Ministry of Economy and Finance