Ministry of Economy and Finance of the Republic of Uzbekistan

The new standard establishes uniform rules for the recognition, measurement and presentation in financial statements, as well as the disclosure, of biological assets, agricultural produce, bearer plants and government grants related to biological assets. This will contribute to the accurate classification of accounting items in the agricultural sector, the establishment of a unified accounting approach, and the enhanced comparability and reliability of financial information.

While the standard was developed based on the principles of IAS 41 Agriculture, the new national document has been tailored to fully reflect the specific characteristics of Uzbekistan’s agricultural sector. In particular, it takes into account practical aspects of farming enterprises, agricultural clusters, cotton and grain production, horticulture, viticulture, vegetable production, livestock farming, poultry farming, fisheries, beekeeping and sericulture.

The key advantages of the standard include its practical orientation, ease of application and the establishment of clearer accounting rules for entrepreneurs, farmers and agribusiness entities.

Overall, the adoption of NFRS No. 70 will contribute to greater transparency in the agricultural sector, improved reliability of financial information, the establishment of a clear source of information for investors and creditors, the organisation of accounting in accordance with modern international requirements, the further simplification of accounting procedures for business entities, and the enhancement of the country’s investment attractiveness.

The Ministry of Economy and Finance invites all business entities, interested ministries and agencies, public organisations, accountants and auditors, sector specialists, and the wider public to take an active part in the discussion of the draft standard available at the following link:

https://regulation.adliya.uz/project/10841/33854?contentLang=uz

For reference: To date, the Ministry of Economy and Finance has developed and approved key fundamental standards of the financial reporting system, including the Conceptual Framework for the Preparation and Presentation of Financial Statements (registration No. 3854, dated 10 June 2026) and NFRS No. 2, “Basis for the Preparation of Financial Statements: Accounting Policies and Accounting Estimates” (registration No. 3810, dated 11 April 2026). These new standards will enter into force on 1 January 2027.

PR and Communications Department
Ministry of Economy and Finance