Ministry of Economy and Finance of the Republic of Uzbekistan

The adoption of the standard represents another practical outcome of the reforms being implemented in accordance with the objectives set out in Resolution No. PQ-282 of the President of the Republic of Uzbekistan dated September 15, 2025.

Agriculture is one of the key sectors of the national economy, and its biological processes, seasonality, and dependence on natural and climatic conditions require specific approaches to accounting and financial reporting.

In this regard, the new standard establishes uniform rules for accounting for biological assets, agricultural produce, and government assistance related to biological assets. At the same time, the principles of international standards have been adapted to the specific characteristics of Uzbekistan’s agricultural sector.

One of the key practical features of the standard is the introduction of simplified accounting procedures for farms. This is expected to help streamline accounting processes while ensuring the reliability and comparability of financial reporting.

The adoption of NFRS 70 will contribute to improving the quality of information on the financial position and financial performance of agricultural entities, creating a reliable information environment for investors and creditors, and enhancing financial management in the sector.

In this regard, the standard is an important component of interconnected reforms aimed at establishing a new-generation system of National Financial Reporting Standards. Its implementation will contribute to bringing Uzbekistan’s national financial reporting system closer to international practices, increasing financial transparency in the real sector of the economy, and improving the investment climate.

The standard will enter into force on January 1, 2027.

The Ministry of Economy and Finance continues its systematic efforts to develop and implement National Financial Reporting Standards.

For reference

Prior to the adoption of NFRS 70, the following new-generation standards had been officially registered:

1. “Conceptual Framework for the Preparation and Presentation of Financial Statements”, Registration No. 3854, dated June 10, 2026;

2. NFRS No. 2 “Basis for the Preparation of Financial Statements: Accounting Policies and Accounting Estimates”, Registration No. 3810, dated April 11, 2026;

3. NFRS No. 77 “Simplified Accounting and Financial Reporting for Non-Governmental Non-Profit Organizations”, Registration No. 3917, dated August 4, 2026;

4. NFRS No. 1 “Presentation and Disclosure of Information in Financial Statements”, Registration No. 3923, dated August 13, 2026.

Ministry of Economy and Finance
PR and Communications Department