Ministry of Economy and Finance of the Republic of Uzbekistan

Uzbekistan is taking another important step towards modernising its financial reporting system in line with international requirements. The Ministry of Economy and Finance has submitted nine draft National Financial Reporting Standards (NFRSs) for public consultation (https://regulation.adliya.uz/project).

Pursuant to Resolution No. PQ–282 of the President of the Republic of Uzbekistan dated 15 September 2025, a task was set to develop new editions of the National Financial Reporting Standards (NFRS), based on international standards, to replace the existing national accounting standards. The new standards are scheduled to be introduced in phases starting from 1 January 2027.

The objective of this reform goes beyond updating accounting rules. It aims to establish a financial reporting system that presents companies’ actual financial positions and results in a clear, reliable and comparable manner. This will expand opportunities for businesses, investors, creditors and other users to access financial information that supports informed decision-making.

The new NFRSs form part of a comprehensive programme for 2026–2027, covering more than 30 documents across eight areas. To date, five NFRSs have been officially registered as part of this process. The next nine draft standards cover key areas, including financial statement presentation, asset accounting, revenue and expense recognition, and the transition to the NFRSs.

The draft standards submitted for public consultation are:

1.  NFRS No. 5 “Fair Value Measurement”;

2.  NFRS No. 7 “First-time Adoption of National Financial Reporting Standards”;

3.  NFRS No. 10 “Statement of Cash Flows”;

4.  NFRS No. 20 “Inventories”;

5.  NFRS No. 22 “Property, Plant and Equipment”;

6.  NFRS No. 25 “Intangible Assets”;

7.  NFRS No. 50 “Accounting for Revenue and Expenses from Contracts with Customers”;

8.  NFRS No. 53 “Borrowing Costs”;

9.  NFRS No. 60 “Accounting for Foreign Currency Transactions”.

In addition to systematising existing requirements in line with international approaches, the draft standards address important accounting matters that have not been sufficiently regulated under the national standards. In particular, the standard on first-time adoption establishes the general framework for entities transitioning to the new requirements, while the drafts covering cash flows, inventories, property, plant and equipment, intangible assets, revenue from contracts, borrowing costs and foreign currency transactions aim to ensure that the relevant accounting items are recognised and presented consistently.

Feedback from specialists and users of financial statements is essential to ensuring that the standards are developed to a high quality and in a form that can be practically applied. Accordingly, accountants, auditors, business entities, professional associations, representatives of ministries and agencies, as well as educational and research institutions, are invited to review the draft standards and submit their comments and proposals.

For reference: The following NFRSs have been officially registered to date:

Conceptual Framework for the Preparation and Presentation of Financial Statements (registration No. 3854, 10 June 2026);

NFRS No. 1 “Presentation and Disclosure of Information in Financial Statements” (registration No. 3923, 13 August 2026);

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

NFRS No. 70 “Accounting for Agricultural Activities” (registration No. 3944, 28 September 2026);

NFRS No. 77 “Simplified Accounting and Financial Reporting for Non-Governmental Non-Profit Organisations” (registration No. 3917, 8 August 2026).

PR and Communications Department
Ministry of Economy and Finance