Ministry of Economy and Finance of the Republic of Uzbekistan

The online seminar was opened with an introductory speech by Azamat Jabborov, Head of the Department for Development and Coordination of Internal Audit Structures in State Bodies. He emphasized the importance of collaboration between internal audit services and financial-accounting units in their activities.

Subsequently, Bekzod Narzullayev, Head of the Department for Improving the Budget Process and Accounting Methodology, elaborated on the importance and necessity of accounting policies in budget organizations based on the Budget Accounting Standard of the Republic of Uzbekistan (BCV No. 1) "Accounting Policy." Additionally, a presentation was given on the development of accounting policies.

The presentation provided explanations on the following areas as integral components of the accounting policy:

- Foundations for formulating, amending, and supplementing the Accounting Policy;

- Organizational structure of the accounting service in a budget organization;

- Procedures and timelines for conducting inventory in a budget organization;

- Methods for revaluation of fixed assets;

- Methods of property valuation during inventory (surplus or deficit);

- Procedure for calculating the cost of goods (works, services);

- Principles of accounting policy;

- Disclosure of information in the reporting policy.

The seminar was conducted in the form of a lively debate and question-and-answer session. The staff from the Ministry of Economy and Finance provided comprehensive answers to the questions posed by the seminar participants.

Additionally, a survey was conducted among the participants to determine which standards should be prioritized for future seminars on budget accounting standards.

The survey results revealed that participants showed great interest in budget reporting, the unified chart of accounts, and budget accounting standards for inventory.

It was agreed to organize similar seminars on budget accounting standards in the future.

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Ministry of Economy and Finance