Tashkent, Uzbekistan (UzDaily.com) -- The Unified National Standard for the Assessment of the Republic of Uzbekistan was registered by the Ministry of Justice of the Republic of Uzbekistan on 4 June 2020.

This regulatory document was adopted in accordance with the Law of the Republic of Uzbekistan “On Valuation Activities”, Decree of the President of the Republic of Uzbekistan dated March 2, 2020 No. UP – 5953 “On the State Program for the Implementation of the Strategy of Action for the Five Priority Directions of Development of the Republic of Uzbekistan in 2017 - 2021 in “The Year of the Development of Science, Education and the Digital Economy” and Decree of the President of the Republic of Uzbekistan dated July 1, 2019 No. PP – 4381 “On Measures to Further Improve Evaluation Activities and Simplify Implementation Mechanisms for Low Profit and Inactive Enterprises with State Participation” based on the principles of international valuation standards, taking into account the best foreign practices.

The State Assets Management Agency created a working group and experts were involved to draft a Unified National Assessment Standard. The working group included qualified specialists, members of public assessment organizations and appraisers, as well as experts from international companies and organizations.

The unified national valuation standard determines the procedure for valuation, including the valuation of property, types of value, object of valuation, application of appropriate approaches and valuation methods, as well as the procedure for valuation of property of all forms of ownership.

This document envisages the harmonization of national assessment standards with the principles of international assessment standards and the unification of 13 existing departmental normative acts in accordance with the concept of improving normative activity, approved by Decree of the President of the Republic of Uzbekistan from 8 August 2018 No. UP-5505.

The unified national valuation standard includes principles, conditions and tariffs used in valuation activities, valuation tasks, research and analysis in the valuation process, structure of the valuation report, valuation databases, valuation approaches and methods, valuation of business and the right to participate in business , valuation of real estate, valuation of intangible assets, valuation of inventories, valuation of machinery and equipment, valuation of housing stock for the purpose of privatization.