Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s Ministry of Economy and Finance has opened nine draft national financial reporting standards (NFRS) for public consultation.
The new standards, based on international approaches, will be introduced in stages from 1 January 2027, the ministry said on 27 October.
The development of new NFRS based on international standards to replace the existing national accounting standards was mandated by Presidential Resolution No. PP-282 dated 15 September 2025.
According to the ministry, the reform is intended not only to update accounting rules but also to ensure that financial statements present companies’ actual financial positions and results in a clear, reliable and comparable manner. This is expected to improve decision-making by businesses, investors, creditors and other users of financial information.
The new standards are part of a programme for 2026–2027 covering more than 30 documents across eight areas.
Five documents have already been registered. The nine new draft standards address financial statement presentation, asset accounting, revenue and expense recognition, and the transition to the new NFRS framework.
The drafts include NFRS No. 5, “Fair Value Measurement”; No. 7, “First-time Adoption of National Financial Reporting Standards”; and No. 10, “Statement of Cash Flows.”
They also include NFRS No. 20, “Inventories”; No. 22, “Property, Plant and Equipment”; and No. 25, “Intangible Assets.”
The remaining three are NFRS No. 50, “Accounting for Revenue and Expenses under Contracts with Customers”; No. 53, “Borrowing Costs”; and No. 60, “Accounting for Foreign Currency Transactions.”
The draft standards systematise existing rules in line with international approaches and address issues that are insufficiently covered by current national standards. The standard on first-time adoption establishes the general framework for transitioning to the new requirements.
The other drafts are intended to establish consistent accounting practices for cash flows, inventories, property, plant and equipment, intangible assets, revenue from contracts, borrowing costs and foreign currency transactions.
The ministry has invited accountants, auditors, businesses, professional associations, government agencies, educational institutions and research organisations to review the drafts on the regulation.adliya.uz portal and submit their proposals.
Previously registered documents include the “Conceptual Framework for the Preparation and Presentation of Financial Statements” (registration No. 3854, dated 10 June 2026).
Other registered standards include NFRS No. 1, “Presentation and Disclosure in Financial Statements” (No. 3923, dated 13 August 2026), and NFRS No. 2, “Basis for the Preparation of Financial Statements: Accounting Policies and Accounting Estimates” (No. 3810, dated 11 April 2026).
The registered documents also include NFRS No. 70, “Accounting for Agricultural Activities” (No. 3944, dated 28 September 2026), and NFRS No. 77, “Simplified Accounting and Financial Reporting for Non-State Non-Profit Organisations” (No. 3917, dated 8 August 2026).
