Law “On accounting” enters into force in new edition

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The President of the Republic of Uzbekistan approved the Law “On accounting” in the new edition. The law was passed by the Legislative chamber of the Oliy Majlis of the Republic of Uzbekistan on March 10 and approved by the Senate on 31 March 2016.

The law aims at improving legal regulation of accounting in accordance with international principles and standards, raising transparency of accounting, as well as responsibility of economic entities, their accounting services through a clear delineation of their rights and responsibilities.

he law eliminated the outdated regulations and gaps in the current legislation identified in the analysis of practice of its application in the system of accounting.

Separate norms are brought in line with amendments in national legislation and trends in the development of accounting in international practice. In particular, the document has clearly established the requirements for heads of accountancy service, qualifying their skills, carrying out work on accounting and preparation of financial statements, terms of storage of accounting documents, as well as the organization and delivery of external and internal control in this area.

Given the importance of the work carried out in the country to create conditions for extensive development of private property and enterprise, the law establishes that small and micro enterprises represent only the annual financial statements, comprised of balance sheet and income statement.

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