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Uzbekistan’s Ministry of Economy and Finance has put nine draft national financial reporting standards (NFRS) out for public consultation, the latest step in a sweeping overhaul of the country’s accounting rules mandated by a presidential decree issued just over a year ago.
The nine drafts, published on 27 October, cover a broad range of corporate accounting practices: fair value measurement, first-time adoption of the new framework, cash flow statements, inventories, property and equipment, intangible assets, revenue recognition under customer contracts, borrowing costs, and foreign currency transactions. The ministry says the standards are modelled on international approaches and are designed to ensure that financial statements reflect companies’ actual financial positions in a clear, reliable and comparable way — improving the quality of information available to businesses, investors, creditors and other users.
The reform traces back to Presidential Resolution No. PP-282, signed on 15 September 2025, which directed the replacement of existing national accounting standards with a new NFRS framework built on international norms. The nine drafts now open for comment form part of a 2026–2027 programme spanning more than 30 documents across eight areas. Five documents from that programme have already been formally registered, including the conceptual framework for financial statement preparation (registered 10 June 2026), NFRS No. 1 on presentation and disclosure (13 August 2026), NFRS No. 2 on accounting policies and estimates (11 April 2026), NFRS No. 70 on agricultural activities (28 September 2026), and NFRS No. 77 on simplified reporting for non-state non-profit organisations (8 August 2026).
What the New Drafts Cover
Among the nine new drafts, NFRS No. 7 on first-time adoption is structurally significant: it establishes the general framework companies will use when transitioning to the new requirements, setting the baseline from which all other standards will operate. NFRS No. 5 on fair value measurement and NFRS No. 10 on cash flow statements address two areas where current national rules have long been considered inadequate relative to international practice.
The remaining six standards — covering inventories (No. 20), property, plant and equipment (No. 22), intangible assets (No. 25), revenue from contracts with customers (No. 50), borrowing costs (No. 53), and foreign currency transactions (No. 60) — are intended to create consistent accounting practices in areas the ministry acknowledges are insufficiently covered by existing rules.
The new standards are scheduled to take effect in stages from 1 January 2027. The ministry has invited accountants, auditors, businesses, professional associations, government agencies, universities and research organisations to review the drafts on the regulation.adliya.uz portal and submit proposals.