NAS: what Uzbekistan's national accounting standards are and how they differ from IFRS

What NAS are and who approves them

The Law «On Accounting» (ZRU-404) assigns regulation of accounting and approval of standards to the Ministry of Finance — today the standards are approved by order of the Minister of Economy and Finance. Standards set minimum requirements for accounting and reporting, while national standards set specific requirements for organising and maintaining accounting and preparing financial statements (Articles 9–10 of the Law).

Each NAS has a standard number (NAS No. 1, No. 5, No. 21…) and a Ministry of Justice registration number. The texts are published on lex.uz; in the new versions, the standard itself (the appendix to the order) is often published only in Uzbek.

Certain entities follow their own rules: accounting for banks and other credit institutions is regulated by the Central Bank, and for budget organisations by public sector accounting standards. For small businesses, the law provides a simplified standard — NAS No. 20.

Main NAS in force in 2026

The main standards applied by commercial organisations (title in translation, Ministry of Justice registration number):

• NAS No. 1 «Presentation of Financial Statements and Accounting Policy» — reg. No. 3544 of 06.08.2024, in force from 01.01.2025, ceases to apply on 01.01.2027
• NAS No. 4 «Inventories» — reg. No. 3259 of 30.06.2020
• NAS No. 5 «Fixed Assets» — reg. No. 3546 of 09.08.2024, in force from 01.01.2025
• NAS No. 7 «Intangible Assets» — reg. No. 3547 of 09.08.2024
• NAS No. 8 «Consolidated Financial Statements and Accounting for Investments in Subsidiaries» — reg. No. 3537 of 26.07.2024
• NAS No. 12 «Accounting for Financial Investments» — reg. No. 3531 of 18.07.2024
• NAS No. 20 «Simplified Accounting Procedure for Small Businesses» — reg. No. 2501 of 14.08.2013
• NAS No. 21 «Chart of Accounts for Business Entities and Instructions for Its Application» — reg. No. 3593 of 27.12.2024, in force from 01.01.2025
• NAS No. 22 «Accounting for Assets and Liabilities Denominated in Foreign Currency» — reg. No. 3587 of 19.12.2024, in force from 01.01.2025

What changed in 2024–2025

• The new NAS No. 1 replaced four former standards at once: No. 1 «Accounting Policy and Financial Statements», No. 3 «Statement of Financial Results», No. 14 «Statement of Changes in Equity» and No. 15 «Balance Sheet»
• From 1 January 2025, the new NAS No. 21 with the chart of accounts applies; the 2002 standard (reg. No. 1181) ceased to apply
• New versions were adopted for fixed assets (No. 5), intangible assets (No. 7), consolidation (No. 8), financial investments (No. 12) and foreign currency items (No. 22); No. 7, No. 8 and No. 12 took effect on publication, No. 5 and No. 22 from 1 January 2025
• If a company's accounting policy still refers to the 1998–2005 standards, it needs to be updated to the 2024 versions

Who applies NAS and who applies IFRS

Until 17 December 2025, paragraph 1 of Presidential Resolution PP-4611 of 24.02.2020 applied: joint-stock companies, commercial banks, insurers and large taxpayers kept accounts on the basis of IFRS from 1 January 2021 and prepared IFRS financial statements starting from the 2021 results. That paragraph ceased to apply on the basis of PP-282 of 15.09.2025.

IFRS are now mandatory for public interest entities (PIEs). Every year by 1 July they are included in the register kept by the Ministry of Economy and Finance, and supervised institutions by the Central Bank. From 1 January of the year following inclusion, the entity keeps its accounts on the basis of IFRS, and for the second year prepares and publishes IFRS financial statements together with the auditor's report, unless legislation sets an earlier deadline for it. The criteria apply from 1 January 2026:

• securities included in the stock exchange listing and admitted to public trading
• commercial and microfinance banks, microfinance and factoring organisations, mortgage refinancing and guarantee organisations, payment system operators and payment organisations
• investment funds and exchanges
• enterprises with a state share of 50% or more whose assets for the last two consecutive years amount to at least 1 million BCV and whose annual net revenue together with dividends is at least 1 million BCV
• other entities that for the last two consecutive years simultaneously have assets of at least 1 million BCV, annual net revenue of at least 1 million BCV and an average annual headcount of at least 500 employees

Joint-stock companies: IFRS under the JSC Law

The repeal of paragraph 1 of PP-4611 did not release joint-stock companies from IFRS. Article 102 of the Law «On Joint-Stock Companies and Protection of Shareholders' Rights» requires every JSC, no later than two weeks before the annual general meeting of shareholders, to publish annual IFRS financial statements after an external audit under International Standards on Auditing.

Therefore a JSC, even if not included in the register of public interest entities, may keep its day-to-day books under NAS but must prepare its annual financial statements for publication under IFRS — in practice usually by conversion. Other entities keep accounts under NAS and may switch to IFRS voluntarily.

Voluntary transition to IFRS

• A company that decides to switch to IFRS in a reporting year sends a notification to the tax authority via the taxpayer's personal account by 1 March of the following year, stating the transition date (PP-282, paragraph 6)
• Entities that voluntarily prepare IFRS financial statements are exempt from submitting financial statements under NAS (PP-4611, paragraph 2)
• A company preparing consolidated IFRS financial statements also prepares separate financial statements on the basis of IFRS (PP-282, paragraph 6)

How NAS differ from IFRS

• Issuer: NAS are approved by Uzbekistan's Ministry of Economy and Finance; IFRS are issued by the International Accounting Standards Board (IASB)
• Chart of accounts: under NAS, accounts are kept on the chart of accounts of NAS No. 21 with its Instructions and standard entries; IFRS do not prescribe a chart of accounts — an entity's own methodology and accounting policy are needed
• Who must apply: NAS are the basic rules for most companies; IFRS — public interest entities, joint-stock companies (annual financial statements) and those who have switched voluntarily
• Audit and publication: IFRS financial statements of public interest entities are audited under International Standards on Auditing and published on the company's website and the Unified Corporate Information Portal no later than 15 June of the year following the reporting year
• Sustainability: public interest entities apply the IFRS Sustainability Disclosure Standards from 1 January 2027
• Approach: NAS contain detailed rules and entries, while IFRS rely more on professional judgement and disclosures, so the transition usually requires data conversion or parallel accounting

NSFO: what changes from 1 January 2027

PP-282 instructed the Ministry of Economy and Finance to submit proposals for introducing national financial reporting standards (NSFO), harmonising NAS with IFRS for small and medium-sized businesses. NSFO No. 1 «Presentation and Disclosure of Information in Financial Statements» (in Uzbek, 1-sonli MHMS) has already been approved: Order No. 392 of 23.07.2026, Ministry of Justice reg. No. 3923 of 13.08.2026.

NSFO No. 1 takes effect on 1 January 2027 and replaces NAS No. 1. It applies to legal entities regardless of form of ownership, except public interest entities and budget organisations, and defines a complete set of financial statements: a statement of financial position (balance sheet), a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows and notes. A new Conceptual Framework for the Preparation and Presentation of Financial Statements (reg. No. 3854 of 10.06.2026) takes effect on the same date.

For the other NAS listed above, including the NAS No. 21 chart of accounts, no repeal is shown on lex.uz as of October 2026. Accounting teams should already update their accounting policy to the 2024 versions, check whether the company meets the criteria for the register of public interest entities, and prepare the 2027 reporting forms under NSFO No. 1.