The Ministry of Justice has registered a national accounting standard concerning the accounting of assets and liabilities in foreign currency (NSBU No. 22). This was reported by the legal information channel of the ministry.
The document outlines the procedure for recording transactions in foreign currency and their disclosure in financial statements for all legal entities operating in Uzbekistan, regardless of ownership form, except for banks and non-bank credit organizations. It also pertains to transactions conducted by foreign branches of Uzbek companies.
Transactions in foreign currency are defined as:
- purchase or sale of goods, services, or works for foreign currency;
- allocation or receipt of funds in foreign currency as a loan;
- purchase or sale of assets in foreign currency, as well as the acceptance and repayment of obligations in foreign currency.
Accounting for foreign currency transactions in sums is conducted at the exchange rate of the Central Bank on the day of the transaction.
Previously, Spot reported that in October, the difference between currency purchases and sales to the public exceeded $600 million.