Accounting and reporting in Uzbekistan

Accounting is mandatory for every legal entity in the Republic of Uzbekistan — company size and tax regime change the number of forms, not the obligation itself. The requirement comes from the Law of the Republic of Uzbekistan on Accounting, as amended by Law No. ZRU-404 of 13.04.2016.

A common assumption among owners of small companies is that "simplified" means records can be skipped. The simplified procedure reduces the set of registers and reporting forms; the duty to record every transaction remains.

Who is responsible for accounting inside the company?

Responsibility for organising accounting rests with the head of the legal entity. They choose the arrangement — an in-house chief accountant, an accounting department, or an external specialist firm — and fix that choice in the accounting policy.

The accounting policy is approved by order and sets out specifics: the working chart of accounts, primary document formats, the basis for recognising income and expenses, and depreciation and inventory valuation methods. A policy without those sections exists on paper but protects nothing during a tax audit.

Outsourcing does not transfer liability towards the Tax Committee of the Republic of Uzbekistan: the company remains the taxpayer. How the provider compensates its own error is fixed in the service agreement before work starts, not after an assessment arrives.

National standards or IFRS: which apply?

By default, legal entities in the Republic of Uzbekistan keep records and prepare financial statements under the National Accounting Standards (NAS). The system comprises more than twenty standards, with sector-specific ones for banks and insurers.

International Financial Reporting Standards are mandatory for joint-stock companies, commercial banks, insurance organisations and legal entities classified as large taxpayers. Other companies may adopt IFRS voluntarily.

In 2026 the Republic of Uzbekistan began developing new national financial reporting standards intended to replace the current NAS. The transition timeline and the list of obliged entities are still being settled, so changing an accounting system is worth planning only after the relevant acts are published on lex.uz.

Which primary documents are mandatory?

Every business transaction is supported by a primary document drawn up at the time of the transaction or immediately afterwards. Acceptance acts, delivery notes, cash orders and payment instructions are the minimum set for any company.

Electronic document flow is mandatory in the Republic of Uzbekistan: sales of goods and services are documented by electronic invoices and transport by electronic waybills. Working in the information systems of the Tax Committee of the Republic of Uzbekistan requires a valid electronic digital signature.

Primary accounting documents, accounting registers and financial statements are kept for at least five years after the reporting year — a single minimum retention period set by Article 29 of the Law of the Republic of Uzbekistan on Accounting.

What is filed and when?

Reporting splits into financial statements, which describe the company's position, and tax returns, from which the payment is calculated. Deadlines come from the Law on Accounting and the Tax Code of the Republic of Uzbekistan of 30.12.2019.

The full list of forms with dates for your particular set of taxes is easier to read in the reporting calendar; payment deadlines are covered in the taxes and tax regimes cluster.

How do you take over from a previous accountant?

Taking over records is a stage of work, not a formality. Skipping it means the new team inherits someone else's errors and answers for them before the Tax Committee of the Republic of Uzbekistan.

1. Reconcile settlements with the tax authorities for each tax and record the balance as at the handover date.
2. Accept opening balances on accounts and support them with primary documents and stocktake data.
3. Check previously filed returns for arithmetic errors and for discrepancies against Tax Committee system data.
4. Restore missing primary documents or record their absence in an act.
5. Test the accounting policy against actual transactions and the regime in use.
6. Record in the handover act what has been accepted and which questions remain open.

Which accounting errors cost the most?

The expensive errors are systemic rather than complex — the ones that repeat monthly and surface for the whole period at once.

• Expenses without supporting documents. They are excluded from profit tax deductions and the base is recalculated for the entire period.
• Electronic invoices issued in the wrong period. A mismatch appears between the return and system data, and a desk audit follows.
• An accounting policy that does not match actual transactions. The company's position weakens in a dispute: the method applied cannot be justified.
• No stocktaking. Book balances diverge from actual ones and the annual statements become unreliable.
• No separate records where several regimes or reliefs apply. Entitlement to the relief then has to be proved retrospectively by calculation.
• Late filing while the account is blocked. The company loses access to its money and payments to counterparties fail.

What comes next

Accounting is worth reviewing not once a year before the annual return, but at each event that changes it: a change of regime, the first export contract, the first employee. Each of those changes the set of registers and forms.

TheBux runs bookkeeping and tax accounting, including handover from a previous accountant and restoration of opening balances — the price configurator assembles a range for your parameters.