Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Finance has developed a new edition of the National Accounting Standard of the Republic of Uzbekistan (NSBU No. 4) “Inventories”. The draft document was discussed on the portal of draft regulatory legal acts of the Republic of Uzbekistan and finalized on the basis of proposals and comments.

The standard was registered by the Ministry of Justice of the Republic of Uzbekistan on 30 June 2020 No. 3259. The adopted standard establishes the procedure for recording inventories and their reflection in financial statements. The inventory methodology is harmonized with international standards.

The standard is supplemented by new standards. In particular, when purchasing inventories at a discount, their accounting is detailed, and special rules have been introduced to determine the value when purchasing inventories.

Along with this, the standard is supplemented by a new chapter “powers of attorney for the purchase of inventory”, and also provides the possibility of electronic registration of powers of attorney to receive inventory of organizations.

With the adoption of the standard, the previously adopted National Accounting Standard (IFRS No. 4) “Inventories” (registration number 1595, on 17 July 2006) and the Regulation on the issuance of powers of attorney for the acquisition of stocks and their issuance (No. 1245, 27) became invalid May 2003).