December 27, 2024
Deadlines of Submission of Financial Reports for Commercial Organizations
- Law of the Republic of Uzbekistan dd. 06.12.2001 No. 310-II “On limited and additional liability companies”;
- Law of the Republic of Uzbekistan dd. 06.05.2014 No.ZRU-370 “On joint-stock companies and protection of shareholders’ rights”;
- Law of the Republic of Uzbekistan dd. 13.04.2016 No. ZRU -404 “On Accounting”;
- Regulations of the Ministry of Finance of the Republic of Uzbekistan “On deadlines of submission of quarterly and annual financial reports”, registered on 03.07.2000, reg. No. 942;
- Regulations “On deadlines of submission of financial reports, as well as their structure and content” (adopted by Order of the Minister of Economy and Finance of the Republic of Uzbekistan, registered on 04.11.2024, reg. number 3567);
- Decree of the President of the Republic of Uzbekistan dd. 24.02.2020 No. PP-4611.
2. Current financial reporting deadlines
According to the general rules, limited liability companies and joint-stock companies must approve their annual reports no later than 6 months after the end of the financial/reporting year[1], which ends on December 31[2].
Meanwhile, it is important to note that the following apply for the submission of annual financial reports to the authorized body:
- commercial organizations must submit their financial reports no later than February 15 of the year following the reporting year;
- enterprises with foreign investments and representative offices of foreign companies–not later than March 25 of the year following the reporting year.[3]
3. New deadlines as of January 1, 2025
Starting from January 1, 2025, a new Regulation [4] will come into force. This Regulation will introduce changes to the deadlines for the submission of financial reports, which will be determined based on the method of reporting. Specifically:
- organizations that prepare their financial reports in accordance with National Accounting Standards must submit them not later than March 1 of the year following the reporting year;
- organizations that prepare theirfinancial reports in accordance with International Financial Reporting Standards (hereinafter referred to as the“IFRS”) must submit them not later than May 1 of the year following the reporting year.
It is worth noting that reporting in accordance with the IFRS is mandatory for joint-stock companies, commercial banks, insurance organizations, and legal entities classified as major taxpayers[5].
[1] Art. 31 of Law “On limited and additional liability companies”; art. 58 of Law “On joint-stock companies and protection of shareholders’ rights”.
[2]Art. 24 ofLaw “On Accounting”.
[3]Paras. 2 and 4 of Regulations “On deadlines of submission of quarterly and annual financial reports”.
[4]Regulations “On deadlines of submission of financial reports, as well as their structure and content” (adopted by Order of the Minister of Economy and Finance of the Republic of Uzbekistan, registered on 04.11.2024, reg. number 3567).
[5]Para. 1 of Decree of the President of the Republic of Uzbekistan dd. 24.02.2020 No. PP-4611.
