Financial report

Financial reporting is necessary for analyzing the financial condition of a company and making decisions. Here are some of the purposes of its use:

For the management of the organization. Financial reporting helps to assess the results of the organization's work over a certain period of time and understand in which direction the organization should develop in the future. It also allows you to solve the tasks of operational control, resource optimization, budget planning, long-term projects and assessment of investment opportunities.

For investors. Financial reporting helps to assess the safety of investments (how stable the company's financial position is and how low the risk of losing invested funds is), profitability (the company's ability to make a profit and return investments with a risk premium), and growth potential (the possibility of increasing business value and shareholder returns in the future).

For regulators and tax authorities. Financial reporting helps to monitor compliance with legislation and protect the public interest.

From January 1, 2025, the "Regulations on the deadlines for submitting financial statements, their composition and content" (registration number 2025, 01/03/2023) will come into force in Uzbekistan. The Law of the Republic of Uzbekistan No. 3567 dated 04/11/2024).

According to it, annual financial statements are submitted to state bodies within the following deadlines:

• According to National Accounting Standards (NAS) - no later than March 1 of the year following the reporting year;
• According to International Financial Reporting Standards (IFRS) - no later than May 1 of the year following the reporting year.

For entities preparing financial statements in accordance with NAS, they consist of the following:

• balance sheet;
• statement of financial results;
• statement of equity;
• statement of cash flows;
• notes, calculations and explanations (notes to the financial statements).

The financial statements under IFRS include:

• statement of financial position;
• statement of profit or loss and other comprehensive income;
• statement of changes in equity;
• statement of cash flows (indirect method);
• notes (notes to the financial statements) containing a summary of significant accounting policies and other explanatory information.