Audit and economical analysis

Table 47

Financial reporting forms and their information

ReportingForms
Accountingbalance	Profitandlossreports	Capitalreporting	CashFlowStatement
About economic resources,liquidity and payment impossibility,allowing the company to receive information about the ability to evaluate the capability to contribute to the change	Returns the positive balance of cash flows, outcomes, and profitability of resources	Evaluating the operational, financial and investment performance of the entity, the ability to make cash flows to the enterprise allows the entity to assess the necessity of these funds	Valuation of net assets of Korho, assessment of solvency and liquidity, obtaining information on efficient cash management

International Financial Reporting Standards require international financial reporting standards.

The subject of accounting must include the balance sheets and other forms of reporting of its representative offices, affiliates and other units, allocated to an independent balance sheet when making financial statements.

Financial statements will be drawn up at the end of the reporting year.

Budget organizations' financial statements are prepared and presented in accordance with the budget legislation.

The content and content of the financial statements are determined by the Ministry of Finance of the Republic of Uzbekistan.

The content and content of the financial statements of banks and other credit institutions are determined by the Central Bank of the Republic of Uzbekistan.

An entity that is a major business entity and is a subsidiary of an accounting entity with a consolidated financial statement that has its subsidiaries and affiliates.

The procedure for the preparation of consolidated financial statements, as well as the requirements for entities under the authority of a major business entity, are determined by accounting standards.

The financial statements are provided as follows:

• 
  taxauthorities;
  
• 
  proprietors in accordance with constituent documents;
  
• 
  statestatisticalbodies;
  
• 
  other bodies in accordance with the legislation.
  

The financial statements can be submitted electronically.

Financial statements are presented quarterly. Small businesses and microfirms only submit annual financial statements consisting of accounting balance sheet and report on financial performance.

The annual financial report of the undertakings is open to interested banks, stock markets, investors, creditors, as well as to other persons in accordance with the legislation.

Joint-stock companies, as well as insurance organizations, banks, public funds and other organizations shall publish annual financial statements together with the auditor's report at least two weeks before the date of the annual general meeting of the shareholders or other supreme governing body of the accounting entity.

Accounting is a system consisting of a system of collecting, recording and summarizing accounting information through a holistic, continuous, documentary recording of all economic transactions as well as drawing up a financial and other reporting basis.

Based on the starting identity documents, accounting registers, financial reports, statements and other documents related to the accounting and management accounting objects will be displayed on the processed data as accounting information .

Accounting and financial reporting minimum requirements for the establishment of a  accounting standards.

Accounting management, and financial reporting requirements for the establishment of a special  National accounting standards.

Business entities may apply international standards of accounting in the manner prescribed by law .

  The annual financial report of the undertakings is open to interested banks, stock markets, investors, creditors, as well as to other persons in accordance with the legislation.

Joint-stock companies, as well as insurance organizations, banks, public funds and other organizations shall publish annual financial statements together with the auditor's report at least two weeks before the date of the annual general meeting of the shareholders or other supreme governing body of the accounting entity.

Many businesses offer a financial analysis, other than financial statements, that describes and explains the major aspects of its financial condition and financial results prepared by the management of the business entity and the major uncertainties it faces. Such a report may include the following:

(a) key factors and effects that shape the financial results, including changes in the environment in which a business entity operates, measures and impacts of the business entity in response to these changes, as well as the investment policy of the business entity aimed at maintaining and increasing the financial results, including its dividend policy;

(b) the coefficient of the source of funding for the business entity's business and its obligations to equity;

(v) Resources of the business entity that are not recognized in the FRS statement of financial position.

Elements of Financial Reporting: Assets, Liabilities, Private Equity, Reserves, Income, Expenditures, Financial Results

In addition to information on cash flows, the business entity must prepare financial statements based on the accounting method of accounting. Accounting h Report substances, subject to the application of the method of the assets, liabilities, equity, income and expenses (the elements of financial statements) as the conceptual framework recognizes that, when they are elements in the definition and recognition criteria comes.             

Assets are economic resources that are controlled by the entity and are subsequently derived from earnings from earnings.

Assets are financial assets , including cash and debt and non-monetary assets of the business entity.

Future economic benefits reflected in assets are the potential, direct and indirect share of the cash flows of the business entity. This share may arise as part of the business of the undertaking.

The assets of an undertaking are the result of previous transactions and other events. Business entities typically acquire or acquire assets, but other transactions and events allow to increase assets. For example, real estate received by the economic entity from the government. Future transactions and other events do not automatically generate assets.

The undertaking shall use its assets to manage property, inventory and services.

The future economic benefits embodied in assets may be varied by the undertaking in a variety of ways. For example:

- the use of inventories in combination with other assets or for the production of services;

- replacement of other assets;

- use for performance of obligations;

- distributed among owners of an undertaking.

Assets have a physical shape, such as buildings, structures, and equipment. However, the physical form is not necessary for the existence of an asset. For example, patents and copyrights are assets, if the entity expects further economic benefits from their future use.

Assets are, for example, related to ownership of debts and property rights, including property rights. In determining asset availability, ownership rights are not considered essential. For example, leasehold property is an asset, if the business entity controls the benefits to be derived from that property.

There is an in-depth link between executing bills and creating assets, but these are not always appropriate for the time. The costs incurred by the undertaking prove that the prospective economic benefits are sought, but does not preclude the receipt of the assets. Consequently, the absence of expense is not a basis for an asset to be considered asset. For example, objects that are free of charge to a business entity are eligible for identifying assets.

Private ownership is the assets of the subject after the deduction of liabilities .

Have added to the capital, private equity, capital reserves and retained profits. When necessary , the charter capital, added, and reserve capital are analyzed individually . The amount of private equity in the balance sheet is dependent on the valuation of assets and liabilities .

Liabilities are the obligation of a person (the debtor) in favor of another person (creditor), such as transfer of property, performance of work, payment and other obligations or to abstain from certain actions, and the creditor is required to execute his obligations from the debtor is right.

The main characteristic of the obligation is that the undertaking is current liability to other legal and natural entities.

Obligations may come into force as a result of the statute or agreement. For example, the sums paid for goods and services purchased. Obligations also arise in the conduct of entrepreneurial activity, for good communication or fair dealing. For example, if a business entity decides to correct defects in its product after expiry of the warranty period, the costs incurred are also considered to be liabilities.

The present obligation and future commitment must be limited. The decision of the head of the undertaking to purchase assets in the future does not give rise to a liability. An obligation usually arises when an asset is acquired or the business undertakes to acquire the asset.

Obligation to do so typically involves the resources of the economic entity representing economic benefits to meet the objections of the other party. Obligations are fulfilled in different ways (with the exception of cases stipulated by the legislation):

- by payment;

- with the transfer of other assets;

- with the provision of services.

By replacing this obligation with another one;

Liquidation of Shares by Shares. An obligation can be considered as fulfilled when the creditor waives his / her rights or the creditor is deprived of these rights.

Obligations are the result of past transactions or past events. For example, receipts, which must be paid for purchase of inventories and services (if not previously paid or delivered).

It is necessary to create reserves to ensure that the undertaking and creditors are further protected against the consequences of losses. Information on the generation and quantity of reserves is important for users to make informed decisions. Establishment of reserves is envisaged by the legislation and charter (not violating the tax legislation) of the undertaking.

Income is a decrease in the number of assets and liabilities during the reporting period .

Gross profit includes income from basic and non-basic activities of the undertaking. Revenue from core business can be deducted from sales of goods, works, services, inventories, other assets, as well as rent, interest and dividends, fees and principal activities of the undertaking.

Revenues generated by the business entity as a result of non-core activities involve items that are relevant to income determination and are not considered as separate components of the conceptual basis.

Repatriation of securities that are traded on the stock exchange and others can serve as an example of income generated as a result of non-core activities. Such revenues are shown separately if they are recognized in the financial statement report as the information they provide may be useful in making economic decisions.

Taxable income (loss) is the amount of profit (loss) for the reporting period, determined in accordance with the tax legislation .

Expenses are the increase in the number of liabilities, not the reduction of assets during the reporting period .

Setting costs relates to property management, production management, and sales, performance of work, services, and loss. costs. They are typically cash assets, property, equipment, equipment and so on.

Losses represent a reduction in economic benefits and are, in essence, different from other costs and are not considered as a separate part of the conceptual framework.

Losses may arise from the sale of other assets or natural disasters. If such losses are reflected in the financial results report, information about them may be useful in making economic decisions, and therefore they are highlighted separately.

Financial outcomes are the final economic downfall of the undertaking, which is expressed in the form of profit or loss.

Revenues and expenses can be specified by limiting the types of activities to provide the information needed to make decisions in the financial statements. For example, the limitation between the items of income and expense that arise in the normal course of business of an undertaking and in the emergency of the business entity is a generally accepted practice. Such a restriction is made on the basis of the articles of the undertaking, which are important in evaluating the ability of the undertaking to further increase the cash resources. It is necessary to limit the nature of the undertaking with the nature of the undertaking and its activities. Substances in the ordinary course of business of a single undertaking may be more urgent than others.

The boundary between the income and expense items and their various combinations also provide an indication of the business results of the undertaking. These sections include various substances. For example, a statement of financial results indicates earnings from taxation and subsequent financial and economic activities.

Shares of depositors in private equity are not income; is not the cost of distributing between private ownership interests.

Revenue and expense disclosure identify major differences, but do not define criteria to be met before recognizing them in the statement of financial results.