World Bank Document

differences between the two sets of standards, so that financial statements prepared under 
NAS would be materially different from those prepared under IFRS. Differences between 
NAS and IFRS are presented in detail in Appendix 1, and include the following: 

some IFRS/IAS have no NAS equivalents, for example, IAS 39, IAS 40, IAS 41, IFRS 4;

existing NASs are not always up to date because IAS/IFRS have changed significantly
during the last decade (for example, IAS 10 and IAS 37 are now covered by NAS 16 although 
NAS 16 is based on an older IAS 10);

several NASs contain more detail than their IAS/IFRS equivalents and are also 
supplemented by the standard chart of accounts (NAS 21), standard financial reporting formats 
with additional forms, such as the report on fixed assets and debtors and creditors, and additional 
regulations and guidelines (for example, IAS 1 has several NAS equivalents for each of the 
prescribed financial statements; this is, to some extent, due to traditions that exist in Uzbek 
environment, including the history of rules-based standards). 
69. NAS are not applicable in the banking sector. CBU issues accounting and financial 
reporting regulations and guidelines. In addition, the CBU requires annual financial statements 
to be prepared in accordance with IFRS (by way of converting statements prepared in accordance 
with CBU regulations and guidelines) and audited in accordance with ISA. Unfortunately, 
however, neither IFRS nor ISA have been formally adopted in Uzbekistan, which makes their 
application difficult and, effectively, restricts the bank auditing market to the Big 4 auditing 
firms. As a result, banks prepare two sets of financial statements, one compliant with CBU 
regulations and guidelines, the other (prepared in some cases with assistance from auditors) 
compliant with IFRS. 
70. Except for NAS 20 Accounting and Financial Reporting by Small Businesses and NAS 21