Long-term asset valuation and accounting in Uzbekistan: a comparative analysis of national accounting standards

Abstract

This article examines the national regulatory and methodological principles governing the valuation and accounting of long-term assets in joint-stock companies in Uzbekistan. It traces the development of the framework from the historical 1996 Accounting Law and successive editions of National Accounting Standard (NAS) No. 5 to the revised standards on property, plant and equipment and intangible assets approved in 2024. A documentary, historical and comparative-methodological approach is applied to the recognition of assets, determination of initial cost, subsequent measurement, revaluation, depreciation and amortization, and accounting policy. The analysis identifies a connected sequence of accounting decisions: defining the unit of account, distinguishing capitalizable expenditures from period costs, selecting subsequent measurement approaches, establishing useful-life assumptions, and documenting valuation evidence. The findings suggest that the quality and consistency of long-term asset reporting depend on coordination across these decisions rather than on an isolated choice of valuation model. The study contributes an integrated analytical framework for evaluating accounting practices in joint-stock companies. Its findings are conceptual and regulatory; no company-level empirical effects are claimed.