According to the State Program on implementation of the strategy of development of New Uzbekistan for 2022-2026 years in the "Year of Care for Humanity and Quality Education" approved by the Presidential Order No.27 dated February 28, 2023, it has been tasked to improve the Unified National Valuation Standard providing a unified approach to valuation and taking into account the market conditions based on the principles of international valuation standards (IVS, EVS, USPAP, RICS and others).
In this regard, the State Assets Management Agency together with professional public associations of appraisal organizations of the republic (Association of Appraisal Organizations, Society of Appraisers of Uzbekistan, Society of Appraisers, Experts and Consultants of Uzbekistan) and with the participation of international consulting company PriceWaterhouseCoopers, developed the Unified National Valuation Standard of the Republic of Uzbekistan (UNVS) in a new edition, which was publicly discussed and, based on the results of the proposals received, was finalized.
The purpose of the revised UNVS is to increase consumer satisfaction with the quality of evaluation services through credibility, transparency and consistency of evaluation procedures to make informed decisions.
The new edition of UNVS was registered by the Ministry of Justice of the Republic of Uzbekistan on December 28, 2023 (reg. MJ RUz No. 3487) and comes into force from January 1, 2024.
At the same time, the previously existing Unified National Valuation Standard of the Republic of Uzbekistan, registered by the Ministry of Justice of the Republic of Uzbekistan on June 4, 2020 (reg. MJ RUz № 3239) is recognized invalid.
The new version of the Uniform Valuation Standards provides a basis for ensuring the objectivity of the valuation process and allows appraisers to take into account the impact of market fluctuations, economic trends and other relevant factors, which will ultimately contribute to the formation of the real market value of an asset.
The USO will promote the development of an independent and objective appraisal system, improve the professional level and quality of appraisal services, as well as provide a unified interpretation of the appraisal legislation and increase confidence in the domestic appraisal system.
For reference: The new edition of the Unified National Valuation Standard of the Republic of Uzbekistan is brought in line with the norms of international valuation standards based on the peculiarities of economic development of the Republic, has been systematized and consists of three sections.
The first section includes a group of general standards that establish the fundamental principles and concepts to be taken into account when carrying out an appraisal from receiving an appraisal assignment to preparing an appraisal report. At the same time, based on international standards, the main concepts, terms and definitions have been revised and supplemented.
The second section contains a group of special standards dedicated to the valuation of certain types of assets, such as business and business participation rights, real estate, intellectual property and intangible assets, machinery and equipment, inventories and others.
This section includes a new standard "Examination of the reliability of the valuation report". In addition, the standard "Real Estate Valuation" is supplemented with the chapter "Peculiarities of Valuation of Real Estate under Development", the standard "Valuation of Intangible Assets and Intellectual Property Objects" is supplemented with the chapter "Valuation of Intangible Assets in the Form of Non-Financial Liabilities", and the terms of use of the valuation report are fixed.
The third section contains valuation methodologies, which are an integral part of the Unified National Valuation Standard of the Republic of Uzbekistan and establish the minimum methods necessary to assess the value of specific valuation objects, as well as determine the requirements and procedure for practical application of valuation standards for various valuation purposes and types of assets.
