National standards are primarily oriented towards the needs of state control and taxation. They provide detailed regulations for the procedure of documenting transactions, whereas international standards rely more on professional judgment and the economic substance of the transaction.
Practical differences are significant in asset valuation, revenue and expense recognition, impairment treatment, and consolidation procedures. Therefore, the same company shows different profit and different capital amounts in financial statements prepared under national and international rules.
In Uzbekistan, national accounting standards are applied by most organizations, while certain categories are transitioning to IFRS. This means the market sees coexistence of financial statements prepared under different rules.
For an investor, the practical conclusion is: before calculating any metrics, determine which standards were used to prepare the statements. A multiplier calculated using national standards for one company and international standards for another cannot be compared, even if the formula is identical.