The seminar was aimed at familiarizing with methodology of valuation for financial reporting in line with international standards and carrying out deals in line with the international and national valuation standards.

Over 80 representatives of the large companies and organizations of Uzbekistan participated at the work of the seminar.

Opening seminar, the first deputy chairperson of the State Property Committee Sayfitdin Gafarov said that in recent years Uzbekistan carried out work on improving valuation market. He said that the country adopted law “On valuation activity” and 11 standards of valiation.

Timur Pulatov, Ernst&Young partner, underlined that Ernst&Young was the first international company, which received valuation license in Uzbekistan.

He said that Ernst&Young is one of international leaders in audit, consulting, taxation, as well as merger and acquisition consultation. International network consists of 700 offices in 140 countries, including in Uzbekistan.

During the seminar, specialists on valuation of the State Property Committee and Ernst&Young discussed issues and methodologies of valuation of fixed assets, property and business.

In process of cooperation with international financial institutions and foreign investors, valuation of fixed assets, business and property can be required at reflecting cost in financial reporting, contributions to the charter capital in property, attracting financial resources under warranty, public placement of the company, etc.

Oleg Glinsky, business valuation specialist of Ernst&Young, commented methodology in the contest of merger acquisition deal, reflecting deals in financial reports. He also briefed on differences of determining cost – market, investment and fair cost.

The participants received information on approaches to business valuation and its procedures, which was explained on examples of real companies. It is worth to mention that business valuation for deals is actual in connection with modern trends of economy of Uzbekistan as number of joint ventures is increasing in the country, and number of deals between government and commercial organizations is growing.

Rinat Ahmetshin presented a report on valuation of assets and valuation procedures. He noted that valuation of production complex requires high skills of valuator, experience and others.

Nemat Hanbabaev, specialist on valuation of real estate, commented on methodology of valuation of real estate, determine of market cost, etc.