World Bank Document

Many Uzbek companies are still fully or partially state-owned. Since 2007, the 
government has retained control over certain corporate functions by means of the “golden 
share.” This concept is sometimes used to give the government control over those aspects of 
corporate activity that it considers important for successful operations; those aspects differ from 
case to case. Some Uzbek state-owned entities, such as banks, are currently in process of being 
privatized. Nevertheless, all state-owned enterprises are subject to the same reporting 
requirements as apply to private enterprises. 
9. 
Even though the Republic of Uzbekistan has made many improvements in its financial 
reporting infrastructure over the years, compliance challenges persist in some 
circumstances. For example, the Central Bank of Uzbekistan requires that all commercial banks 
submit, inter alia, financial statements prepared in accordance with IFRS and audited in 
accordance with ISA. In the absence of an official translation and publication of IFRS, the banks 
rely on their auditors to work on producing IFRS statements with them. The practice raises the 
question of audit independence. Several financial donors have actively supported financial 
reporting reforms in Uzbekistan, specifically the World Bank, USAID and the United Nations 
Development Program (UNDP), and the overall results of these reforms have been positive. 
USAID established and, until recently, supported the CAP/CIPA professional certification 
program in Uzbekistan. However, it did not offer any assistance for establishing enforcement and 
monitoring mechanisms in the financial reporting system. 
10
Source: www.uzbanks.info
. 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
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