World Bank Document

 
19. The LoA effectively, although implicitly, defines what a public interest entity (PIE) is. 
PIEs include open joint-stock companies, insurance companies, banks, security and 
commodity exchanges, investment funds and other financial institutions. These entities are 
required to publish their audited financial statements by May 1 of the year following the year end. 
The law does not, however, say how financial statements are to be released to the public. 
Ordinarily, for PIEs, the domestic print media will publish a summarized balance sheet and 
income statement; the Tashkent Stock Exchange publishes its own summarized balance sheet and 
income statement on its website (www.uzse.uz).  
 
20. The law specifies that all accounting entries should be backed by source documents 
confirming specific transactions. The law also defines mandatory “attributes” of a source 
document, including name of the company issuing the document, nature of the document, its 
number and the location of its issuance, description and quantity of goods/services 
delivered/provided, and the signature of person who is responsible for completeness and veracity 
of the document. The LoA also mandates an annual assets and liabilities inventory. NAS 19 
Organization and Undertaking of Inventory Counts provides further guidance on this topic. This 
standard also requires an annual count of inventory, biannual count of property, plant and 
equipment, and a regular count of cash and fuel inventories. The LoA also prescribes the use of 
valuation methods, as well as certain accounting treatments, such as accounting for subscribed, 
surplus and “reserve” capital. The content of accounting ledgers, internal reports, and other 
documentation is confidential.  
 
21. The LoA is further interpreted in national accounting standards (NAS) and