World Bank Document

Accounting (LoA) and apply NAS 20 Accounting and Financial Reporting by Small Business. 
SME financial reporting is much simpler than that of PIEs or financial institutions. The annual 
financial statements of micro entities and small enterprises comprise only a balance sheet, a 
report on financial results and a report on accounts payable (debts and credits). 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
- 10 - 
 
 
The following table summarizes the requirements applicable to different types of entities: 
Table 1: Corporate Financial Reporting Requirements 
Financial statements 
 
Entities 
Legal Entity and Consolidated Financial 
Statements 
Audit 
Public Disclosure
Open joint-stock 
Companies 
NAS
Required 
Must 
publish 
annual 
financial 
statements in the print media; 
however, the law does not specifically 
require publishing or making publicly 
available a “full set of financial 
statements” together with the notes to 
the financial statements, as required 
by NAS.
Closed joint-stock 
companies 
NAS 
Required 
None 
Large Private Limited 
Liability Companies 
NAS
Not 
Required 
None 
Small Private Limited 
Liability Companies 
NAS and NAS 20 
Not 
Required 
None 
Unincorporated 
Businesses
NAS 20
Not 
Required 
None 
Insurance Companies 
 
NAS  
Required 
Must publish financial statements in 
the print media.