Ministry of Justice Registers Procedure for Forming the Register of Public-Interest Organizations

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has defined the range of organizations classified as public-interest entities.

The Ministry of Justice has registered a decision approving the Regulation that sets out the criteria for assigning organizations to this category, requirements for their financial reporting and audits, as well as the procedure for forming and maintaining the relevant register.

The document provides for eased requirements regarding the submission of annual financial statements in accordance with International Financial Reporting Standards (IFRS) for large commercial entities that have a significant social and economic impact.

Public-interest organizations include companies whose shares are publicly traded, as well as commercial banks, microfinance banks, microfinance and factoring organizations, mortgage refinancing and guarantee institutions, payment system operators, and payment organizations.

The category also covers investment funds and stock exchanges.

In addition, state-owned enterprises are deemed public-interest entities if the book value of their assets exceeds 1 million sizes of basic estimated value (BEVs) and the aggregate annual net revenue from the sale of goods, works, and services, as well as dividend income, also exceeds 1 million BEVs.

The list further includes organizations that, based on the results of the reporting year for each of the last two years, simultaneously meet the following thresholds: asset book value of at least 1 million BEVs, annual net revenue of at least 1 million BCUs, and an average annual workforce of 500 or more employees.

Organizations meeting these criteria are subject to inclusion in the Register of Public-Interest Organizations. Responsibility for forming and maintaining the register has been assigned to the Ministry of Economy and Finance.

The document is to be published annually by 1 July on the Unified Platform of the Government Portal, as well as on the Open Data Portal.