Joint stock companies in Uzbekistan to submit reports in IFRS
24/04/2015 21:37
Joint stock companies in Uzbekistan to submit reports in IFRS
24/04/2015 21:37
Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Islam Karimov signed a decree on “On measures on introduction of modern methods of corporate management in joint stock companies” on 24 April 2015.
The document was adopted to create favourable conditions for attraction of foreign direct investments, improve efficiency of activities of the joint stock companies, ensure their openness and attractiveness for potential investors, introduce methods of corporate management, strengthen role of joint stock companies in strategic management of enterprises.
Uzbek leader determined main directions on further developing system of corporate management:
The decree noted that 364 joint stock companies were determined as untenable in the result of carried out study and should be liquidated or reorganized to other organizational-legal forms.
President entrusted the commission on improving efficiency of activities of the joint venture and system of corporate management to set strict control over completion of reorganization of the joint stock companies till 1 October 2015.
The decree approved standard organizational structure of the joint stock companies, which should be implemented by the companies within three months.
President of Uzbekistan also entrusted to carry out attestation of the management of the joint stock companies with the state share to test their knowledge on modern methods and corporate management principles, management and marketing, introduction of ICT and use of them in production management system.
In the result of attestation, new high-skilled managers, including foreign managers, should be attracted to fill vacated positions.
Uzbek leader approved a proposal on creation of the Scientific-educational center for corporate management on the base of abolished Higher School of Business. The center will help to introduce modern methods of corporate management, train and re-train managers in line with the international requirements and standards.
According to the decree, top managers will be appointed on competitive basis from 1 July 2015 and foreign managers can also participate in this process.
Uzbek President Islam Karimov entrusted to develop and approve a Code of corporate management in line with the international standards.
From 1 July 2015, the President banned to use work “state” in the names of the companies, independently from share of the government in the charter capital.
In 2015-2018, the joint stock companies should move to publication of annual financial reports in line with International Financial Reporting Standards (IFRS) and International Audit Standards.
The commission on improving efficiency of activities of the joint venture and system of corporate management should approve schedule of publication of annual reports of the joint stock companies till 1 July 2015 in line with the international standards.
President exempted joint stock companies from payment of single social payment from fund of labour payment of foreign workers, attracted as managers of the companies.
Income of foreign specialists, received from their activities as managers, is exempted from income tax, mandatory insurance payments to off-budget Pension Fund under the Ministry of Finance of Uzbekistan, etc.
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