Approved by Committee on cases on economic insolvency of the company in case of Minmakroekonomstat of the Republic of Uzbekistan of December 29, 1999 No. 17

The instruction on the organization of inventory count and cost determination of property and obligations of the liquidated company

1. General provisions

1.1. This Instruction is developed according to the laws of the Republic of Uzbekistan "About bankruptcy" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2003, No. 5, the Art. 63), "About financial accounting" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, No. 9, the Art. 142) and the National Accounting Standards (NAS) and establishes procedure for carrying out inventory count and determination of book value of the property offered for sale, and also obligations of the liquidated company - the bankrupt (further - the liquidated company).

1.2. In this instruction the following determinations are used:

property of the liquidated company - fixed assets (buildings, constructions, incomplete capital construction, transfer devices, machines, the equipment, not equipment in place, computer facilities, the measuring, regulating devices, vehicles, tools, production and economic stock, the working and productive cattle, long-term plantings and other fixed assets, etc.), intangible assets, including the leased, library stocks, the financial investments, production supplies, finished goods, goods, other inventories, cash on hand and on accounts in banks, securities of other legal entities, deposits and other financial and current assets on balance of the liquidated company, receivables on which the term of limitation period, other property considered in balance of the liquidated company and also the property which is not considered for any reasons did not expire;

obligations of the liquidated company - debt to the budget, accounts on compensation, accounts payable, the credits of banks, loans and other debt;

cost determination of property of the liquidated company - determination of the actual availability of property, its correct reflection in financial accounting, determination of residual (balance sheet) cost of fixed assets and intangible assets;

the responsible person - person who bears responsibility for property of the liquidated company according to the agreement on financial responsibility;

the accounting worker - person who keeps financial accounting and the reporting according to its job responsibilities.

1.3. All property and obligations of the liquidated company, irrespective of the location of property, including the fixed assets which are on preservation, property of divisions (subsidiary farms, housing and communal services, etc.) allocated for separate balance, but which do not have the status of the legal entity, the production supplies and other types of property which are not belonging to the liquidated company, but registered on accounting out of balance (consignment, being on safe custody, leased, received for conversion) leased and also the property which is not considered for any reasons is subject to inventory count.

1.4. Main objectives of inventory count are:

- identification of the actual availability of property and comparison to accounting data;

- identification of illiquid and completely worn-out property;

- verification of presence of completeness and correctness of cost determination, reflected in accounting of property and obligations;

- determination of the actual book value of property and obligations of the liquidated company.

1.5. The organization of the works connected with inventory count, cost determination and further sale of property of the liquidated company is assigned to the liquidating managing director.

1.6. The liquidating managing director of the order, according to appendix No. 1, creates inventory-taking group which structure joins accountants, representatives of labor collective, founders (participants) and creditors of the liquidated company. The inventory-taking group under approval can join representatives of financial bodies, bank institutions, and also representatives of the Agency on management of the state assets of the Republic of Uzbekistan to liquidation of the company having share of state-owned property in property. The liquidating managing director on contractual basis can involve the specialized (auditor) organizations which bear responsibility for correctness and reliability of results of inventory count in work on inventory count and refining of property value.

1.7. The chairman of inventory-taking group is the liquidating managing director.

2. Procedure for carrying out inventory count of property of the liquidated company

2.1. Prior to check of the actual availability of property responsible persons of the liquidated company transfer to the liquidating managing director the last at the time of inventory count source and summary accounting documents (registers) about movement of material values and money, including the certificate of receivables and payables (appendix No. 2).

2.2. The liquidating managing director, accepting documents, vises all receipt and issue documents attached to registers (reports) with indication of "before inventory count on"... "(date)" that shall form the basis for determination of remaining balance of property by the beginning of inventory count according to accounting data.

2.3. Check of the actual availability of property is made with obligatory participation of responsible persons and the accounting employee of the liquidated company.

2.4. At responsible persons receipts that by the beginning of inventory count all issue and receipt documents on property are handed over in accounts department (or are transferred to the liquidating managing director) undertake and all values which arrived on storage are credited, and disposed are written off. Persons having imprests on acquisition of inventory items (property) or powers of attorney on their obtaining give similar receipts.

2.5. Data on the actual availability of property and reality of the considered obligations are transferred to liquidating managing directors of inventory-taking group and join in inventory registers or inventory reports (further - inventories) at least in duplicate.

2.6. The inventory-taking group provides:

completeness and accuracy of entering into inventories of the fixed assets this about the actual availability, raw material stocks, goods, money, other property and obligations;

correctness and timeliness of registration of materials of inventory count.

2.7. The actual availability of property in case of inventory count is determined by obligatory calculation, weighing, measurement about what the statement is drawn up.

Responsible persons shall create to inventory-taking group the conditions providing completeness and accuracy of check of the actual availability of property at the scheduled time.

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