Inventory stocktaking in Uzbekistan is a mandatory check of the actual existence of assets and liabilities against the accounting records. The Law on Accounting requires the reliability of accounts and financial statements to be confirmed by mandatory stocktaking, and the procedure and timing are set by NSBU No. 19 "Organisation and conduct of inventory" (new edition of 2024). The main mandatory cases are before the annual financial statements (except assets counted after 1 October), when the person with material responsibility changes, when property is sold or leased, and on theft, natural disasters and liquidation. Surpluses are taxable income, and shortages above natural loss norms do not reduce profit tax.
Inventory stocktaking in Uzbekistan: legal basis
- Law on Accounting (ZRU-404 of 13.04.2016), Article 16: the reliability of accounting data and financial statements is confirmed by mandatory stocktaking of assets and liabilities; objects, procedure and timing are set by the accounting standard.
- NSBU No. 19 was approved by Order No. 141 of the Minister of Economy and Finance of 14.06.2024 (registration No. 3548 of 12.08.2024) and amended in December 2025. It applies to all business entities.
- The Tax Code sets the tax consequences of surpluses and shortages (see below), and Article 26 allows the tax authorities to take stock of a taxpayer's property during tax control.
When stocktaking is mandatory
The director decides how many stocktakes to hold during the year, when, and which assets to cover. In a number of cases, however, NSBU No. 19 makes stocktaking mandatory:
- when property is leased out, bought out or sold, and when state property is prepared for privatisation;
- before the annual financial statements are prepared, except for assets counted after 1 October of the reporting year;
- on revaluation of fixed assets and inventories;
- when the persons with material responsibility change, on the day of hand-over;
- when theft, abuse or spoilage of valuables is discovered;
- after natural disasters, fires, accidents and other emergencies;
- on liquidation or reorganisation, before the liquidation (separation) balance sheet is prepared.
Under collective material responsibility, stocktaking is also required when the team leader changes, when more than half of the team leaves, and at the request of any team member.
Minimum frequency
| Object | How often |
|---|---|
| Inventories (goods and materials) | At least once a year |
| Fixed assets | At least once every two years |
| Library collections | Once every five years |
| Cash, cash documents, strict-reporting forms | Monthly |
| Fuel and lubricants, food products | Quarterly |
| Precious metals | Within the periods set by law |
How to run a stocktake
1. Order and commission
The director approves the commission by order. The standing commission consists of the director or deputy (chair) and the chief accountant; internal audit staff may join. For large volumes, working commissions are formed with specialists such as a merchandiser, engineer, technologist or economist. The absence of any commission member is grounds for declaring the results invalid. The same employee may not chair the working commission twice in a row for the assets of the same responsible persons. Orders are recorded in a control book.
2. Preparation
The commission collects the latest receipt and issue documents and movement reports; the chair endorses them "before stocktaking on (date)". The responsible persons sign a statement that all documents have been handed to accounting, all receipts have been recorded and all disposals written off. Storage rooms are sealed and weighing equipment is checked.
3. Counting
Assets are established by mandatory counting, weighing and measuring at each storage location and for each responsible person, in their presence. Goods in the supplier's unopened packaging may be accepted on the basis of documents with a sample physical check. Third-party property (held for safekeeping, leased or received for processing) is listed separately.
4. Documentation
- Inventory lists (acts) on the forms annexed to NSBU No. 19 (for example, INV-1 for fixed assets); they may be kept electronically. No erasures are allowed; corrections are explained and signed by all commission members and the responsible persons, and blank lines are crossed out.
- Matching statements only for items with discrepancies, valued at book prices.
- Statement of stocktaking results summarising the year.
If a responsible person finds an error after the count, it must be reported to the commission before the warehouse reopens.
Accounting for surpluses and shortages
| Result | Accounting (NSBU No. 19) | Tax consequences |
|---|---|---|
| Surplus | Recorded and credited to the financial result; causes and responsible persons are identified | Value of surpluses is income (Tax Code Art. 297); fixed assets are valued at market value for tax (Art. 306) |
| Shortage within natural loss norms | Written off to expenses by the director's order, after offsetting regrading surpluses | Expense is recognised |
| Shortage above norms | Recovered from those responsible; if none are identified, written off to expenses with documents on measures taken | Not deductible for profit tax (Art. 317); input VAT on lost goods is adjusted (Art. 269) |
| Theft and shortages with no identified culprit | Written off to expenses | Not deductible (Art. 317) |
Natural loss norms apply only when there is an actual shortage, and only to the items where it was found. If no norms have been approved, the whole loss is treated as a shortage. VAT does not need to be restored where goods were lost through emergencies such as fire, natural disaster, accident or a road traffic incident. Turnover tax payers issue a one-sided e-invoice for surpluses found in a stocktake, because that is income subject to turnover tax.
Results are recorded in the month in which the stocktake ends, and the results of the annual stocktake are reflected in the annual financial statements. The year-end process is described in our year-end closing checklist.
Common mistakes
- The stocktake is done "on paper" without a recount or without the responsible person.
- There is no order and no approved commission, so the results are easy to challenge.
- Natural loss norms were never approved, so all losses become non-deductible.
- Surpluses are offset against shortages of different items without regrading rules.
- Results are not posted, and discrepancies roll into the next year.
When to get help
The WealthWise team includes inventory accountants who take part in the count, prepare inventory lists and matching statements, and post the results as part of our bookkeeping services. If book balances have not matched reality for a long time, start with accounting recovery; pricing starts from UZS 4,900,000 per quarter. You can reach us via contacts.
Frequently asked questions
Is stocktaking mandatory before the annual financial statements?
Yes. NSBU No. 19 requires a stocktake before the annual financial statements are prepared. Assets already counted after 1 October of the reporting year are excluded.
Is a stocktake needed when a storekeeper or cashier changes?
Yes. A change of the person with material responsibility triggers a mandatory stocktake on the day of hand-over.
Who must sit on the stocktaking commission?
The standing commission includes the director or deputy (chair) and the chief accountant; working commissions include the director's representative, specialists and an accounting employee. If a member is absent, the results are invalid.
Are surpluses taxable?
Yes. The Tax Code treats the value of surpluses found in a stocktake as income. Turnover tax payers issue a one-sided e-invoice for them.
Does a shortage reduce profit tax?
Only within natural loss norms. Losses above the norms, and theft or shortages with no identified culprit, are not deductible.
This information is current as of October 2026. Accounting standards and the Tax Code change from time to time, so check the current editions or consult a specialist before a stocktake.