INTERNATIONAL FINANCIAL REPORTING STANDARDS - WHAT ADVANTAGES ARE THERE FOR UZBEKISTAN?

Abstract

The process of transferring the accounƟng system to internaƟonal standards in Uzbekistan was considered
a responsible and difficult challenge. This requires us to approach this work with determinaƟon and broad observaƟon. For
example, it is important to obtain informaƟon about the state of financial and economic acƟviƟes and financial results of any
business enƟty, in other words, to make a “correct diagnosis” of the enterprise. A�er all, consistent informaƟon about the
enterprise, obtained as a result of “correct diagnosis,” serves as the basis for making effecƟve and efficient management
decisions in the future. Financial accountants or business accountants are responsible for preparing informaƟon, including
financial posiƟon and financial performance,in the formof reportsbased on internaƟonalfinancial reporƟng standards.
It has become common among world scienƟsts to comment that the Standards cover the theoreƟcal foundaƟons of
accounƟng, and the set of Standards is the basis of accounƟng. For example, American scholars believe that the Standards are
rules for the preparaƟon of financial statements and reflect generally accepted principles, while Russian scholars have
concluded that the norms or standards used for the preparaƟon and presentaƟon of financial statements are accounƟng
standards based on InternaƟonal AccounƟng Standards . Financial reporƟng of enterprises in the economy of our country
ReporƟng is one of the pressingproblemsof our Ɵme.