Bringing Financial Statements in Line with International Standards: Problems and Solutions
DOI:
https://doi.org/10.31150/ajebm.v7i10.2984Keywords:
financial statements, balance sheet, assets, liabilities, private equity, principles, reporting period, international standardsAbstract
Improving financial openness and international economic cooperation requires the adoption of international financial reporting standards, or IFRS. There have been attempts in Uzbekistan to adopt IFRS for national financial reporting, specifically for the balance sheet or "statement of financial position." The structure and content of financial reports still need to be fully harmonized to match worldwide standards, notwithstanding legislative measures. By offering workable ways to improve the precision and conformance of financial statements, this study fills in the gaps. The study provides suggestions for enhancing the structure and interpretation of balance sheets using techniques including induction, deduction, and comparative analysis, which have important ramifications for both domestic businesses and foreign investors.
Downloads
References
Anthony, R., & Rees, J. (1993). Accounting: Situation and Examples. M.: Finance and Statistics.
Decree DP-4611. (2020, February 24). On Additional Measures for the Transition to International Financial Reporting Standards.
Economics-Finance. (2020). Financial and Management Accounting (467 p.).
Ibragimova, I. (2022). Improving the Implementation of International Financial Reporting Standards in the Practice of Joint-Stock Companies. Dissertation, Candidate of Philosophical Sciences (PhD), Specialty in Accounting, Economic Analysis, and Audit.
IFRS No. 1. (2020). Presentation of Financial Statements (paragraph 7).
Jumaev, N., Isaev, F., & Rizaev, N. (2023). Organization of Turkic States: Interoperation and Accounting System. BJGESD, Reviewed International Journal. https://journalzone.org/index.php/bjgesd/issue/view/14
Karimov, A., Kurbanbaev, Zh., Jumanazarov, S., & Khalilov, Sh. (2018). Financial Accounting and Reporting. T.: Economics and Finance.
Khoshimov, B. (2004). Accounting Theory. T.: Generation of the New Century.
Mamajonov, A. T. (2021). Ekonomicheskie Kritery Klassifikatsii Valyutnykh Operatsiy. TECHnika, 3-4(7-8), 7-11.
Mamajonov, A. T. (2022). Moliyaviy Hisobotlarni Tuzish Va Taqdim Etishning Kontseptual Asoslarini Nazariy Jihatlari. Arkhiv Nauchnykh Issledovaniy, 4(1).
Mamajonov, A. T. (2022). Organizatsionno-Metodicheskie Aspekty Ucheta I Analiza Finansovykh Rezul'tatov. Kazakh National Agrarian Research University.
Mamajonov, A. T. (2023). Teoreticheskie Osnovy Provedeniya Marzhinalnogo Analiza V Khozyaystvuyushchikh Sub'ektakh. Gospodarka I Innowacje, 35, 538-542.
Mamajonov, A. T., & Khojiboev, M. Sh. (2021). Osobennosti Organizatsii Ucheta V Kommercheskikh Bankakh. TECHnika, 3-4(7-8), 3-6.
Mamajonov, A. T., & Qodirov, Sh. K. (2022). Fermer Xo'jaliklarida Mahsulot Tannarxi Tahlili Va Uni Takomillashtirish. Science and Education, 3(7), 350-358.
National Accounting Standards (NAS). Conceptual Framework for the Preparation and Presentation of Financial Statements. https://lex.uz/docs/828557
Nields, B. et al. (1993). Principles of Accounting. (Translated by Y.V. Sokolova). M.: Finance and Statistics.
Ochilov, I., Rizaev, N., & Kalonov, M. (2022). Accounting (Textbook for non-specialized undergraduate courses). T.: Nihol Print OK.
Tashnazarov, S. (2023). Financial Accounting 1. Samarkand Institute of Economics and Service.
Turgunovich, M. A. (2021). Accounting of Income and Expenses for Regular Activities. European Journal of Agricultural and Rural Education, 2(9), 20-22.
Turgunovich, M. A. (2023). Korxonalarda Mahsulot Ishlab Chikirish Va Sotish Jarayoni Hisobining Nazariy Asoslari. Ta'lim Va Rivojlanish Tahlili Onlayn Ilmiy Jurnali, 3(6), 142-144.
Turgunovich, M. A., Khozhiboev, M., Tursunbekovich, I. S., & Khasanovich, K. H. (2022). The Procedure for Auditing Financial Results Based on International Financial Reporting Standards. NeuroQuantology, 20(11), 2023.
Turgunovich, M. A., Shodimukhamedovich, X. M., & Khasanaovich, K. K. (2022). Improving the Organization of Management Analysis in Agriculture. International Journal of Early Childhood Special Education, 14(3).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Mamajonov Akrаmjon Turgunovich
This work is licensed under a Creative Commons Attribution 4.0 International License.
