Transition To International Financial Reporting Standards In Developing Countries: Possibilities And Analysis Of Implementation

Samiddin Tashnazarov

doi:10.37547/tajiir/volume03issue05-23

Abstract

This article highlights the importance of IFRSs in developing countries, including Uzbekistan , based on the urgency of the transition to International Financial Reporting Standards ( IFRSs ) , and the factors that determine its necessity and potential . The most important one of the possibilities, the companies x International stock markets , currency exchange, capital markets and other markets in the world for the International Financial Reporting Standards , or GAAP financial reporting, and to provide in that country. The research work of the transition to IFRS to ensure the quality of the work must be done , the application of IFRS for the first time or before the transformation of the financial report based on national standards, environmental conditions, and production of composition and its contents were revealed .

Highlights

The main purpose of preparing financial statements on the basis of IFRS is to create a favorable investment climate for foreign investment in the Republic of Uzbekistan, toThe USA Journals Volume 03 Issue 05-2021establish an effective management mechanism, to improve the quality of management decisions, to create conditions, opportunities and resources for company development. is to increase the competitiveness and cost-effectiveness of the company.The Resolution of the President of the Republic of Uzbekistan dated February 24, 2020 DP-4611 " On additional measures for the transition to international standards of financial reporting " is aimed at addressing these issues.One of the most important issues today is the study and implementation of these IFRSs
In developing countries, including Uzbekistan, the importance of IFRS, the opportunities and the need to set international standards for the country's socioeconomic environment, which is to ensure the quality of the transition to IFRS, IFRS moving the heading of the report and the report on the implementation of the process of transformation of it is very important to analyze, systematize the work and make decisions on the basis of accounting reform
The government has decided to joint-stock companies, enterprises with foreign investment or the introduction of financial statements in accordance with IFRS requires the transformation of the work ;

Summary

Introduction

The Resolution of the President of the Republic of Uzbekistan dated February 24, 2020 DP-4611 " On additional measures for the transition to international standards of financial reporting " is aimed at addressing these issues.One of the most important issues today is the study and implementation of these IFRSs. The task is to study these international standards, their full implementation in the field of education, to develop accounting policies in enterprises and organizations in accordance with IFRS. In developing countries, including Uzbekistan, the importance of IFRS, the opportunities and the need to set international standards for the country's socioeconomic environment, which is to ensure the quality of the transition to IFRS , IFRS moving the heading of the report and the report on the implementation of the process of transformation of it is very important to analyze, systematize the work and make decisions on the basis of accounting reform.

Results

Conclusion