Multidisciplinary Journal of Science and Technology

INTERNATIONAL FINANCIAL REPORTING STANDARDS AND THEIR APPLICATION IN THE ECONOMY OF THE REPUBLIC OF UZBEKISTAN

Anna Aripova

Senior Lecturer, Department of Corporate Economics and Management, SMOP, TSUE and USUE

Keywords: IFRS, financial reporting, Uzbekistan economy, transparency

Abstract

The adoption of International Financial Reporting Standards (IFRS) plays a pivotal role in enhancing financial transparency, comparability, and credibility within the global economy. In the context of Uzbekistan, transitioning to IFRS aligns the country's financial practices with international standards, fostering investor confidence, facilitating access to global capital markets, and promoting sustainable economic growth. This paper explores the historical evolution of financial reporting in Uzbekistan, the challenges and benefits of IFRS implementation, and its implications for the nation's economic integration. While the adoption process presents obstacles such as resource limitations and alignment with local regulations, targeted policy measures and capacity-building initiatives are helping to overcome these challenges. The findings underline the transformative potential of IFRS in strengthening Uzbekistan’s financial system and accelerating its economic modernization.

References

1. Ball, R. (2016). IFRS: Pros and cons for investors. Accounting and Business Research, 36(sup1), 5-27. https://doi.org/10.1080/00014788.2006.9730040

2. Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467-498. https://doi.org/10.1111/j.1475-679X.2008.00287.x

3. DeFond, M., & Hung, M. (2007). Investor protection and the information content of annual earnings announcements: International evidence. Journal of Accounting and Economics, 43(1), 37-67. https://doi.org/10.1016/j.jacceco.2006.09.001

4. International Accounting Standards Board. (2021). International Financial Reporting Standards (IFRS) 2021. London: IFRS Foundation. Retrieved from https://www.ifrs.org

5. Mirza, A. A., Holt, G., & Knorr, L. (2019). International Financial Reporting Standards (IFRS) Workbook and Guide: Practical insights, case studies, and solutions. Wiley.

6. World Bank. (2020). Financial sector modernization in Uzbekistan: Transition to IFRS. Washington, DC: World Bank Publications.

7. Xu, W., & Xu, W. (2020). Adoption of IFRS in transition economies: Evidence from Central Asia. Emerging Markets Review, 45, 100717. https://doi.org/10.1016/j.ememar.2020.100717