IMPROVING THE STATEMENT OF FINANCIAL POSITION BASED ON IFRS REQUIREMENTS IN THE REPUBLIC OF UZBEKISTAN: PROS AND CONS
Keywords:
IFRS, Statement of Financial Position, Republic of Uzbekistan, transparency, international standards, financial reporting, foreign investments, accounting, standard implementation, comparative analysisAbstract
The article analyzes the improvements made to the Statement of Financial Position in the Republic of Uzbekistan based on the requirements of International Financial Reporting Standards (IFRS). It examines key changes introduced to the format and content of the report and their impact on the transparency and reliability of financial information. The article discusses the advantages of adopting IFRS, such as increased transparency, attraction of foreign investments, and enhanced decision-making processes. It also highlights the challenges faced by companies, including high implementation costs, a shortage of qualified professionals, and cultural barriers.
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