The Implementation of IFRS into National Accounting Standards in Uzbekistan

Rixsiboyev Abdulaziz

doi:10.5281/

Authors

Rixsiboyev Abdulaziz A student of Millat Umidi University Author

DOI:

https://doi.org/10.5281/

Keywords:

IFRS, National Accounting Standards, adopting IFRS, education and training, financial reports, transperency, reliable information, global market, developing countires, dual reporting system

Abstract

This article examines the challenges Uzbekistan is facing while adopting International Financial Accounting Standards into its National Accounting Standards. It highlights problems like the requirement for thorough training programs for finance professionals, cultural resistance to change, and bringing national laws into compliance with international standards. By resolving these issues, Uzbekistan will be able to improve financial reporting, draw in capital from abroad, and further integrate into the world economy. The essay also suggests practical ways to ease this transition in order to ensure that Uzbekistan can capitalize on its potential in the international financial market.

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