Theoretical Basis of Organizing Financial Assets Accounting in Enterprises

Abstract

General Background: Financial asset accounting is a critical aspect of financial management, ensuring transparency, accuracy, and compliance with international standards. Regulatory frameworks play a crucial role in standardizing accounting practices across enterprises, enhancing financial stability and investor confidence. Specific Background: In Uzbekistan, financial asset accounting is primarily governed by National Accounting Standard 12, along with International Financial Reporting Standards (IFRS) such as IFRS 7, IFRS 9, and IAS 32. However, challenges remain in aligning national standards with global financial reporting requirements. Knowledge Gap: The absence of a comprehensive regulatory framework and inconsistencies in financial asset classification, valuation, and reporting limit the effectiveness of existing accounting practices. Aims: This study aims to analyze the current regulatory framework for financial asset accounting in Uzbekistan, identify key issues in its implementation, and propose necessary reforms for improved compliance with IFRS. Results: The research highlights deficiencies in initial recognition, classification, revaluation, impairment, and disclosure of financial assets under current national regulations. Novelty: The study provides an in-depth assessment of Uzbekistan’s financial asset accounting framework and presents strategic recommendations for updating regulatory documents in line with IFRS. Implications: The findings emphasize the need for regulatory reforms to enhance financial reporting transparency, risk assessment methodologies, and investor confidence, ultimately fostering a more robust financial ecosystem in Uzbekistan.