Accounting Transparency and Audit Efficiency as Pillars of Sustainable Economic Reform in Uzbekistan

Abstract

In the context of Uzbekistan’s ambitious economic reform agenda, the importance of transparent financial reporting and effective audit systems has grown significantly. These mechanisms are crucial for fostering institutional trust, attracting foreign investment, and achieving sustainable development. Over recent years, Uzbekistan has implemented major legal and institutional reforms aimed at aligning its financial systems with international norms, including the adoption of International Financial Reporting Standards (IFRS) and the digitalization of accounting practices. Despite these advances, practical challenges remain in the consistent application of standards across regions and sectors, along with institutional fragmentation in audit oversight. This study aims to analyze the state of accounting transparency and audit efficiency in Uzbekistan by evaluating institutional frameworks, IFRS implementation, and sector-specific financial practices. The findings show that while regulatory alignment has improved, gaps in professional capacity, audit independence, and digital access hinder full realization. Disparities between urban and rural areas and between public and private sectors contribute to uneven reform implementation. The research applies an Institutional Convergence–Performance Gap Model to critically assess the distance between formal reforms and actual performance. It also integrates sector-specific insights from land governance to provide a holistic view. Policy recommendations stress the need for enhanced training, stronger audit independence, regional equity in digital access, and a deepened culture of ethical financial reporting. Transparent, independent, and digitized accounting systems are vital not only for regulatory compliance but for building a resilient and trustworthy economy in Uzbekistan.