INTERNATIONAL FINANCIAL REPORTING STANDARDS: PROBLEMS AND SOLUTIONS

Abstract

Strengthening ties with the international community and taking good relations to a new level will increase the possibility of attracting additional investment in the economy of the Republic of Uzbekistan. For this purpose, it would be advisable to transfer accounting to international standards that are understandable to foreign investors and allow them to make investment decisions. The corresponding work in this direction began in 1987, when our country began to establish cooperation with foreign enterprises, including through the creation of joint ventures with foreign capital. In the context of the restructuring of all sectors of the economy, improving accounting has become an urgent task, and the transition to a new chart of accounts was one of the first steps in this direction. Based on the results of the work carried out, on November 1, 1991, the "Chart of Accounts for Accounting of Financial and Economic Activities of Enterprises and Instructions for its Application" were approved, which are recommended for implementation from January 1, 1992. However, today we cannot say that we have completely switched to international accounting standards. This situation determines the relevance of the topic "International Financial Reporting Standards: Problems and Solutions".