APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS): PROBLEMS AND SOLUTIONS

Abstract

This article discusses the problems related to the full implementation of international financial reporting standards in the Republic of Uzbekistan. It has been established that the transition to International Financial Reporting Standards (IFRS) is an important element in the further development of both the economy as a whole and enterprises that are tasked with attracting private foreign capital, increasing competitiveness and entering international markets. It has been determined that the use of IFRS is necessary to simplify international comparisons on the elements of financial statements, allowing investors to make effective financial decisions, since they can reliably see and understand what is happening with the company in which they want to invest. An analysis of the possibilities of introducing IFRS into national practice has been carried out, positive and negative aspects of the implementation of international standards have been highlighted. The transition to international financial reporting standards can lead to both positive and negative consequences for companies.