Bringing Financial Statements in Line with International Standards: Problems and Solutions
Abstract
Improving financial openness and international economic cooperation requires the adoption of international financial reporting standards, or IFRS. There have been attempts in Uzbekistan to adopt IFRS for national financial reporting, specifically for the balance sheet or "statement of financial position." The structure and content of financial reports still need to be fully harmonized to match worldwide standards, notwithstanding legislative measures. By offering workable ways to improve the precision and conformance of financial statements, this study fills in the gaps. The study provides suggestions for enhancing the structure and interpretation of balance sheets using techniques including induction, deduction, and comparative analysis, which have important ramifications for both domestic businesses and foreign investors.