PRESENTATION AND ADJUSTMENT OF FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
Abstract
This study examines the methodological and practical aspects of transforming financial statements prepared under National Accounting Standards of Uzbekistan (NASU) into financial statements compliant with International Financial Reporting Standards (IFRS). Particular attention is given to the comparative analysis of transformation and parallel accounting approaches, highlighting the advantages and limitations of each method. While parallel accounting ensures high-quality and fully compliant IFRS reporting, it requires significant resources and operational complexity due to the maintenance of dual accounting systems. Conversely, the transformation approach offers cost efficiency but may involve estimation risks, limited analytical depth, and reduced reliability for management decision-making. The paper outlines the key stages of the transformation process, including preparation, adjustment, reporting, and post-transformation procedures. It emphasizes the critical role of accounting policy alignment, professional expertise, and effective collaboration between internal and external specialists in ensuring the quality of financial reporting. Furthermore, the study categorizes accounting data into three groups based on their compatibility with IFRS requirements, providing a structured framework for identifying necessary adjustments.