CONVERTING FINANCIAL STATEMENTS TO INTERNATIONAL STANDARDS (IFRS)
Keywords:
international financial reporting standards (IFRS), financial statement conversion, uzbekistan, financial transparency, small and medium-sized enterprises (SMEs), global capital markets, investor confidence, accounting standards, IFRS adoption, financial reporting compliance.Abstract
This article examines the process of converting financial statements to International Financial Reporting Standards (IFRS) within Uzbekistan. It explores the impact on the financial transparency and international competitiveness of Uzbek companies, focusing on sectors such as banking and manufacturing. The study identifies the benefits of improved access to global capital markets and enhanced investor confidence, alongside challenges faced by local businesses, particularly small and medium-sized enterprises (SMEs). High conversion costs and the need for specialized training are key obstacles. The article also forecasts that Uzbekistan will see significant growth in IFRS adoption by 2030, aligning with global financial reporting trends.
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