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4NEW FINANCIAL STATEMENTS IN NEW UZBEKISTAN
Ergasheva Shakhlo Turgunovna
Candidate of economic sciences, professor, International School Of Finance Technology And
Science
https://doi.org/10.5281/zenodo.8025969
Abstract. This article discusses the stages of development of international financial reporting standards and ongoing reforms in our republic.
Keywords: accounting, audit, finance, international standard, accreditation, financial reporting.
The direct involvement of foreign investments in the economy of our country, the establishment and operation of free economic zones make it necessary to organize accounting on the basis of international standards of financial reporting. Currently, international standards of financial reporting are increasingly used by economic entities in the preparation of accounting information aimed at meeting the needs of external users. This situation is explained by a number of reasons, such as improving the quality of information, reducing the cost of capital, and facilitating access to the capital market. It is known that without knowing the international standards of financial statements, it is impossible to switch to these standards. As the President of the Republic of Uzbekistan Sh.Mirziyoev noted: "Our most important priority is to further strengthen macroeconomic stability and maintain high rates of economic growth, including the stability of the national currency and the price level in the domestic market". Also, the issues of further development of economic entities are specified separately in the priority directions defined in the Action Strategy for five priority directions of development of the Republic of Uzbekistan in 2017-2021.
More than 4,200 joint ventures have been established with the participation of foreign investments in the leading branches and sectors of the republic's economy. More than 850 of these enterprises belong to the Russian Federation, 396 to Great Britain, 242 to the USA, 159 to Kazakhstan, 114 to Germany and other countries. Also, the size of free economic zones is increasing. Naturally, in such conditions, it is necessary to organize and maintain accounting on the basis of international financial reporting standards (IFRS). i
n Also, taking into account the scope of activities of joint-stock companies, industry characteristics and trends, introducing a model organizational structure, increasing the openness eof the activities of joint-stock companies, publishing financial and audit report information by them based on international standards. It should be noted separately that in 2015-2018, "all joint-stock companies should publish an annual financial report and conduct an external audit in accordance with International Auditing Standards and International Standards of Financial tReporting for information purposes, increase the efficiency of the activities of joint-stock icompanies and improve the corporate management system, the annual report of joint-stock oompanies tasks of approving the publication schedule of financial statements in accordance with international standards" were defined. a l
Today, two benchmarks are recognized as international standards of accounting: International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP).
The financial report submitted for listing in the world stock markets is prepared and presented based on the requirements of these two standards. It should be noted that financial statements are submitted based on GAAP requirements for listing on the US stock market, and on the basis of IFRS requirements for other stock exchanges.
It is true that the word "standard" does not appear in US GAAP. But according to the definitions given to the above standards, we can consider GAAP as an international accounting standard. GAAP is also recognized as an international standard by many foreign scholars.
Anglo-Saxon accounting rules served as a major source in the creation of GAAP, which is considered the international standard of accounting. At the same time, in the development of its theoretical foundations, not only the scientists of the country directly engaged in accounting, but also the famous scientists working in all economic directions contributed. But no matter how many factors have left their mark in the development of GAAP, it was formed under the influence of positivism (positivism limits the role of science to recording facts and events, refuses to explain their essence, it mainly relies on practice and experience). It is safe to say that GAAP is the fruit of fifty years of practical experience of the US economy. Currently, IAS is the international standard of accounting, therefore, the number of countries adopting IAS is increasing day by day, and it has covered more than 150 professional associations. In particular, in accordance with the decision of the President of the Republic of Uzbekistan PD- No.4611 dated February 24, 2020 "On additional measures for the transition to international standards of financial reporting", joint stock companies, commercial banks, insurance organizations and large taxpayers are included in the category starting from January 1, 2021, legal entities have organized accounting on the basis of the IFRS, and from the end of 2021, they will prepare financial statements based on the IFRS, and business entities that voluntarily prepare financial statements in accordance with the IFRS will be exempted from submitting financial statements according to the national standards of accounting. According to this Decision, the popularization of the world's successful experiences in the training of specialists in the field of accounting and auditing, including the gradual international accreditation of non-governmental educational organizations for retraining and advanced training in the field of accounting and auditing, that is, accredited training centers and educational programs of higher education institutions related to the field in order to expand cooperation with international organizations in the field of accounting (Association of Chartered Certified Accountants — ACCA, etc.) In accordance with the road map developed for the step-by-step introduction of international standards of financial reporting IFRS and modern methods of personnel training in this field, taking into account the best international experience, an effective system of certification on the, which ensures the quality of the educational process, the conduct of examinations and the transparency of the evaluation of the results, based on the best experience of developed countries implementation as well as Special attention is paid to all-round support in the implementation of organizational measures for the training of specialists in high demand in the field of accounting in accredited educational centers, harmonization of national accounting standards in accordance with the accounting system. Also, in accordance with the decision of the President of the Republic of Uzbekistan dated June 25, 2021 No. PD-5161 "On measures to support non-governmental educational organizations by the state and create additional conditions
for young people in the educational process", innovative training on international standards of financial reporting and auditing in accordance with the roadmap for the establishment of the resource center, the Financial Reporting Resource Center was established as a separate legal entity at the Tashkent State University of Economics, and the Center's Board of Trustees was formed. The innovative training resource center on international standards of financial reporting and auditing, as part of its activities, according to the recommendation of its board, taking into account the authority to directly purchase educational and scientific literature from foreign countries, create modern educational literature, purchase and translate the latest foreign literature, developing proposals, expanding the use of foreign literature as additional or alternative educational literature, library fund in the resource center, complete provision of electronic form of the main educational literature related to the taught specialty subjects, use of distance education programs based on modern information and communication technologies and expansion of teaching opportunities, as well as improvement of the qualifications of industry experts and professors, as well as organization of internships for students of relevant fields of study and master's specialties and it is planned to perform important tasks such as creating appropriate conditions.
It is expected that these measures will not only enable timely training of the required number of qualified specialists in the field of IFRS, but also ensure the creation of a national system for training international level specialists.
REFERENCES
1. Decree of the President of the Republic of Uzbekistan dated February 7, 2017 No. PF-4947 "On the Strategy of Actions for the Further Development of the Republic of Uzbekistan"
2. Decree of the President of the Republic of Uzbekistan "On measures to introduce modern corporate management methods in joint-stock companies". 24.04.2015 PF-4720.
3. Decision of the President of the Republic of Uzbekistan dated February 24, 2020 No. PQ-4611 "On additional measures for the transition to international standards of financial reporting"
4. Decision of the President of the Republic of Uzbekistan No. PQ-5161 dated June 25, 2021 "On measures to support non-governmental educational organizations by the state and create additional conditions for young people in the educational process"
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