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investment facilities, the formation of investment infrastructure facilities and the expansion of existing ones, the formation of a special permanent working group of scientists;
Objective 3: Take measures to ensure the adequacy of efforts to attract investment and increase investment attractiveness in order to create conditions for the development of an integrated and effective investment market to solve urgent problems of industrial complexes of the Fergana region-
Objective 4: Inform the general public through the media about the work done to implement investment activities to create the company's image and the effective use of marketing communications.
The above tasks represent a kind of marketing strategy aimed at innovative and investment development of the Fergana region, according to which it is advisable to prepare a draft resolution and submit it for approval.
List of used literature:
1. Khamrakulovna, O. N., Khojimamatovich, E. A., & Nasridinovna, T. O. (2021). Description of organizational and economic activity of the society in the Republic of Uzbekistan and marketing activity in its foreign economic relations. // Psychology and Education Journal, 58(2), 5014-5023.
2. Эргашев, А. Х., Уринбаева, Д. Х., & Гайбуллаева, Г. М. (2015). Способы развития предприятий реального сектора с помощью государственных инвестиционных программ. // Научный журнал «COGNITIO RERUM», 8(2015), 31.
3. Эргашев, А. Х. (2017). Программа воздействия маркетинговой стратегии на прибыль предприятий Ферганского региона. // Новый университет. Серия «Экономика и право», (1 (71)).
4. Олимова, Н. Х., & Ахунова, О. Э. (2020). Способы эффективного развития инвестиционной деятельности предприятий реального сектора. Архивариус, (7 (52)).
5. Олимова, Н. Х. (2019). Роль свободных экономических зон в развивающихся странах и анализ привлеченных инвестиций в их экономическое развитие. // Тенденции развития мировой торговли в XXI веке: Материалы VIII, 349.
6. Олимова, Н. Х. (2021). Состояние внешнеэкономических связей промышленных предприятий страны и пути повышения их экспортного потенциала (на примере ООО" LOS GIGANTES TEXTILES"). Архивариус, 7(2 (56)).
© Olimova Nodira Kh., Ergashev A.Kh., 2021
УДК: 332+336.027.2
Olimova Nodira Kh. Sotvoldiev Nurmukhammad N.
Fergana, Uzbekistan
PROSPECTS FOR THE TRANSITION OF DOMESTIC ENTERPRISES TO INTERNATIONAL FINANCIAL
REPORTING STANDARDS (IFRS)
Abstract
Today, there is an objective need for the preparation of financial statements of domestic enterprises based on International Financial Reporting Standards (IFRS). To enter the world market, obtain international loans and attract foreign investment, it is advisable to draw up financial statements in accordance with IFRS. This is because the opportunity to increase the transparency of the financial statements of enterprises
appears due to the transition to IFRS. Therefore, this paper deals with documents developed by international organizations, as well as promising areas for the use of advanced practical skills for domestic enterprises.
Keywords
Enterprise, potential, finance, standards, investments, reporting.
Олимова Нодира Хамракуловна Сотволдиев Нурмухаммад Нематжонович
г. Фергана, Узбекистан
ПЕРСПЕКТИВЫ ПЕРЕХОДА ОТЕЧЕСТВЕННЫХ ПРЕДПРИЯТИЙ НА МЕЖДУНАРОДНЫЕ СТАНДАРТЫ
ФИНАНСОВОЙ ОТЧЕТНОСТИ (МСФО)
Аннотация
На сегодняшний день существует объективная потребность в составлении финансовой отчетности отечественных предприятий на основе Международных стандартов финансовой отчетности (МСФО). Для выхода на мировой рынок, получения международных займов и привлечения иностранных инвестиций целесообразно составлять финансовую отчетность по МСФО. Это связано с тем, что возможность повышения прозрачности финансовой отчетности предприятий появляется благодаря переходу на МСФО. Поэтому в данной работе речь идет о документах, разработанных международными организациями, а также о перспективных направлениях использования передовых практических навыков для отечественных предприятий.
Ключевые слова
Предприятие, потенциал, финансы, стандарты, инвестиции, отчетность.
President of the Republic of Uzbekistan Sh.Mirziyoyev in his book "Critical analysis, strict discipline and personal responsibility should be the daily rule of every leader" emphasized: "Sustainable development" also involves the use of advanced foreign experience and tools in the management systems of companies.
The strategy of actions for five priority areas of development of the Republic of Uzbekistan for 20172021 states: The objective of "effective use" also raises the question of cooperation with international financial institutions, including the Committee on International Financial Reporting Standards. The inclusion of these issues on the agenda requires the improvement of the financial reporting methodology based on IFRS. This can be achieved by converting the financial statements to IFRS. Also today there is a lack of literature and scientific articles on transformation issues.
The application of International Financial Reporting Standards (IFRS) is not a mandatory document, but is advisory in nature. It does not indicate the form of financial statements that enterprises must submit, as in national standards. IFRS defines the main components of financial statements and the minimum amount of information that must be reflected in them. The application of IFRS is the exclusive competence of the company. Recently, many are interested in the latest innovations in the Resolution of the President of the Republic of Uzbekistan dated February 24, 2020 "On additional measures for the transition to international financial reporting standards", their importance and necessity. So what are International Financial Reporting Standards (IFRS) and what are their benefits?
International Financial Reporting Standards are a set of documents for the preparation of financial statements, regulations governing the structure of financial statements, which are used by external users to make economic decisions about an organization. The advantage for us is that large enterprises in our country will be able to enter international financial markets. For example, investment of large enterprises in the
country by foreign citizens or legal entities in exchange for the purchase of their shares and bonds, which ultimately leads to an increase in government revenues as a result of the development of the enterprise.
According to the presidential decree, from January 1, 2021, joint stock companies, commercial banks, insurance companies and legal entities included in the category of large taxpayers have been transferred to accounting based on international financial reporting standards [1]. Of course, the correct and timely implementation of any reform depends on the personnel issue and their quality.
Environment, conditions and certain preparatory work must be performed before applying IFRS in the first place or before transforming financial statements prepared in accordance with national standards. Based on the foregoing, we consider it appropriate to include in these factors:
- Financial, currency, tax, labor legislation in the country must comply with international standards. It is necessary to achieve free conversion of the national currency;
- We must ensure that the system of national accounting standards of the Republic of Uzbekistan is as adequate as possible. If the difference in the middle is large, the transformation process becomes difficult, and even if transformed, it does not give the expected result;
- Only the law on accounting and accounting standards should be the normative legal document in accounting, as well as in the preparation and submission of financial statements;
- We need to create a unified system of accounting standards for business entities, the budgetary system, banking systems and government funds (regardless of whether they are aimed at making a profit or not);
- Ability to go to the procedure for free determination of the currency of financial statements in accordance with international standards;
- Create an institute of professional accountants in the country, improve the professional skills of certified accountants and auditors within their competence, expand the widespread implementation of SAR and CIPA certificates.
- Training of accountants abroad, the study of foreign languages (IELTS), the formation of skills of practicing accountants to work on international accounting programs;
- It is necessary to bring the corporate governance system in companies and joint stock companies in line with the requirements of international standards;
- Improving the system of material incentives for accountants, ensuring their compliance with ethical standards;
- Improvement of the accounting policy of companies, its structure in full compliance with the principles of financial reporting and the availability of a real accounting project, as well as the development of a chart of accounts in the company in accordance with international standards.
In any case, every organization (large or small) should create an IFRS unit and fill it with everyone it finds in the market, or at least teach it the basics before the end of the term. To increase the efficiency and speed of implementation, it would probably be advisable to attract professional consultants, for example, from Kazakhstan or Russia.
To prepare the opening IFRS balance sheet at the date of transition, it is necessary to convert this balance sheet from BHMS format using the transformation method. Unless additional adjustments are made to the accounting software by the end of 2021, the initial 2021 report will also need to be prepared using the transformation method. If, for any reason, management of an entity decides to keep accounting in accordance with IFRS in addition to the IFRS main account and tax account, it should have a good understanding of the complexities of parallel accounting:
First, parallel accounting in accordance with IFRS is essentially a doubling of accounting - in accordance with IFRS and IFRS - with the aim of increasing the number of employees (departments in the accounting
service) to service the two accounting systems and the associated costs.
Secondly, the organization must organize a tax account based on accounting data in accordance with IFRS, that is, in parallel to maintain a tax account, and not an account in accordance with IFRS. The decision to maintain a third parallel accounting system in accordance with IFRS and in addition to tax accounting based on IFRS requires significant costs and time to develop an accounting program with three types of accounting.
In practice, over time, there may be unresolved issues related to accounting under IFRS. However, in general, this does not affect the methodology for calculating income tax, regulated by the Tax Committee.
Certain changes can be made to certain committee articles if necessary, since this is usually done annually in the form of amendments or additions. Currently, in our view, we are in the process of agreeing on the Tax Committee's rules on insolvency and the appropriateness of the application. Therefore, for a recently adopted regulatory document of such importance, this is an absolutely normal process. List of used literature:
1. Указ Президента Республики Узбекистан от 8 января 2019 года № ПФ-5614 «О дополнительных мерах по дальнейшему развитию экономики и повышению эффективности экономической политики» // Национальная база данных законодательства, 09.01.2019, 06/19 / 5614/2437 -сын, 11.12.2019 г., 19.06 / 5892/4134
2. Khamrakulovna, O. N., Khojimamatovich, E. A., & Nasridinovna, T. O. (2021). Description of organizational and economic activity of the society in the Republic of Uzbekistan and marketing activity in its foreign economic relations. // Psychology and Education Journal, 58(2), 5014-5023.
Khamrakulovna, O. N., Khojimamatovich, E. A., & Nasridinovna, T. O. (2021). 58(2), 5014-5023.
3. Эргашев, А. Х., Уринбаева, Д. Х., & Гайбуллаева, Г. М. (2015). Способы развития предприятий реального сектора с помощью государственных инвестиционных программ. // Научный журнал «COGNITIO RERUM», 8(2015), 31.
4. Олимова, Н. Х. (2019). Инновационные методы исчисления показателей эффективности и использование инновационных технологий в обеспечении конкурентоспособности продукции предприятия. // Тенденции развития мировой торговли в XXI веке (pp. 69-73).
© Olimova Nodira Kh., Sotvoldiev N.N., 2021
