FINANCIAL AND ECONOMIC ASPECTS AND COST ACCOUNTING IN GEOLOGICAL EXPLORATION IN THE REPUBLIC OF UZBEKISTAN
DOI:
https://doi.org/10.55640/Keywords:
●only those costs that directly led to the discovery of commercially viable reserves are capitalized, and expenses for unsuccessful projects are immediately written off as losses in the reporting period.Abstract
The article considers the key financial and economic aspects, methodology, and national characteristics of financial and management accounting of costs for geological exploration works (GEW) in the Republic of Uzbekistan. Special attention is paid to the integration of National Accounting Standards (NAS)[4] with International Financial Reporting Standards (IFRS 6, IAS 36, IAS 37)[6] in the context of large-scale economic reforms and Presidential Decree No. PR-4611[3]. The tax aspects of GEW according to the Tax Code of the Republic of Uzbekistan[2] are analyzed, and methodological approaches to analyzing the efficiency of investments in subsoil use are proposed based on the works of leading domestic and foreign scientists. [7, 8, 9, 10].
References
1.Law of the Republic of Uzbekistan "On Accounting" No. LRU-404 dated April 13, 2016.
2.Tax Code of the Republic of Uzbekistan (as amended on January 1, 2020).
3.Resolution of the President of the Republic of Uzbekistan No. PR-4611 "On additional measures for the transition to international financial reporting standards" dated February 24, 2020.
4.National Accounting Standard of the Republic of Uzbekistan (NAS No. 1) "Presentation of Financial Statements and Accounting Policies".
5.International Financial Reporting Standard IFRS (IAS) 1 "Presentation of Financial Statements" (Official translation, 2022).
6.International Financial Reporting Standards IFRS 6 "Exploration for and Evaluation of Mineral Resources", IAS 36 "Impairment of Assets", IAS 37 "Provisions, Contingent Liabilities and Contingent Assets".
7.Karimov A. Accounting. Textbook. – Tashkent: "Iqtisod-moliya" Publishing House, 2019.
8.Krasnova L.P. Finance, money, credit. Textbook. – M.: Jurist, 2000.
9.Pardaev M.K., Isroilov B.I. Financial analysis. Textbook, 1999.
10.Alikulov A.I., Khasanov B.A. Practical management accounting. Textbook. – Tashkent, 2018.
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