MODERNIZATION OF ACCOUNTING AND FINANCIAL SYSTEMS BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Authors

  • Nematullayev Hamidullo Andijan State Technical Institute 3rd-year student, Accounting and Auditing Program
  • Chirmashev Abdujalil Andijan State Technical Institute 1st-year student, Finance and Financial Technologies Program

DOI:

https://doi.org/10.5281/zenodo.20482583

Keywords:

International Financial Reporting Standards, accounting, financial system, modernization, transparency, investment, financial reporting.

Abstract

This article examines the process of modernizing accounting and financial systems based on International Financial Reporting Standards (IFRS). The study analyzes how the implementation of IFRS enhances the transparency, comparability, and reliability of financial reporting in enterprises, while also contributing to the improvement of the investment environment. Furthermore, the article discusses the challenges arising during the adaptation of the national accounting system to international standards and explores possible solutions. Particular attention is given to the role of digital technologies and automated systems in the implementation of IFRS.

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References

1.Law of the Republic of Uzbekistan “On Accounting” (August 30, 1996), including subsequent amendments and additions.

2.Law of the Republic of Uzbekistan “On Accounting” (new edition, 2016).

3.Resolution No. PQ-4611 of the President of the Republic of Uzbekistan “On Additional Measures for the Transition to International Financial Reporting Standards” (February 24, 2020).

4.Norbekov D., Ochilov I. International Financial Reporting Standards – Textbook.

5.International Accounting Standards Board (IASB). IFRS Standards Framework and Updates.

6.Official materials and methodological guidelines of the Ministry of Finance of the Republic of Uzbekistan.

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Published

2026-05-31

Issue

Vol. 5 No. 5 (2026): Journal of Multidisciplinary Sciences and Innovations

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors retain the copyright of their manuscripts, and all Open Access articles are disseminated under the terms of the Creative Commons Attribution License 4.0 (CC-BY), which licenses unrestricted use, distribution, and reproduction in any medium, provided that the original work is appropriately cited. The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.

How to Cite

MODERNIZATION OF ACCOUNTING AND FINANCIAL SYSTEMS BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS). (2026). Journal of Multidisciplinary Sciences and Innovations, 5(5), 2040-2043. https://doi.org/10.5281/zenodo.20482583

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