CURRENT ISSUES OF TRANSITION OF FINANCIAL REPORTING TO INTERNATIONAL STANDARDS IN THE REPUBLIC OF UZBEKISTAN

Abstract

It is important for all businesses, regardless of ownership or industry, to prepare financial statements from national to international standards, to have access to foreign investors' financial statements based on international standards, and to be able to invest. Accounting is the process of identifying, processing, and reporting financial information about a particular business entity is an information system that provides information to users interested in the financial condition of the entity. The purpose of accounting is to meet the needs of different users for information is to satisfy with the lowest cost to obtain. The economic benefits that can be gained from using an information system to make informed decisions must outweigh the costs to that system.