Publication Details
Abstract
This study examines the transformation of local financial statements to International Financial Reporting Standards (IFRS) through a comparative analysis of implementation processes in the United Kingdom and Uzbekistan. While the UK represents a mature IFRS environment with well-established regulatory frameworks and institutional support mechanisms, Uzbekistan exemplifies an emerging economy navigating the complexities of accounting harmonization amid significant capacity constraints. Drawing upon official regulatory documents, professional guidance materials, and peer-reviewed literature, this research identifies critical procedural and institutional factors that determine successful IFRS implementation. The findings reveal that effective IFRS adoption extends beyond technical standards application to encompass comprehensive institutional infrastructure, including regulatory alignment, professional capacity building, technological readiness, and stakeholder coordination. The study proposes an evidence-based framework for accelerating Uzbekistan's IFRS convergence through targeted adaptation of proven UK practices, while acknowledging the necessity of contextual modifications to accommodate local institutional constraints. These recommendations contribute to the broader discourse on accounting harmonization in transitioning economies and offer practical insights for policymakers navigating similar transformation processes.