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Abstract
You are reading: А Harmonizing Uzbekistan’s National Reporting System with International Standards: Cash in the Context of International Financial Reporting Standards (IFRS) This research shows a comparative analysis of the national requirements of Uzbekistan with IAS 7 "Statement of Cash Flows" and IFRS 9 "Financial Instruments". While there are positive developments during recent years concerning the alignment of national accounting rules with IFRS, differences as to the classification of cash and cash equivalents still exist. It specifically focuses on liquidity and solvency indicators and reveals the existing loopholes in the national legislation and accounting procedures that impede the complete integration of international standards. The study offers recommendations for improving the transparency of cash classification and reporting through an analysis of national and international standards. The results highlight the importance of further adjustment for better financial reporting and transparency which is a key for gaining foreign investment and integrating the national economy more fully in to the world economy. This study proposes the implementation of digitalization in cash management and accounting systems, thus bringing it even closer to suit the standards of international systems. This will make the financial reporting of Uzbekistan possible to be reliable, efficient, and comparable with the other countries, which is good for investment climate and financial stability.