Theoretical and Methodological Foundations of Financial Reporting Preparation

The article presents a critical review of the theoretical and methodological foundations of financial reporting preparation. It systematizes the concepts that regulate, explain, and empirically verify the process of forming financial reporting. Particular attention is paid to the chronology of the development of theories and to the factors behind their current relevance in the European Union, the United States, and countries with developing economies. A separate section is devoted to the prerequisites and results of IFRS recognition in the Republic of Uzbekistan.