Features of the Process of First Application of International Financial Reporting Standards in the Accounting and Reporting System of the Republic of Uzbekistan

The article reveals the features of the adoption of IFRS in accounting and reporting of the Republic of Uzbekistan. The main problems are revealed, mandatory exceptions and optional exemptions are considered in relation to the first application of IFRS, as well as requirements for disclosure of information in the first statements prepared in accordance with IFRS
The article describes the provisions of IFRS 1, which must be observed by companies when applying IFRS for the first time, and also discusses their impact on the main stages of transition to IFRS.