Opportunities for Maintaining Financial Reporting in Joint-Stock Companies Based on International Financial Reporting Standards (Ifrs)

This article examines the issues of maintaining financial statements in joint-stock companies of the Republic of Uzbekistan based on International Financial Reporting Standards (IFRS). Based on the development of the corporate sector in the country’s economy and the need to attract foreign investment, the relevance of introducing IFRS is substantiated. Based on the methodology of comparative analysis, differences between national and international standards, as well as systemic problems in the implementation process, were identified. Fundamentals of IFRS, elements of financial reporting and their significance in the activities of joint-stock companies; Practical difficulties encountered in the process of implementing IFRS; differences between the legislative framework and international standards; recommendations for improving the quality of financial reporting and developing the investment climate are considered. The dynamics were assessed using tables compiled on the basis of statistical data, and practical recommendations for expanding the application of IFRS were developed.