«Yangi O‘zbekiston: Moliyaviy hisobotning xalqaro
standartlarini joriy etishda muvaffaqiyatli
xalqaro tajriba» 16 dekabr, 2022 yil.
12
ABIDJANOVA MADINA
KAXRAMONOVNA
A third-year student at the
faculty
of Budget Accounting and
Treasury at the
Tashkent Institute Financial
madi.abidjanova@gmail.com
THE RELEVANCE AND PROBLEMS
OF TRAINING SPECIALISTS
IN THE FINANCIAL AND
ACCOUNTING SPHERE IN
ACCORDANCE WITH IFRS
Abstract.
The article contains convincing arguments for the need to train accounting
and financial specialists in accordance with International Financial Reporting Standards.
Key words.
International Financial Reporting Standards, IFRS certifications, qualification
requirements for accountants and auditors in accordance with IFRS
The development of accounting and reporting in Uzbekistan is impossible
without improving accounting education. The trends of modern accounting
education in our country are developing toward International Financial Reporting
Standards (IFRS).
Currently, a professional accountant should be a highly erudite specialist who
has a systematic understanding of the structure and trends of the development
of the Uzbekistan and world economy, understands the diversity of economic
processes in the modern world, has all skills and knowledge necessary in the
accounting profession.
Organizations that are required to prepare financial statements in accordance
with IFRS, of course, have a need for highly qualified personnel who are able to
solve this problem organizationally and methodically. In addition, accounting
standards should be developed on the basis of IFRS.
As for the reform of accounting and reporting in the budgetary sphere, the
International Public Sector Financial Reporting Standards (IFRS PS) should also
become the main instrument for its reform.
It should be noted that the PS IFRS is a package of documents developed for
public sector organizations by the International Federation of Accountants (IFAC),
located in New York. Whereas IFRS, which is applied by commercial organizations,
has been developed and approved by the IFRS Council, which is geographically
located in the UK (London).
Nevertheless, the PS IFRS applied by public sector organizations is developed
on the basis of IFRS, which is used for the preparation of financial statements by
commercial organizations.
https://doi.org/10.47689/STARS.uni-
versity-5-pp10-13
STARS International University
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It is necessary to recognize the fact that in modern conditions, the requirements
for accountants around the world are becoming increasingly high.
The sphere of finance, taxes, and relations with regulatory authorities is
becoming increasingly important for the successful promotion of the business of
an organization of any form of ownership. The guarantor of stability in this area
after the head, of course, is the chief accountant of the organization.
In the context of a globalized economy, the professional skills of an accountant
should be at the level of the requirements established by the International Federation
of Accountants - IFAC (IFAC - International Federation of Accountants).
These requirements are contained in the International Standards of Education
for Professional Accountants (IES - International Standards of Education). The IES
includes the following documents:
•Conceptual basis of international regulations on education;
•Introduction to international standards on education;
•IES 1 “Entrance requirements to the program of professional accounting
education”;
•IES 2 “Content of professional accountants’ education programs”;
•IES 3 «Professional skills»;
•IES 4 “Professional values, ethics, relationships”;
•IES 5 “Requirements for practical experience”;
•IES 6 “Assessment of professional capabilities and competence”;
•IES 7 «Continuing professional development»;
•IES 8 “Requirements for the competence of audit specialists”.
If we consider the real reasons for the transition to IFRS, it is worth noting the
following facts:
First of all, the ability to compile and understand IFRS reporting is an important
skill in modern business. There is a great interest in IFRS due to the fact that
it is generally assumed that the reporting compiled according to IFRS is more
transparent.
So, unlike the National Accounting Standards, IFRS assumes the principle of
priority of economic content over form and comparing two statements of the same
Company compiled according to IFRS and the National Accounting Standards,
you can see a huge difference.
Simply put, if Russian standards set clear rules, then IFRS contains rather a set
of recommendations and general advice on reporting, so from this point of view,
studying IFRS may take longer.
Nevertheless, the application of IFRS requires specialists to apply professional
judgment, which appears in the process of constant work with IFRS.
Secondly, the modern economy assumes a significant volume of transactions
between companies from different countries, and the number of such transactions
is growing every year.
«Yangi O‘zbekiston: Moliyaviy hisobotning xalqaro
standartlarini joriy etishda muvaffaqiyatli
xalqaro tajriba» 16 dekabr, 2022 yil.
14
In previous years, before the advent of IFRS, accounting for such transactions
was complicated by the fact that companies used national standards of each
country to account for it, and their accounting methods could differ significantly.
Currently, it is very important to be able to take into account such transactions,
while it is necessary not only for accountants but also for financial specialists.
Thirdly, it is the IFRS reporting that is of the greatest interest to potential
investors, analysts, and regulators of the securities market.
Any large company that plans to enter a foreign market or receive large financing
will certainly prepare reports under IFRS, since the use of these standards is
understandable for a large number of countries around the world, and if such
reporting is also confirmed by an audit company, then the value of these reports
is high.
IFRS reporting for users such as future investors can provide valuable analytical
information to assess the current state of the company, help to make forecasts
for the future, understand the business model of activities, as well as to study the
main risks associated with the company’s activities.
Fourth, currently, there are very few specialists in IFRS (despite a large number
of personnel on the Russian market), and in order to be really in demand, it is
necessary to have deep knowledge and understanding of international standards
that cannot be studied and applied in practice without constant practice.
Fifth, knowledge of IFRS enables specialists to work in almost any country in
the world where these standards are applied (and there are more than 100 such
countries).
Therefore, those who would like to build a career in an international company in
the field of financial accounting and analysis should definitely study IFRS, because
this will increase their chances of employment in global companies that pay great
attention to the knowledge and competencies of candidates.
The training of accounting and financial specialists in accordance with IFRS in the
Republic of Uzbekistan is associated with a number of problems, the enumeration
of which we would like to complete this article.
These include, in particular, the following:
– the gap between university educational programs and programs that are read
out for obtaining international certifications:
– weak motivation of universities regarding the accreditation of programs in
certification centers;
– low motivation of accountants in Uzbekistan due to the lack of widespread
demand for international certifications
– decrease in the quality of vocational education in many universities;
– the discrepancy between the structure of vocational education and the needs
of the labor market, which arose as a result of the fact that many universities have
lost contact with it;
– low involvement of employers in the process of developing educational
programs.
The list of problems is not exhaustive.
STARS International University
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Related literature
1. Poleshchuk Tatiana Alexandrovna. International Financial Reporting standards:
problems of implementation. Accounting and finance issues
.
2017
2. Labyntsev N.T. Problems of training specialists in the field of accounting
and auditing in accordance with the requirements of international educational
standards. Fundamental Research. № 6 – P. 83-90, 2007
3. Galuzina S.M. International accounting and audit / S.M. Galuzina, T.F. Pupshis.
- M.: Publishing House “Peter”, 2009. - p. 272.
4. Vasilenko M.E. International Accounting and Financial Reporting Standards:
textbook. manual / M.E. Vasilenko. - Vladivostok: Publishing House of VSUES,
2006. - 120 p.
