INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1612
IMPROVING ACCOUNTING AND AUDIT OF FINANCIAL INSTRUMENTS
Norqobilov Alisher Gayratovich
Phd researcher at the Department «Accounting and auditing»
At "Tashkent Institut Of Irrigation And Agricultural
Mechanization Engineers” National Research University
Temirkhanova.mutabar@gmail.com
Abstract:
The article were reweals e development of the global economy require large-scale
investments, and in this process, the development of the securities market transforms savings
into investments and creates opportunities for investment in sectors of the economy. All
operations on the primary and resale of securities are carried out in securities trading systems
through the stock exchange, electronic trading and unorganized trading systems. An increase in
problem loans in the banking system has a negative impact on ensuring financial stability.
Key words:
monetary policy, international financial market, commercial banks, development
strategy, financial stability, Central Bank, inflation, loan deposits, problem loans, capital
adequacy, stress tests, resources, financial system, possible losses.
Introduction
The digitization and innovative development of the global economy require large-scale
investments, and in this process, the development of the securities market transforms savings
into investments and creates opportunities for investment in sectors of the economy. All
operations on the primary and resale of securities are carried out in securities trading systems
through the stock exchange, electronic trading and unorganized trading systems. “The 10
largest stock exchanges in the world account for almost 77 percent of the capitalization of the
world stock market, or 65.6 trillion US dollars. The daily volume of stock trading on them
exceeds 5.0 trillion US dollars, which is 40.0 percent of the world turnover, 22.0 percent of
which falls only on the NYSE (New York Stock Exchange) and NASDAQ (National
Association of Securities and Dealers Automated Quotations) exchanges” 1 . In world practice,
there are various methodological approaches to the organization of accounting and auditing in
accordance with international requirements in the process of financial market management, in
order to prevent a sharp decline in the level of financing, liberalization of the economy, and
corporate governance.
Today, world-wide priorities for financial instrument accounting and financial reporting
compliance with international standards, as well as improvement of external audit methodology,
include: adjustment of accounting accounting methodology to standards; improvement of
internal control in joint-stock companies; improvement of the methods used in the audit process;
organization and evaluation of the analysis of stock market participants based on international
requirements for their activities; development of scientific and practical recommendations
aimed at reducing the costs of conducting securities audits and increasing revenues.
Foreign scholars have expressed the following opinion on this issue: Russian scientist Alekseev
M.Yu. In particular, securities are a document that confirms a share in the capital. Thus, we can
see that the one-sided approach to determining the share of a security in the capital is taken.
Because we can see that it is possible to receive a share depending on the share and its other
rights are not explained in detail.
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1613
In the Russian Federation, the issue of securities is given in the Civil Code, where securities are
considered a document that has the right of ownership or is owned by the issuer in a certain
established form and with mandatory requisites. This group includes the following: government
bonds, bonds, promissory notes, checks, certificates of deposit, savings certificates, bank
savings books of the issuer, consignment notes, shares, privatization securities, etc.12.
Thus, summarizing this information, we can conclude as follows: in our opinion, securities are
documents with certain requisites, which confirm property rights or debt relations with the
issuer of securities, provide for the payment of dividends or interest income, and the possibility
of transferring the rights arising from these documents to other persons.
The next important issue is the issue of the securities market. On this issue, we can see the
following opinion expressed by the Russian economist Mirkin Ya.M.: All securities and their
circulation constitute the concept of the securities market. Their development creates conditions
for the development of the financial system and implies the allocation of investment resources.
Securities themselves are not considered capital. However, they bring income to their owners13.
Richard Tooles, Edward Bradley, Ted Tooles14 expressed the following opinion: “The
securities market is a system of relations related to the issuance, circulation and redemption of
securities by individuals and legal entities, the main purpose of which is to obtain income from
it.” We can see that the concept of the securities market is primarily given in the Legislation of
the Republic of Uzbekistan. In this case, all operations on the primary and resale of securities
are carried out through securities trading systems, namely the stock exchange, electronic trading
and unorganized trading systems.
Currently, by 2023, there are more than 480,415 enterprises in the form of limited liability
companies (LLCs) operating in various sectors of the economy in our country, of which in 2022
there were 21 joint-stock companies and only 2 LLCs whose securities were listed on the stock
exchange. These enterprises, which are able to attract more investment than most joint-stock
companies, have no alternative to bank loans for financing their business. Corporate bonds can
become such an alternative for LLCs. Therefore, the issuance of corporate bonds by them
Conclusion.
In our opinion, when bonds and other similar securities are purchased at a price lower than their
nominal value, the difference between the purchase and nominal value of the bonds (discount)
should be added to the value of the bonds during the period from the date of their purchase to
the date of redemption. In this case, the difference is transferred to income from financial
activities (account 9590-“Income other than from financial activities”). By the time the bonds
are redeemed, their value recorded in account 0610-“Securities” should correspond to their
nominal value.
Thus, these proposals allow for the correct organization of accounting for securities and create
conditions for their reflection in the appropriate accounts.
In the process of conducting audit audits, it is necessary to take into account the specific
features of the audit of securities. Including the future value of money, it is known from
international experience that investments in securities are made taking into account. Therefore,
the auditor should develop recommendations based on the results of audit audits, taking into
account the analytical procedures for directing investments.
The next issue is the need to take into account audit risks in audit audits and find their optimal
options. In this case, the auditor should help make management decisions on the purchase and
sale of securities, taking into account the level of risk. Including, audit audits of financial
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1614
instruments are based on international auditing standards, including the International Auditing
Practices Interpretation (IACP No. 1000) “Special Aspects in Auditing Financial Instruments”
and provides examples of the practice of conducting an audit of its specific features
List of references:
1. Law of the Republic of Uzbekistan. On banks and banking activities // National database of
legislative acts, 06.11.2019, No. 03/19/580/3994; 07.01.2020, No. 03/20/600/0023.
2. Law of the Republic of Uzbekistan. On the Central Bank of the Republic of Uzbekistan //
National database of legislative acts, 12.11.2019, No. 03/19/582/4014.
3. Resolution of the President of the Republic of Uzbekistan “Strategy for Reforming the
Banking System of the Republic of Uzbekistan for 2020-2025” No. PF-5992, National
Database of Legislative Documents, 13.05.2020, No. 06/20/5992/0581, approved on May
12, 2020.
4. Strategy of the President of the Republic of Uzbekistan “Digital Uzbekistan - 2030” dated
October 5, 2020, No. PF-6079, National Database of Legislative Documents, 06.10.2020,
No. 06/20/6079/1349.
5. Resolution of the Board of the Central Bank of the Republic of Uzbekistan. On approval of
the Regulation on the classification of asset quality in commercial banks and the procedure
for the formation and use of reserves to cover potential losses on assets // Collection of
Legislation of the Republic of Uzbekistan, 2015, No. 28, Article 374; National Database of
Legislative Documents, 30.04.2018, No. 10/18/2696-2/1120.
6. Annual Report of the Central Bank of the Republic of Uzbekistan for 2023.//www.cbu.uz.
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European journal of economics and management sciences, 3-6.
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Byulleten nauki i praktiki 6 (7), 262-271
