Volume 03 Issue 02-2023
26
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
02
Pages:
26-32
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
(2023:
7.
448
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
The article reveals the tasks of adapting accounting to market conditions and the transition to international rules for
its maintenance. An idea of accounting in modern conditions is given, and the legal foundations and normative
regulation of accounting are shown. The main approaches to reforming accounting in order to increase its efficiency
are considered. The features of accounting in modern economic conditions are disclosed. The norms and regulations,
the essence of the Law "On Accounting" in the new edition are disclosed in an accessible way. The importance of the
introduction of international standards (IFRS) for the implementation of the tasks of reforming accounting is shown.
KEYWORDS
Economics, management, accounting, regulation, legal framework, international standards (IFRS), enterprise, reform,
modern conditions.
INTRODUCTION
In recent years, as a result of reforms carried out by the
country's leadership to modernize and diversify
sectors of the economy, and further improve the
investment climate, stable economic growth rates are
ensured.
At the present stage of the development of market
relations, accounting is of particular relevance and is
constantly being improved. It has become not only a
means of processing and grouping economic
information contained in primary documents but has
Research Article
DEVELOPMENT OF ACCOUNTING IN THE CONTEXT OF REFORMING THE
NATIONAL ECONOMY
Submission Date:
February 18, 2023,
Accepted Date:
February 23, 2023,
Published Date:
February 28, 2023
Crossref doi:
https://doi.org/10.37547/ijmef/Volume03Issue02-04
Zamira Atabayeva
Lecturer, Department Of Accounting And Audit, Fergana Polytechnic Institute, Fergana, Republic Of
Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 03 Issue 02-2023
27
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
02
Pages:
26-32
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
(2023:
7.
448
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
also become a participant and executor of the
management policy of a business entity.
Today, accounting is faced with quite complex tasks of
adapting it to market conditions and transitioning to
international rules for its maintenance, which entails
serious methodological changes in the accounting
system and makes it an object of close study. This
means that in modern conditions it is necessary to
further develop the theoretical and methodological
provisions of accounting.
The development of the economy of our country and
its entry into the world market shows the need to
adapt the accounting system to the requirements of
international standards.
The relevance of the topic is due to the need to have
an idea about accounting in modern conditions. Based
on this, the purpose of this study is to analyze the
methods, procedures and practices of accounting in
modern conditions.
In accordance with the purpose, the objectives of the
study are formulated, these are:
-
consider the theoretical foundations of
accounting in modern conditions;
-
study the basic rules for organizing accounting
in the Republic;
-
identify the problems of adapting the national
accounting system and accounting education
to international best practices.
The theoretical and methodological basis of the study
was the Decrees and Decrees of the President of the
Republic of Uzbekistan, the Laws of the Republic of
Uzbekistan, and the monographic works of domestic
and foreign scientists in the field of accounting.
The essence of modern accounting. Accounting is a
field of activity that influences many aspects of the
daily life of society. Advances in science and
technology are changing every aspect of accounting.
The geographical proximity of countries, close
economic ties, active participation of foreign
companies in investment activities, the active
attraction of foreign capital, etc. make you take a fresh
look at the accounting system as a whole. Today,
scientists recognize the need and expediency of
intensifying efforts to bring national accounting
systems closer together. They call for the basis of the
entire accounting system to be the sign of
"understandability", which determines the quality of
any accounting information. This important criterion is
reflected in all international accounting standards.
Normative regulation of accounting. As a result of the
economic reforms implemented over the past period,
great changes, as in other areas, have occurred in the
accounting system, new legislative acts have been
adopted and the existing legislative acts have been
improved regarding the sphere. This, and the
accumulated national and foreign experience, led to
the further improvement of legislation on the
organization, accounting and reporting in accordance
with modern requirements. Based on this, the Law of
the Republic of Uzbekistan "On Accounting"
No.404dated April 13, 2016, as amended [1]. Hereby,
amendments and additions have been made to the
current Law “On Accounting” adopted on August 30,
1996, No. 279-I [2]. The innovations were aimed at
improving the legal regulation of accounting in
accordance
with
international
principles
and
standards, increasing the responsibility of the heads of
business entities, and their accounting services, by
clearly delineating their rights and obligations.
Volume 03 Issue 02-2023
28
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
02
Pages:
26-32
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
(2023:
7.
448
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
The new edition of the Law of the Republic of
Uzbekistan "On Accounting", which entered into force
on April 14, 2016, became the legal basis for providing
users with reliable and reliable economic information
and financial reporting. The law was developed taking
into account international requirements for high-
quality and reliable accounting and serves as a legal
basis for increasing confidence in the financial
statements of enterprises, developing accounting in a
market economy.
The law defines the essence, goals and objectives of
accounting based on changes in the economy, new
requirements of law enforcement practice, in
accordance with international financial reporting
standards, in accordance with which financial
statements are compiled and published on the basis of
international standards.
The law establishes accounting standards that meet
both national and international standards and
introduces new standards aimed at ensuring mutual
control between the head of an accounting entity and
the head of an accounting service. At the same time,
the law contains new norms aimed at determining the
relationship between primary accounting documents
and accounting registers, improving internal document
management and introducing modern information and
communication technologies into the sphere.
It should be noted that this version of the law regulates
new legal relations that arise in the process of
organization,
accounting,
preparation
and
presentation of financial statements. Innovations, of
course, have a positive impact on the improvement of
modern enterprise management, in particular, its
economic levers and mechanisms.
In general, the norms and provisions of the Law "On
Accounting" in the new edition contribute to the
further improvement of the accounting system,
ensuring its openness, the correct and high-quality
implementation of business operations, the safety of
assets, the timely detection, elimination and
prevention of errors and violations in accounting and
financial reporting.
As part of the improvement of the accounting system,
a fairly broad legal and regulatory framework has been
formed in the Republic today, which regulates the
procedure for maintaining accounting records and the
procedure for the formation and submission of
financial statements. The purpose of these legal acts is
primarily to create conditions for the formation of
reliable and high-quality financial statements.
In accordance with the interests of different groups of
consumers of information, a modern accounting
system serves three main purposes:
•
accounting of the company's assets, its liabilities
and capital, periodic public reporting on the
financial condition and financial results;
•
information support of management - providing
the administrative apparatus with the information
necessary for making managerial decisions;
•
"taking into account the future", providing
managers with information for the development of
management decisions related to future business
activities.
It should be noted that management accounting is a
subsystem of accounting. Used to identify, collect,
analyze, prepare, transfer management decisions in
order to improve the efficiency of the organization. “A
clearly and competently drawn up accounting policy is
considered an indicator of high accounting
Volume 03 Issue 02-2023
29
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
02
Pages:
26-32
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
(2023:
7.
448
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
qualifications, it is an element of the regulatory
accounting system and is formed in accordance with
the current regulatory documents in the field of
accounting and financial reporting. The accounting
policy determines not only the organization and
methodology of accounting but also approves
measures to optimize the economic activities of the
organization. [6, p.37]. Due to this,
Reforming the national economy did not bypass the
issues of accounting development. Our country cannot
become an equal participant in international economic
relations as long as the national accounting system
differs from international standards. In view of this, in
recent years, the accounting system has undergone
impressive changes, additions and clarifications.
An important and topical issue in the entire system of
reforming accounting in the country is its transition to
international financial reporting standards (IFRS). In
this connection, as part of the ongoing reforms,
Uzbekistan is currently actively working to improve
accounting and bring it closer to international
standards.
In order to provide the necessary information
environment to foreign investors, and expand
opportunities for access to international financial
markets by switching to international financial
reporting standards (IFRS), the Decree of the President
of the Republic of Uzbekistan “On additional measures
for the transition to international financial reporting
standards”, No. PP
-4611 dated February 24, 2020. On its
basis, a roadmap was developed for the phased
introduction of international financial reporting
standards and modern methods of training personnel
in this area, taking into account international best
practices [3].
The resolution established that joint-stock companies,
commercial banks, insurance organizations and legal
entities classified as large taxpayers will organize
accounting in accordance with IFRS from January 1,
2021, and starting from the results of 2021, prepare
financial statements based on IFRS, with the exception
of legal entities for which the legislation provides for
an earlier transition period to IFRS.
For the successful implementation of IFRS, the Decree
defines the fulfilment of the following main tasks:
1. Systematization and improvement of the
effectiveness of the IFRS implementation process.
2. Measures to improve the system of personnel
training and improve the quality of higher education in
the areas of accounting and audit.
3. Measures to clarify the meaning and content of IFRS.
The resolution opened a new page in the field of
accounting in the process of transition to IFRS. The
adopted document provides for a fundamental
revision of the process of coordination and preparation
for the transition to IFRS of business entities.
In order to successfully fulfil the tasks set, the Ministry
of Finance of the Republic of Uzbekistan has been
designated as the authorized div for the
implementation of IFRS and it has been assigned the
relevant functions, for which a department for
coordinating the implementation of international
financial reporting standards and external quality
control has been created in the structure of the
ministry.
Taking into account the need to train a significant
number of qualified specialists with the necessary
knowledge and skills, the document provides for a
fundamentally new integrated approach to the
training of national personnel, which significantly
influenced the creation of a national system for
training qualified specialists in the field of IFRS.
Thus, the reform of accounting in Uzbekistan is based
on the use of the achievements of accounting science,
statistics and world practice, reflected in the system of
Volume 03 Issue 02-2023
30
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
03
I
SSUE
02
Pages:
26-32
SJIF
I
MPACT
FACTOR
(2021:
5.
705
)
(2022:
5.
705
)
(2023:
7.
448
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
national accounts (SNA) and international financial
reporting standards (IFRS) [4], as well as taking into
account the characteristics of the national economy.
The general structure of the accounting regulatory
system is based on the new edition of the Law “On
Accounting”. On this basis, new national accounting
standards of the Republic of Uzbekistan (NAS) are
being developed [5].
CONCLUSION
The process of evolution of accounting is very
complex, and the trend towards international
standards is not very easy. At the same time, it is
important to note that in the event of a full transition
to IFRS, one should not expect foreign investment to
flood into the country like a river. This will be an
important step in the process of building mutual trust
between Uzbekistan and the international community,
and for investors, investments will become less risky.
Obviously, apart from the international one, no
national financial market will be able to develop
normally. Undoubtedly, the accounting reform will be
really completed only when every accountant has a
professional knowledge of the basics of IFRS, and
company executives are really interested in providing
reliable and objective information. It follows that the
professionalism of accountants occupies a special
place in the reform of accounting, which means that
more active work should be carried out to improve
their qualifications.
Among other tasks of the reform, it should be noted
the need for a final division of accounting into tax,
financial and managerial, as is customary in
international practice. Wherein:
- financial analysis will be focused on external users
(owners, investors, creditors, debtors, etc.);
- management accounting will be used to systematize
costs, make management decisions and plan;
- tax accounting will be used to calculate taxes.
At the same time, it should be emphasized that the
accounting reform should be carried out taking into
account the established national traditions, and the
specifics of the economic development of the
Republic, and not by blindly copying the Western
experience. In order for the reform to be carried out at
a rapid pace and acquire a complete character, it is
necessary to significantly reduce the endless stream of
current instructions, letters, and instructions in the
regulation of accounting, which often contradicts each
other.
It should be noted that the main conclusion from the
first results of reforming the accounting system is the
presence of certain positive results in changing
attitudes towards the accounting profession. A very
painful process of transformation of accounting in
accordance with the requirements of a market
economy required, first of all, a change in attitude
towards the profession of an accountant. The
accountant, previously one of the most inconspicuous
figures, has become an indispensable adviser to the
head of the enterprise, mastering completely new
functions (such as financial management, tax planning,
the use of information technology, etc.).
One of the promising areas of the reform is the need
for greater participation of businesses in the
development of new accounting standards, which can
be achieved through more active involvement of
accounting associations in the process of adapting
international standards.
It is assumed that in the conduct of modern
accounting, information will become the most valuable
resource. This means that financial information can be
considered the most important tool for making
economic decisions since the effectiveness of
attracting investments depends on their quality.
In conclusion, it should be noted that in the reform of
accounting an important place is occupied by the study
Volume 03 Issue 02-2023
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International Journal Of Management And Economics Fundamental
(ISSN
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VOLUME
03
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02
Pages:
26-32
SJIF
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FACTOR
(2021:
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(2022:
5.
705
)
(2023:
7.
448
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
of the history of accounting, since a deep knowledge
of history will facilitate the identification and
understanding of practical problems, and will raise new
questions put forward by life.
The introduction of IFRS in modern conditions requires
a thorough justification of the need, as well as the
allocation of a certain types of companies that really
need to use these standards. The introduction of
standards is necessary precisely for large companies
that have access to a foreign market or seek to get it.
Therefore, one of the main goals of the transition to
IFRS is to increase transparency in enterprise
management and attract investors to the economy.
Improvement of legal regulation should be carried out
in the direction of bringing to international
requirements not only accounting standards but also
the legislation of civil, tax and other industries, as well
as using all the positive experience that has been
gained in the course of economic reforms.
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Law of the Republic of Uzbekistan dated April
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Law of the Republic of Uzbekistan dated
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Decree of the President of the Republic of
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2020
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International Journal Of Management And Economics Fundamental
(ISSN
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VOLUME
03
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02
Pages:
26-32
SJIF
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)
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–
1121105677
Publisher:
Oscar Publishing Services
Servi
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