ORGANIZING FINANCIAL INSTRUMENT ACCOUNTING IN ECONOMIC ENTITIES IN ACCORDANCE WITH INTERNATIONAL STANDARDS
Abstract
The process for identifying financial instruments in corporate entities, accounting for them, identifying their components, and representing them in financial statements are all stated in the piece of writing.
In recent years, financial instruments' complexity and diversity have increased significantly on global financial markets. Practical issues with accounting for financial instruments make the widespread adoption of international standards desirable.
The subject of financial instruments is regarded as the most challenging in the system of international standards of financial reporting.
Large-scale work is being done in Uzbekistan to make the transition to international standards of financial reporting. According to the decision of the President of the Republic of Uzbekistan dated February 24, 2020 No. PQ-4611 "On Additional Measures for the Transition to International Standards of Financial Reporting," the transition to these standards will be accelerated, and the necessary information will be made available to foreign investors and helps to strengthen the system of educating accounting and auditing experts in accordance with international standards and to increase access to international financial markets.
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References
Decree of the President of the Republic of Uzbekistan. (February 24, 2020). "On additional measures for the transition to international standards of financial reporting". No. PQ-4611. Tashkent.
Law of the Republic of Uzbekistan. (25 02 2021). "On auditing activity". O'RQ-677. Tashkent.
IAS 32 is concerned with how financial instruments are categorized and presented in financial statements.
IFRS 9 is concerned with the accounting for and presentation of financial instruments.
IFRS 7 is concerned with the financial instrument disclosure in financial statements.
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http: ifrs.com
