Harmonization of International Valuation Standards and International Financial Reporting Standards

Abstract

As globalization continues to shape the modern economic landscape, there's a rising demand for consistent standards that can evaluate economic indicators across various countries. One of the universally accepted tools to gauge these indicators globally is the financial report aligned with the International Financial Reporting Standards (IFRS). This article delves into the genesis and stages of transition to these international reporting standards, shedding light on their implementation outcomes both globally and, as a point of comparison, in Uzbekistan. It further outlines the advantages and challenges of employing IFRS. Special emphasis is placed on the imperative of monitoring the effectiveness of IFRS integration, especially as seen in the Uzbek context. The International Accounting Standards Board (IASB), responsible for the IFRS, annually revises and refines these standards, keeping in step with the evolving economic situation and the needs of stakeholders. Public discussions are initiated to introduce new standards and modifications to existing documents. The timeliness of this research on IFRS alterations is anchored in aiding Uzbek enterprises' adaptation to the international market landscape. This study aims to assess the amendments enacted in January 2020. Findings offer an in-depth analysis of changes made by the IASB, touching upon financial instruments accounting (IFRS 9, IAS 39, IFRS 7), employee benefits accounting (IAS 19), and provisions for presenting additional report information (with a specific focus on materiality definition adjustments).