THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING: A COMPARATIVE ANALYSIS OF NATIONAL AND INTERNATIONAL APPROACHES
DOI:
https://doi.org/10.60078/3060-4842-2026-vol3-iss3-pp867-877Abstract
This article provides a scientific analysis of the similarities and differences between the Conceptual Framework for the Preparation and Presentation of Financial Statements adopted in the Republic of Uzbekistan in 2026 and the Conceptual Framework for Financial Reporting developed by the IFRS Foundation. The study comparatively examines the objectives of financial reporting, the qualitative characteristics of useful financial information, the definitions of assets and liabilities, and the principles of recognition, derecognition, and measurement of financial statement elements. In addition, several challenges in national practice were identified, including the application of discounted valuation methods, the determination of fair value, and the use of professional judgment. Based on the research findings, practical recommendations were developed to further improve the national accounting system
Keywords:
conceptual framework financial reporting IFRS assets liabilities fair value financial reporting quality accountingReferences
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