INITIAL CHALLENGES IN THE ADOPTION AND TRANSFORMATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AT THE TRANSNATIONAL LEVEL IN UZBEKISTAN AND OTHER DEVELOPING COUNTRIES
DOI:
https://doi.org/10.60078/2992-877X-2026-vol4-iss4-pp243-249Abstract
This article analyzes the initial challenges in the adoption and transformation of International Financial Reporting Standards (IFRS) at a transnational level in Uzbekistan and other developing countries. Although the implementation of IFRS plays an important role in ensuring global economic integration and financial transparency, developing economies face several institutional, economic, and professional barriers. The main issues include differences between national accounting standards and IFRS, shortage of qualified professionals, high implementation costs, and insufficient adaptation of legal and methodological frameworks. In addition, the lack of practical experience and adjustment of information systems are also identified as key challenges. The article briefly provides recommendations to mitigate these problems.
Keywords:
IFRS transformation developing countries financial reporting national accounting standards (BHMS)References
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