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Implementation of the research results. The following proposals were
introduced to improve the theoretical and methodological basis of financial
reporting:
developed improved definition of «financial reporting», «transformation of
financial reporting» were included in the textbook on the subject «International
Financial Reporting Standards» for students in the specialties 5A230901-
«Accounting (by industry and field) , 5А230902- «Audit (by branches and areas)»
(certificates of the Ministry of Higher and Secondary Specialized Education of the
Republic of Uzbekistan approved by order of June 14, 2018 No. 531). These
definitions served as the basis for improving the theoretical basis of financial
accounting and reporting and improving the quality of education;
developed proposals for improving the methodological procedure and rules
for valuation and accounting of assets, liabilities and equity capital based on
modern approaches used by the Audit Chamber of Uzbekistan in the preparation of
guidelines for the preparation and submission of financial statements (Reference
by the Audit Chamber of Uzbekistan No. 90/1 of October 19, 2018). As a result of
the implementation of these proposals, the rules for assessing assets and liabilities,
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the accounting for income and expenses, as well as the legal framework for
financial reporting have been improved;
the results of scientific proposals for improving the composition of assets and
liabilities in the balance sheet were used in the Order of the Ministry of Finance of
the Republic of Uzbekistan of February 1, 2018 No. 16 «On Amendments to the
Rules of the Financial Reporting Forms and the Rules for Their Filling»)
(reference of the Ministry of Finance of the Republic of Uzbekistan No. AK 17-01-
35 / 317 dated May 31, 2018) The implementation of these proposals makes it
possible to more transparently reflect the financial state of the relevant information
needs of users;
developed scientific proposal to improve the content and composition of the
cash flow statement were used in the Order of the Ministry of Finance of the
Republic of Uzbekistan dated February 1, 2018 No. 16 «On Amendments to the
rule Forms of financial reporting and the rule for their completion» (reference of
the Ministry of Finance of the Republic of Uzbekistan No. AK 17-01-35 / 317
dated May 31, 2018) and a the new form of the statement of cash flows and
transformation formulas in the preparation of the report using direct and indirect
methods from the National Association of Accountants and Auditors of Uzbekistan
and the Audit Chamber of Uzbekistan were used in the preparation of guidelines
for the preparation and submission of financial statements (reference National
Association of Accountants and Auditors of Uzbekistan №108 of October 22,
2018; reference Audit Chamber of Uzbekistan No. 90/1 of October 19, 2018). The
use of scientific results made it possible to improve the quality of the cash flow
report, as well as the use of direct and indirect reporting methods used in
international practice.
developed a new report format on changes in equity based on bringing the
composition in line with the international financial reporting standard by the
National Association of Accountants and Auditors of Uzbekistan, the Audit
Chamber of Uzbekistan used in the preparation of guidelines for the preparation
and submission of financial statements (reference National Association of
Accountants and Auditors of Uzbekistan No. 108 dated October 22, 2018,
reference by the Chamber of Auditors of Uzbekistan No. 90/1 of October 19,
2018). The use of these scientific developments provides a close relationship
between the forms of financial statements, facilitates the transformation of
financial statements based on IFRS.
developed forms of the profit and loss and other comprehensive income and
production cost reports (works, services), as well as the methodical procedure for
using variable costing when reporting from the Audit Chamber of Uzbekistan and
the National Association of Accountants and Auditors of Uzbekistan were used in
the preparation of guidelines for the preparation and submission of financial
statements (reference by the Audit Chamber of Uzbekistan No. 90/1 of October 19,
2018 and certificate of National Association of Accountants and Auditors of
Uzbekistan No. 108 of October 22, 2018). The implementation of these proposals
will provide an opportunity to analyze the composition of other total income, as
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well as to identify opportunities to reduce the cost of a unit of production by
increasing the control of fixed costs.
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