Directions for the development of the national accounting system in accordance with international standards: the case of Uzbekistan

Abstract

This article provides a comprehensive analysis of the directions for developing the national accounting system based on international standards. In particular, a comparative study is conducted on the theoretical foundations, application features, and impact of IFRS, CAS, and AAOIFI on national accounting practices. The study systematizes scholarly perspectives on the adoption of international standards from economic, institutional, and geo-economic viewpoints. Furthermore, the paper demonstrates that the current accounting system of Uzbekistan represents a hybrid model combining elements of different international frameworks. It is argued that the transition to international standards should not be viewed as a one-dimensional reform but rather as a complex transformation incorporating economic, strategic, and social factors. Based on this approach, the study develops theoretical and practical recommendations aimed at improving the national accounting system, including alignment with key trading partners, strengthening regional integration, and incorporating Islamic finance principles.