ACCOUNTING FOR FIXED ASSETS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: PROBLEMS AND SOLUTIONS

Abstract

The transition to international financial reporting standards is being carried out in all countries of the world with particularities or partially. Enterprises and organizations in the territory of the Republic of Uzbekistan are gradually moving to international financial reporting standards. In the process of implementing international financial reporting standards, a number of specific problems arise. The article highlights one of these problematic situations, some problems that have arisen in the practice of accounting for fixed assets and ways to solve them. The knowledge and experience of accountants, especially their ability to judge, are of great practical importance in organizing the accounting of fixed assets based on international financial reporting standards. It will not be an exaggeration to say that the biggest difference between national standards and international standards when moving to international financial reporting standards is in the area of accounting for fixed assets. That is why the author drew attention to the 16th standard “Fixed Asset Account” among international financial reporting standards.