Methodology of transformation of financial reporting to international standards in Uzbekistan (Evidence from commercial banks)

This article presents the description of the research aimed at the development of the methodology of transformation of accounting balance to international standards in commercial banks in Uzbekistan. In addition, the article reveals significance, advantages and stages of the technique of transformation of assets, liabilities and equity to international standards in banks, as well as the ways in which banks apply the principles of the IFRS and eliminate current problems. Moreover, the article contains some proposals on adjusting regulatory requirements for accounting in banks with the requirements of the IFRS.