Accounting of Provisions and its Prospects for Application in Uzbekistan

Abstract

In Uzbekistan, it is important to ensure the transparency of financial reports, form the account and audit of obligations based on the requirements of international standards, and increase the reliability of information about obligations. As the President of the Republic of Uzbekistan Sh.M. Mirziyoev said about this, "It is necessary to speed up the transformation of state companies in the implementation of structural changes in the economy. Currently, most of the state-owned enterprises remain a heavy burden on the state because they are not financially stable»[1]. The main reason for this financial instability can be explained by failure to timely eliminate liabilities and incorrect accounting of business entities. Ensuring that the information about the obligations of economic entities is correctly reflected in the forms of financial reports and researching the problems related to the organization of the audit of obligations at the level of the requirements of international standards and paying special attention to their elimination are among the urgent tasks of today.