The Law of the Republic of Uzbekistan "On Accounting" and its importance Introduction

A. Definition and scope of accounting
In conclusion, the Law of the Republic of Uzbekistan "On Accounting" establishes the principles and 
standards that govern accounting practices in the country. These principles include objectivity, reliability, 
and consistency, ensuring that financial information is accurate and comparable. Furthermore, the law sets 
standards for accounting methods, financial reporting, and disclosure requirements, ensuring transparency 
and accountability in the reporting process. Compliance with these principles and standards is essential 
for businesses and organizations to accurately record, report, and analyze financial information (Author 
last name, Year, Page number).
B. Principles and standards of accounting
In fulfilling their role as accounting entities, organizations in Uzbekistan are obligated to adhere to a set 
of responsibilities and obligations. These include maintaining accurate financial records, preparing and 
presenting financial statements in a timely manner, ensuring compliance with accounting standards and 
regulations, and safeguarding the confidentiality and integrity of financial information (The Law of the 
Republic of Uzbekistan "On Accounting"). With these obligations, accounting entities in Uzbekistan play 
a crucial role in providing transparent and reliable financial information to stakeholders, enhancing public 
trust, and facilitating sound decision-making processes.
C. Responsibilities and obligations of accounting entities
The Law of the Republic of Uzbekistan "On Accounting" introduces several reporting and disclosure 
requirements aimed at ensuring transparency and accountability in financial reporting. These require-
ments include the preparation of financial statements in accordance with International Financial Reporting 
Standards (IFRS) and their subsequent disclosure to stakeholders. The law also mandates regular reporting 
on the financial performance and position of organizations, as well as the disclosure of any significant 
events or transactions that may affect their financial status (Law of the Republic of Uzbekistan "On 
Accounting"). Compliance with these reporting and disclosure requirements is crucial for organizations 
to provide accurate and reliable information to stakeholders, enabling effective decision-making and 
enhancing trust in the financial system.