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

2. Preventing fraud and corruption
Promoting efficient financial management is a crucial aspect of financial legislation in Uzbekistan. The 
recent implementation of the Law of the Republic of Uzbekistan "On Accounting" has significantly con-
tributed to this objective. By standardizing accounting practices in line with international standards, this 
law aims to enhance transparency and accuracy in financial reporting within the country. Consequently, 
it promotes efficient financial management practices and facilitates informed decision-making processes 

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(The Law of the Republic of Uzbekistan "On Accounting").
B. Promoting efficient financial management
Facilitating informed decision-making is a fundamental goal of the Law of the Republic of Uzbekistan 
"On Accounting" and underscores its importance in the country's business environment. According to 
Article 2 of the Law, the primary objective of accounting is to provide accurate and reliable information 
to various stakeholders, including management, investors, creditors, and government authorities (Mah-
mudov). By ensuring the provision of reliable financial information, this law enables stakeholders to 
make informed decisions related to investments, financial planning, and policy-making, which ultimately 
contributes to the overall economic development of Uzbekistan.
1. Facilitating informed decision-making
Effective resource allocation is crucial for the success and efficiency of any organization. In the context of 
accounting, it refers to the proper allocation and utilization of financial and non-financial resources within 
an organization (Smith, 2010). This ensures that the available resources are utilized optimally, minimizing 
wastage and maximizing productivity (Jones, 2015). By ensuring effective resource allocation, organi-
zations can achieve their goals more efficiently and effectively, leading to long-term sustainability and 
growth (Brown, 2018).