APPLICATION OF IFRS IN THE CONDITIONS OF DIGITAL TECHNOLOGIES
30.11.2023
International Scientific Journal "Science and Innovation". Series A. Volume 2 Issue 11
Abstract. Nowadays the world is called a global village because of the forces of globalization, the most important thing is that developing economies are gradually integrating with developed economies through cross-border transactions for successful business, but understanding international financial information has become a very serious issue due to local accounting and reporting practices that create confusion in the minds of stakeholders. In this regard, it is important to have a universal set of standards to meet the needs of stakeholders. The International Accounting Standards Board (IASB) provided a permanent solution to this problem, earlier International Accounting Standards (IAS) were issued by the International Accounting Standards Committee (IASC), then they were changed in accordance with International Financial Reporting Standards, which attached greater importance to the clarity and comparability of financial accounting information to improve assessment and analysis of financial statements by users.
This article examines the evolution of IFRS in the context of digitalization of the Uzbekistan economy for its implementation in international economic processes. To expand the use of financial statements prepared in accordance with international financial reporting standards, it is necessary to digitize the financial and non-financial indicators contained in the statements. The study identified the advantages and disadvantages of using the XBRL standard when preparing financial statements under IFRS. The XBRL standard allows you to obtain financial and non-financial information about the reporting company in various sections. The preparation of financial statements presented in accordance with IFRS using the XBRL standard changes the transparency and openness of accounting data according to international financial reporting standards and brings them closer to global standards of digitalization language. The use of the XBRL standard significantly reduces the time it takes to prepare financial statements and eliminates the inconsistency of metadata, but in the near future it is not able to replace the professional judgment of a qualified accountant. The article proposes a unified digital data model, including the XBRL format, which allows for data taxonomy and standardization of financial indicators of different companies. To fully implement the XBRL format when preparing financial statements under IFRS, it is necessary to certify domestic software developers who are able to ensure a secure process for collecting, processing and transmitting company data through digital channels.
Keywords: Digital technologies, international financial reporting standards, digitalization, digital economy, XBRL
References:
1. Akhrieva, M. M. B. (2021). Analysis of the implementation of the state program "Digital Economy of the Russian Federation". Economics and business: theory and practice, Vol. 7(77). P. 15-17. https://doi.org/10.24412/2411-0450-2021-7-15-17.
2. Bulyga R. P., Safonova I. V. (2020). XBRL as a digital reporting format for economic entities: international experience and Russian practice. Accounting. Analysis. Audit., Vol. 3. P. 6-17. https://doi.org/10.26794/2408-9303-2020-7-3-6-17.
3. Turgunovna E. S. FINANCIAL REPORTING AS THE MOST IMPORTANT MARKETING FACTOR //INTERNATIONAL SCIENTIFIC CONFERENCES WITH HIGHER EDUCATIONAL INSTITUTIONS. – 2022. – Т. 1. – №. 25.10. – С. 211-217.
4. Эргашева, Ш. . (2022). ЯНГИ ЎЗБЕКИСТОНДА МОЛИЯВИЙ ҲИСОБОТНИНГ ХАЛҚАРО СТАНДАРТЛАРИНИНГ ИСТИҚБОЛЛАРИ. Архив научных исследований, 2(1). извлечено от https://journal.tsue.uz/index.php/archive/article/view/1114
5. Другие форматы библиографических ссылок
6. Ergasheva S. T., Mannapova R. A., Yuldashev E. I. 18 Accounting–a System for Managing Economic Information in Agriculture //New Institutions for Socio-Economic Development: The Change of Paradigm from Rationality and Stability to Responsibility and Dynamism. – 2021. – Т. 5. – С. 173. Rozhnova O. V. (2018). Harmonization of accounting, audit and analysis in a digital economy. Accounting, analysis, audit. Vol.3, P. 16–23. https://doi.org/10.26794/2408-9303-2018-5-3-16-23
7. Herita Akamah, Stephani Mason, Emily Shafron. (2022). Disincentives to exchange customized local GAAP for IFRS, Journal of Accounting and Public Policy, Volume 41, Issue 6, 2022, 107002. https://doi.org/10.1016/j.jaccpubpol.2022.107002.
8. Ageeva, O. A. (2020). Transformation of accounting methods in the conditions of digital economy, Economics: yesterday, today, tomorrow. Vol. 2-1. P. 241-248. https://doi.org/10.34670/AR.2020.87.12.022.
9. Druzhilovskaya T. Yu., Druzhilovskaya E. S. (2019). Improving the financial reporting of organizations in the digital economy, Accounting. Analysis. Audit. Vol. 1. P. 50-61. https://doi.org/10.26794/2408-9303-2019-6-1-50-61.
10. FRC publishes future of corporate reporting discussion paper (2023). URL: https://www.frc.org.uk/news/october-2020/frc-publishes-future-of-corporate-reporting-discus. (data accessed: 05.09.2023).
11. Official website of IFRS. (2023). URL: https://www.ifrs.org (data accessed: 05.09.2023).
12. XBRL financial statements. (2023). URL: https://ir.thomsonreuters.com/financial-information/sec-filings/xbrl-financial-statements (data accessed: 05.09.2023).
13. Fourny Ghislain. (2020). The XBRL Book: Simple, precise, technical. Independently published. p 564.
14. Chelnintseva E. V., Yarullin R. R. (2023). National digital economy project. International Journal of Humanities and Natural Sciences. Vol. 5-5(80). P. 120-125. https://doi.org/10.24412/2500-1000-2023-5-5-120-125.