IFRS ADOPTION CHALLENGES AND OPPORTUNITIES FOR COMMERCIAL BANKS IN UZBEKISTAN

Abstract

Implementing International Financial Reporting Standards (IFRS) represents an important step for Uzbekistan’s commercial banking industry and illustrates Uzbekistan’s efforts to strengthen global integration, transparency, and alignment with international financial reporting practices. The gradual adoption of IFRS by Uzbekistan’s commercial banks, reflecting recommendations from international organizations such as the World Bank and IMF, seeks to bolster investor trust and enhance cross-border financial transactions. More than 140 jurisdictions have adopted or permitted the use of IFRS, while emerging economies such as Uzbekistan have opportunities to further improve their financial reporting systems by considering both common and country-specific implementation factors.