"FUNDAMENTALS OF FINANCIAL REPORTING IN ACCORDANCE WITH IFRS" AND METHODS OF ITS IMPLEMENTATION IN PRACTICE IN UZBEKISTAN

Abstract

This article examines the conceptual foundations of "expanding horizons" in the application of International Standards. As the rules formulated in IFRS (IAS) 8 "Accounting policy, changes in Accounting estimates and errors" (paragraphs 10-12). The standard states: in the absence of a specific IFRS applicable to an operation, event or condition, management should use its own judgment in developing and applying accounting policies to generate information.