IMPACT OF IFRS ON FINANCIAL REPORTING PRACTICES IN TAJIKISTAN

Task. The study examined the impact of the international financial reporting standard (IFRS) on the financial reporting practices of public interest entities in Tajikistan. Data were collected from the accounting profession of 50 different enterprises using a structured questionnaire and analyzed using statistical methods. Potential advantages of IFRS implementation are defined, the main problems and prospects of application of international standards in Tajikistan are established. The purpose of this study is to determine the impact of IFRS in ensuring the necessary transparency and reliability of financial statements of subjects of public interest in Tajikistan. Model. The article examines the current trends in the standardization of financial statements, taking into account the possible impact of IFRS. Summary. The study recommended that the regulator initiate awareness-raising campaigns on the potential implications of adopting IFRS in Tajikistan. It also States that the government should support the adoption of IFRS by the country, especially in the area of enforcement as a matter of urgency, in order to make better use of the country's economic potential. Practical importance. The results showed that IFRS provide regulators with better information than national accounting regulations (average = 4.72). The analysis also showed that IFRS directly affect how revenues and other key aspects of the business are accounted for and accounted for (average = 4.68). In addition, the results of the study showed that: - changes in business processes and operations, the financial position of companies and the reduction in the cost of financing will be significant in the application of IFRS; - financial statements prepared in accordance with IFRS improve best practices in corporate governance; - financial statements prepared in accordance with IFRS provide more benefits than previous national accounting regulations; - compliance with IFRS facilitates foreign investment and access to it; - compliance with IFRS will allow companies to improve their performance relatively. Originality. As a result of the study of the issue related to the implementation of IFRS, a number of regulators and users of financial statements were proposed specific actions for the implementation of IFRS, taking into account the realities of the business environment and the economy.

IFRS, accounting, financial reporting, accounting regulations, investments, audit