In this article, we will look at how International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles of the United States (US GAAP) affect the accounting of financial assets in Uzbekistan. We will discuss how to make financial reporting more understandable, consistent and accurate in the context of globalization. We will also consider the need to reform Uzbekistan's economy and improve its financial sector. The article will analyze the differences between IFRS and US GAAP in the classification, measurement and recognition of income and expenses related to financial assets. In addition, we will look at the problems that Uzbekistan may face during the transition to IFRS. Among them: the shortage of specialists, the cost of modernizing accounting systems, the need to adapt standards to the country's legislation and the complexity of their application in small and medium-sized businesses. In order to bring Uzbekistan's financial statements in line with international standards (IFRS), it is proposed to implement them gradually. It is also necessary to adapt the accounting and reporting system to the requirements of US GAAP, paying special attention to internal control and audit.

International financial reporting standards, financial assets, financial accounting

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