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International Journal Of Management And Economics Fundamental

Peer Reviewed | Open Access | E-ISSN: 2771-2257
Published Article

The Development of Liability Accounting in Insurance Companies Based on International Standards

The Development of Liability Accounting in Insurance Companies Based on International Standards

Authors

  • Khaliqnazarova Gulnaz Jalgasbay qizi
    PhD student of Tashkent State University of Economics, Uzbekistan
  • Sultamuratova Dilfuza Gayratovna
    Student of the Nukus branch of Samarkand State University of Veterinary Medicine, Livestock and Biotechnology, Uzbekistan

DOI:

https://doi.org/10.37547/ijmef/Volume06Issue03-08

Keywords:

Liability accounting insurance companies international financial reporting standards

Abstract

This study examines the development of liability accounting in insurance companies based on international financial reporting standards, particularly IFRS 17, with reference to Uzbekistan’s regulatory framework. It highlights the transition from traditional accounting methods to current value-based measurement, including risk adjustments and contractual service margins. Furthermore, the role of national legislation and presidential reforms in supporting the adoption of international standards is analyzed. The findings show that modern approaches improve transparency, comparability, and financial stability, despite implementation challenges.

References

Republic of Uzbekistan. (2021). Law of the Republic of Uzbekistan “On Insurance Activity” (No. ZRU-730).

President of the Republic of Uzbekistan. (2020). On Additional Measures to Transition to International Financial Reporting Standards (Resolution No. PQ-4611, February 24, 2020).

President of the Republic of Uzbekistan. (2019). On Measures to Reform and Ensure Accelerated Development of the Insurance Market (Resolution No. PP-4412).

President of the Republic of Uzbekistan. (2021). On Additional Measures for the Development of the Insurance Market and Digitalization of Insurance Services (Resolution No. PP-5265).

President of the Republic of Uzbekistan. (2025). On Measures to Improve the System of Agricultural Risk Insurance (Decree No. UP-223).

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IFRS Foundation: “Why Change Insurance Contracts Accounting?”. January 2017, pp. 1–4.

International Accounting Standard Board (IASB). Conceptual Framework for Financial Reporting; IASB: London, UK, 2018; pp. 1–16.

Tashnazarov S.N. Iqtisodiyotni modernizatsiyalash sharoitida moliyaviy hisobot: muammo va yechimlar. Monografiya. – T.: “Navroʼz” nashriyoti, 2016 y. 31-47-b.

Yu.A., Petrov A.M. International Financial Reporting Standards. University textbook. –M.: INFRA-M, 2012. –398 p.)