Bakayev Xurshid Maxmudovich,
Head of the “Tukimachi” banking services office of the Bukhara branch of OJSCB “Hamkorbank”, Independent researcher of Tashkent State University of Economics, E-mail: bakaev.xurshid@mail.ru
ORCID: 0009-0001-7694-8450
JEL Classification: M42, O5
Abstract: This article talks about improving the audit of long-term assets based on international standards. The main goal of the study is to identify the main aspects of best practices and develop recommendations for their use in accounting and auditing activities. The topic of organization of long-term asset accounting according to the requirements of international standards is important for ensuring financial transparency and global competitiveness for companies and organizations. This article examines the main principles and methodologies of accounting for long-term assets in accordance with International Financial Reporting Standards (IFRS). In the conditions of the modern economy, it is important that the financial reports of enterprises and organizations are correct and reliable. Audit activities are widely used to control and strengthen this process. Organization of auditing activities based on international auditing standards is a necessary tool to improve the quality and reliability of financial reports. The introduction of international audit standards contributes to the sustainable development of the national and international economy and allows to improve the quality of audit services. This research work is devoted to the study of theoretical and practical aspects of the organization of auditing activities based on international auditing standards. The main principles of international auditing standards, their introduction into national practice and the importance of learning from international experience are widely covered in the study. The role of international auditing standards in ensuring the quality and reliability of the auditing process is analyzed separately, and the mechanisms of their influence on the activities of auditing companies are considered. The article discusses the advantages of compliance with international standards, including increased transparency and comparability of financial statements, as well as challenges and challenges, such as complexity and lack of financial resources. As a result, the research emphasizes the importance of organizing long-term asset accounting in accordance with international standards in improving the quality of financial reporting and ensuring the company’s integration with global markets. At the same time, there are recommendations for solving possible difficulties in the process of adaptation to international standards.
Keywords: Assets, long-term assets, audit, long-term assets audit, international standards, international standards of auditing, International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), auditing services, International Federation of Accountants (IFAC), international audit, financial statement.