IMPROVING COST ACCOUNTING BASED ON INTERNATIONAL STANDARDS: OPPORTUNITIES FOR ENHANCING ENTERPRISE PERFORMANCE
Keywords:
Cost accounting, international standards, cost price, efficiency, financial reporting, competitiveness, management accounting, transformation.Abstract
This article analyzes the potential for increasing the economic efficiency of enterprises by improving cost accounting based on international standards (such as International Financial Reporting Standards – IFRS, and International Standards on Auditing – ISA). An effective cost accounting system not only ensures transparent financial reporting but also serves as a reliable information base for decision-making processes, positively influencing optimization of production cost and improvement of profitability. The article examines the experience of developed foreign countries and current practices in Uzbekistan, highlighting mechanisms for modernizing cost accounting and its prospects. Institutional and staffing challenges encountered during the transition to international standards, as well as the effectiveness of governmental support, are also assessed. The research results are aimed at developing scientific and practical recommendations to enhance enterprise competitiveness through improved cost accounting.
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