IMPROVING ACCOUNTING OF REVENUES AND EXPENSES IN JOINT-STOCK COMPANIES: EVIDENCE FROM UZBEKISTAN
Keywords:
Joint-stock companies, revenue accounting, expense classification, IFRS 15, financial reporting, Uzbekistan, ERP integration, internal audit.Abstract
This study examines the current state of revenue and expense accounting in joint-stock companies (JSCs) operating in Uzbekistan and proposes a comprehensive framework for its improvement. The research investigates the key deficiencies in existing accounting systems, including the misclassification of revenue streams, inadequate allocation of operating costs, and insufficient integration of digital tools. Using a mixed-methods approach that combines quantitative financial analysis with qualitative expert interviews from 47 JSCs listed on the Uzbek Republican Stock Exchange (UZSE), the study reveals that approximately 62% of sampled companies demonstrate material weaknesses in their revenue recognition practices. The findings suggest that adopting International Financial Reporting Standards (IFRS 15) with context-specific adaptations, integrating Enterprise Resource Planning (ERP) systems, and strengthening internal audit functions can substantially enhance the reliability and transparency of financial reporting. The article contributes practical recommendations tailored to the institutional, legal, and economic environment of Uzbekistan, offering a replicable model for other transitional economies undertaking financial reporting reforms.
