THE NEED AND PURPOSE OF CHANGES IN NATIONAL ACCOUNTING STANDARDS

Abstract

This article examines the need and purpose of changes in National Accounting Standards (NAS) in the context of globalization, economic reforms, and the increasing adoption of International Financial Reporting Standards (IFRS). The study highlights how modern business environments and international financial integration require accounting systems to become more transparent, comparable, and reliable. Using a qualitative literature review methodology, the research analyzes academic sources, institutional reports, and recent reforms implemented in Uzbekistan. The paper discusses the transition from NAS to IFRS among large state-owned enterprises and public interest entities, emphasizing the role of accounting reforms in attracting foreign investment and improving financial reporting quality. Furthermore, the study identifies major challenges associated with accounting standard reforms, including implementation complexity, training needs, and institutional capacity limitations. The findings demonstrate that updating national accounting standards contributes to stronger investor confidence, enhanced accountability, and sustainable economic development.