Improving the Accounting of Rental Operations in Accordance with Financial Reporting International Standards
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"GLOBAL RESEARCH NETWORK" LLC (USA)
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This article discusses the issues of reflecting the accounting of rental operations in the accounting system of the Republic of Uzbekistan in financial statements on the basis of international financial reporting standards.
The need for international financial reporting standards on the basis of a new national standard regulating the rules of formation in accounting and reporting information on rental operations of business entities is mentioned.
In accordance with the international standards of the financial statements of rental operations, the regulation of internal accounting, taking into account the fair value of the acquired asset property in operational and financial rent, the discounted value of the lowest or least rental payments was given a tariff. As a source of financing, the main advantages of renting are highlighted. In accordance with international financial reporting standards, the main directions for improving the accounting of rental operations have been developed.
The report allows users to accurately assess the state of financial statements on the basis of international standards, make rational administrative decisions about the object, as well as get a complete picture of the development of the organization.
In the scientific studies carried out, conclusions, definitions and recommendations of methods for accounting for financial rent and operational rental are given in accordance with international financial reporting standards.
Keywords
rent, IFRS, account policy, account system, account operations, financial rental, operational rental, improvement