Accounting of Commodity and Material Reserves in Accordance with of Financial Reporting International Standards

Abstract

This article describes how to reflect financial reporting and business practices at international standards. International standards of financial reporting have been formulated, which are widely used by various external users to obtain useful and necessary information about the organization that makes up this report.

One of the main laws of the modern development of the accounting system of Uzbekistan is the adaptation to international systems based on the international standards of financial reporting, which determine the general approaches to the formation of accounting indicators and offer options for accounting of individual funds and operations in organizations.

Determines the need for a reliable calculation of the cost of products for a maximum approach to real costs, a description of the production capacity is given. In accordance with the financial reporting international standards (IFRS (LAS)) 2 "reserve", the problem of total production costs being constant and variable is considered. It is based on the production capacity to form a reliable price of the product. The similarities and differences in the formation of the finished product coin "accounting for material and production reserves" were determined in accordance with the international standards of financial reporting (IAS) 2 "reserve".

In accordance with international standards, the specifics of material and production reserves are considered, the quantitative and recognition of reserves, their evaluation, re-evaluation and comparative analysis of international and Uzbek approaches to production are carried out.