Abstract
This article explores Uzbekistan's adoption of International Financial Reporting Standards (IFRS), emphasizing the key phases and driving factors behind this strategically significant transition. It delves into the historical background that paved the way for IFRS implementation, including economic reforms and legislative initiatives. The article also identifies the challenges encountered during the process, such as administrative and logistical barriers, along with the critical need for professional training and skill development in the field of financial reporting. Special focus is given to the positive effects of IFRS, such as fostering foreign investment, enhancing international business collaboration, and improving the transparency and reliability of financial statements. In conclusion, the article evaluates the long-term implications of IFRS adoption for Uzbekistan's economic growth and development.