COMPREHENSIVE INCOME REPORTING IN UZBEKISTAN: ISSUES AND IMPROVEMENTS

Abstract

Comprehensive income reporting has become an essential element of modern financial reporting, providing a broader and more transparent view of an entity’s financial performance than traditional net income measures. In Uzbekistan, ongoing accounting reforms and the gradual implementation of International Financial Reporting Standards (IFRS) have increased the importance of properly presenting and disclosing comprehensive income. However, practical challenges remain in the classification, measurement, and interpretation of other comprehensive income (OCI) components. This study examines the current practices of comprehensive income reporting in Uzbekistan, identifies key methodological and institutional issues, and evaluates the extent to which national practices align with IFRS requirements. Using comparative analysis, descriptive statistical methods, and a review of regulatory frameworks, the research highlights deficiencies related to limited disclosure, inconsistent treatment of unrealized gains and losses, and insufficient understanding among financial statement users. The findings suggest that improving the structure of the statement of comprehensive income, strengthening explanatory notes, and enhancing professional judgment can significantly increase the relevance and reliability of financial information. The paper concludes with policy-oriented recommendations aimed at improving transparency, comparability, and investor confidence in the Uzbek financial reporting system.