INTERNATIONAL PRACTICES IN ACCOUNTING FOR RECEIVABLES AND PAYABLES IN JOINT-STOCK COMPANIES: IMPLICATIONS FOR UZBEKISTAN

Abstract

This study examines international practices in accounting for accounts receivable and payable in joint-stock companies and evaluates their applicability to Uzbekistan. The research is based on a comparative analysis of European, U.S., and Canadian approaches, with particular emphasis on IFRS-based accounting, credit risk assessment, and internal control systems. Special attention is given to the implementation of the Expected Credit Loss (ECL) model as a forward-looking mechanism for measuring financial assets. The findings indicate that in developed economies, receivables and payables are not merely accounting elements but strategic tools for financial management and risk mitigation. Furthermore, the research identifies key institutional and technological barriers to adopting these practices in Uzbekistan. A structured framework for gradual implementation of international approaches is proposed, focusing on accounting modernization, process optimization, and digital transformation. The results contribute to improving financial reporting quality and strengthening corporate governance