TRANSFORMATION OF THE ACCOUNTING SYSTEM AND THE IMPACT OF TAX BURDEN UNDER INFLATION AND FISCAL POLICY CONDITIONS
DOI:
https://doi.org/10.5281/zenodo.19187003Abstract
This study systematically analyzes the impact of inflation and government fiscal policy on the accounting system, as well as the effect of the tax burden on corporate financial performance and investment activity. The research is based on official inflation data (8–12%) and the average tax burden relative to GDP (25–27%) in Uzbekistan for 2021–2024. The findings indicate that accounting practices based on historical cost fail to accurately reflect the real financial position under inflationary conditions.
In particular, significant discrepancies arise between the replacement cost and the balance sheet value of fixed assets, depreciation charges do not fully cover real expenses, and corporate net profit is often overstated in nominal terms. Consequently, the tax base is artificially inflated, creating additional fiscal pressure on enterprises.
Furthermore, fiscal policy instruments—such as tax rates, budget expenditures, and the system of incentives—have been analyzed to reveal their direct connection to accounting methodologies. The study demonstrates the necessity of transforming financial statements to account for inflation, implementing International Financial Reporting Standards (IFRS), revaluing assets and liabilities, and applying discounting techniques.
The final conclusions emphasize that optimizing the tax burden, establishing an accounting system that reflects real financial results, and enhancing the alignment between accounting practices and fiscal policy are essential factors for ensuring economic stability.
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