THE EVOLUTION OF GLOBAL FINANCIAL REPORTING: STRATEGIC IMPLICATIONS OF IFRS INTEGRATION IN 2026
Keywords:
IFRS 18, ISSB, Financial Transparency, Sustainability Disclosure, Accounting Convergence, Principles-Based Framework, Information Asymmetry, Integrated Reporting, US GAAP vs. IFRS, Financial performance, international financial reporting standard, management performance measures.Abstract
This article examines contemporary issues in international financial reporting, with particular attention to the transition to IFRS 18 Presentation and Disclosure in Financial Statements, the move by the International Sustainability Standards Board (ISSB) to establish global sustainability disclosure requirements, and the continuing debate over the extent to which accounting standards can be principles-based rather than rules-based. Using Uzbekistan as an illustrative emerging-market case, the paper combines accounting theory, institutional theory and empirical evidence on IFRS adoption to explain both the anticipated benefits of IFRS 18 (greater transparency, comparability and reduced information asymmetry) and the institutional constraints that may limit its impact, including enforcement capacity, professional skills and digital infrastructure. The article closes with strategic implications for regulators, preparers, auditors, educators and investors.
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