Implementation of the “Property, plant, and equipment” (IAS 16) standard in practice: the case of Uzbekistan

Abstract

The International Accounting Standard (IAS) 16, titled “Property, plant, and equipment” (PPE), is one of the pivotal standards under the International Financial Reporting Standards (IFRS). It provides comprehensive guidelines on the recognition, measurement, depreciation, and disposal of property, plant, and equipment. The standard aims to ensure that financial statements provide a true and fair view of an entity's financial position regarding its tangible assets. This article explores the application and challenges of implementing IAS 16 in Uzbekistan, considering the local economic environment and regulatory framework.