IFRS are focused on investor needs: priority is given to the economic substance of transactions over their legal form, and assets and liabilities are often reflected at fair value.
National standards serve a different purpose — they are closer to tax and supervisory accounting requirements. This leads to differences: the same company may show different profit and asset values under national standards and IFRS, and neither figure is incorrect.
In Uzbekistan, the transition to IFRS applies to certain categories of organizations, while others continue to maintain records under national accounting standards. In practice, this means that financial statements of different issuers on the market may be prepared under different rules.
For investors, this creates a direct limitation: indicators and calculated multiples can only be compared between companies applying the same standards. Before comparison, it is important to check which rules were used for each statement and whether it covers the entire group or only a single legal entity.