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Original research
THE ROLE OF FINANCIAL GLOBALIZATION IN THE DEVELOPMENT OF SMALL AND MEDIUM ENTREPRENEURSHIP IN UZBEKISTAN: PERSPECTIVE AND APPLIED SOLUTIONS FOR THEIR TRANSITION TO IFRSPages 41-46
Abstract
The research is devoted to establishing the prospects and developing applied solutions for a more widespread transition of small and medium-sized enterprises in Uzbekistan to IFRS to maximize the benefits of financial globalization. The dynamics of financial globalization and the role of small and medium-sized enterprises (SMEs) in the entrepreneurial structure of Uzbekistan from 2010 to 2025 are analyzed using horizontal and trend analysis methods. The research identifies a steady increase in the level of financial globalization and the active growth of small and medium-sized entrepreneurship in Uzbekistan. Based on a sample of ten countries, including Uzbekistan, with the highest projected SME development levels in 2025, the authors developed a model of financial globalization for SMEs adopting International Financial Reporting Standards (IFRS). The authors propose several recommendations to facilitate a broader transition of Uzbek SMEs to IFRS and maximize the benefits of financial globalization. These include reducing clustering, stimulating entrepreneurial activity, and increasing the share of digital sales within the service sector of the economy.
Keywords: Financial globalization, foreign investment, small and medium-sized businesses, financial accounting.
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Shakhlo T. Ergasheva, 
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