CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE REPORTING: INTERNATIONAL EXPERIENCE

Abstract

This article explores the significance of financial performance reporting within corporate governance systems, emphasizing the role of income recognition in ensuring transparency and accountability. The study argues that corporate financial strategies should extend beyond short-term profit maximization and instead focus on achieving long-term financial sustainability and stability. Particular attention is paid to the accounting practices applied in the Republic of Uzbekistan, which are regulated by national legislation and increasingly aligned with International Financial Reporting Standards (IFRS). The research is based on a qualitative analysis of regulatory documents, national accounting standards, and international accounting principles, with a focus on revenue recognition criteria. The findings reveal that accurate identification of the moment of income recognition, proper measurement of revenues and related expenses, and compliance with established accounting principles significantly enhance the reliability of financial statements. The results of the research may be useful for corporate managers, accounting specialists, researchers, and policymakers involved in the development and improvement of financial reporting systems and corporate governance practices.