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All Journal Journal of Islamic Contemporary Accounting and Business
Tony Heryana
Universitas Pendidikan Indonesia-Indonesia
Economics, Econometrics & Finance

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Accounting System Evolution in Emerging and Transition Economies: A Comparative Analysis of Indonesia and Uzbekistan Abdimuradov Shohjahon Olimjon oʻgʻli; Aristanti Widyaningsih; Tony Heryana; Yusupov Komaliddin Bakhtiyor Ugli
Journal of Islamic Contemporary Accounting and Business Vol. 4 No. 2 (2026): JICAB
Publisher : Tazkia Islamic University College

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/jicab.v4i2.568

Abstract

This study provides a comprehensive qualitative comparative analysis of the accounting systems and financial reporting frameworks in Indonesia and Uzbekistan. Grounded in Institutional Theory and Economic Determinism Theory, this paper examines how an emerging market giant, Indonesia, and a high-growth transition economy, Uzbekistan, navigate global pressures for accounting harmonization. Utilizing a four-pillar analytical framework comprising regulatory architecture, corporate IFRS convergence, public sector accrual accounting, and SME bookkeeping practices the findings reveal fundamental structural divergences. Indonesia enforces a professionally led, gradualist approach featuring a multi-tiered framework (SAK/IFRS, SAK EP, PSAK Syariah, SAK EMKM) with continuous technical updates (e.g., PSAK 72, 73, and 1) to protect its deep capital markets. Conversely, Uzbekistan executes a state-driven, top-down accelerated transition under presidential decrees (Resolution No. PP-4611), mandating direct IFRS compliance for large taxpayers, state-owned enterprises, and commercial banks while retaining National Accounting Standards (NAS) for general entities. Despite these diverging corporate trajectories, both nations face parallel institutional frictions in public sector accrual implementation due to deeply rooted traditions of centralized control, alongside shared SME bottlenecks characterized by tax-driven bookkeeping dependencies and severe human capital constraints. This paper contributes to international accounting literature by illuminating how macroeconomic scale and institutional history shape accounting evolution in developing and transition economies.
Beyond Compliance: A Qualitative Study on the Operational Utility and Behavioral Barriers of Accounting Reports in Uzbek Enterprises Abdimurodov Ulugbek Olimjonovich; Aristanti Widyaningsih; Tony Heryana; Yusupov Komaliddin Bakhtiyor Ugli
Journal of Islamic Contemporary Accounting and Business Vol. 4 No. 2 (2026): JICAB
Publisher : Tazkia Islamic University College

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/jicab.v4i2.569

Abstract

This research investigates how accounting documents function within financial oversight across organizations in Uzbekistan, applying a qualitative methodology through direct interviews with financial experts. The outcomes reveal that although financial statements are regularly compiled to fulfill legal regulations, their functional application in strategic financial administration differs significantly. Core obstacles involve restricted managerial participation, difficulties in interpreting intricate financial metrics, and a lack of cross-departmental teamwork. Contributors also stressed the necessity for enhanced training and simpler reporting layouts. This inquiry emphasizes the significance of organizational culture and communication in driving the efficacy of financial reporting, demonstrating that formal frameworks alone remain inadequate absent supportive behavioral routines. These insights add to the literature concerning management control inside transitional economies while delivering actionable suggestions to elevate financial governance in Uzbekistan.
Co-Authors Abdimuradov Shohjahon Olimjon oʻgʻli Abdimurodov Ulugbek Olimjonovich Aristanti Widyaningsih Yusupov Komaliddin Bakhtiyor Ugli