Improving Accounting Practices to Increase the Competitiveness of Enterprises

Nilufar U. Babakhanova, Sonya M. Sultanova, Ayjan B. Djumanova, Maxim K. Kodirov, Saltanat T. Seytbekova

2024

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DOI 10.1108/s1877-63612024000033a026
Data confidence 85 high
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Abstract

Abstract This chapter aims to study international experience and prospects for improving accounting practices to enhance the competitiveness of enterprises. The research is based on a sample from 202 countries for 2019–2022, relying on World Bank statistics. The authors ranked the factors related to accounting practices in terms of their significance in ensuring the global competitiveness of enterprises. The most significant factors are the detalization of accounting, communication with tax inspectors, and accounting digitalization of accounting. The least significant and contradictory factor was the inclusivity of top management. The theoretical significance lies in the fact that its results revealed previously unknown influences of accounting practices (managerial factors) on the competitiveness of enterprises. The scientific novelty of the obtained results lies in the rethinking of the process of managing the global competitiveness of enterprises in the accounting system through the prism of Sustainable Development Goals (SDGs), substantiating that this management most actively supports the implementation of SDG 16 and SDG 17, generally supports SDG 9, and slightly contributes to SDG 5. The practical significance is associated with the perspective of enhancing the competitiveness of enterprises through the improvement of accounting practices (using Uzbekistan as an example). It demonstrates that even with low activity and small market capitalization of domestic enterprises on the stock market, improving accounting practices can significantly increase this activity and capitalization. The author's recommendations will help improve accounting practices and ensure the growth of the global competitiveness of enterprises in Uzbekistan in the medium term until 2026.