Abstract
Property, plant and equipment is a key element of the productive capacity of business entities and the reliability of its accounting and control has an impact on financial reporting and asset management. With the convergence of the IFRS and the growth of digital technologies, uniformity of approaches in determining PPE recognition, measurement, depreciation, monitoring and control gain importance in Uzbekistan. Useful lives and residual values and depreciation methods may fail to keep up with the changing asset-use patterns and technological obsolescence, and conventional approaches may not reflect differences between accounting records and the technical and economic condition of assets. The aim is to investigate the current methods of PPE accounting and control, explore practical difficulties that arise and propose recommendations for enhancing the methods using digital technologies. A comparison of IAS 16, IPSAS 45 and Uzbekistan's NAS 5 reveals similarities in method and differences in the frameworks; illustrative calculations illustrate that the method chosen for valuing an asset at a depreciation amount differently affects the carrying amounts of the assets and the timing of the depreciation expense. The results also suggest the integration of accounting information, asset location, technical condition of the asset, asset utilization, asset repair, asset modernization and financial-tax differences. The study offers an integrated model of digital accounting and control throughout the life cycle of PPEs, which is based on the use of digital identification, automated reconciliation and applications of AI analytical tools. The proposed approach may enhance the reliability and timeliness of accounting information, internal control, and decision making that is economically motivated in regards to asset modernization, replacement, and renewal.