This article examines the state, development trends, and future directions of the management accounting and cost management system in the Republic of Uzbekistan. Drawing on official statistical data from stat.uz and soliq.uz covering the period 2021–2025, the study provides a comprehensive analysis of the structure, dynamics, and efficiency of production costs across industrial, manufacturing, and commercial enterprises. The findings demonstrate that legislative reforms in management accounting — particularly Presidential Decrees and regulatory instruments adopted between 2020 and 2024 — have markedly enhanced the financial transparency of domestic enterprises. However, significant challenges persist in aligning national management accounting standards with international best practices. The article also discusses new reform initiatives introduced in 2026 and their implications for enterprise cost management. Based on the analytical results, practical recommendations are formulated for extending the adoption of strategic cost management, Activity-Based Costing (ABC) methodology, and standard costing frameworks.