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A global accounting language MSE D.

By Luis Montero.

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Much has been talked about globalization and its challenges. The most advanced countries in this regard have set certain guidelines that are geared specifically towards the standardization of the terms of trade.

From an accounting perspective consider it appropriate to warn of a task pending. In accordance with the Corporations Act, companies in Peru and stan required to prepare financial statements in accordance with GAAP in Peru under IFRS, official in our country by the Accounting Standards Board. From the foregoing it may be concluded that the financial statements of companies in Peru are prepared in accordance with IFRS. Unfortunately this is not correct. In Peru, prepare financial statements in accordance with IFRS adopted by the CNC, in good account in accordance with accounting principles generally accepted in Peru.

Does this mean that we talking about different accounting frameworks that do not produce the same information?
Peruvian companies need to make adjustments in their financial statements that can be noticed that use IFRS. International standards require that companies must have applied, without exception, all IFRS issued by the International Accounting Standards Board (IASB) and in force internationally as of the date of the financial statements.
CNC Despite the efforts to formalize the rules as soon as possible since these are adopted internationally, currently maintain a gap in the adoption of IFRS 7 and 8 and IFRIC all (interpretations of international standards 14 issued to date).

In Peru the effects of full adoption of international standards has been experienced only by companies that decide to list its shares on international stock exchanges. These companies have had to take great efforts to process your financial information in order to suit the requirements of IFRS, the financial statements were audited from the process and additionally had to build a team and outline the procedures to allowed to produce periodic financial information. It is not only listed companies values \u200b\u200boutside those affected by the Peruvian situation on IFRS. In fact, foreign capital interested in investing in Peruvian companies requesting financial information to prospective investment. Naturally, the first review is published and projected financial information. Later want to be sure that the information they have access reflects the financial situation under the rules they know, usually IFRS.


http://www.elcomercio.com.pe/edicionimpresa/Html/2008-05-07/un-lenguaje-contable-global.html