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International Accounting in Colombia (South America)
Finance & Accounting
Pages 3 (753 words)
International Accounting in Colombia (South America) International Accounting Standard Board, offers the International Financial Reporting Standards that guides how accounting occurs the world over (Neal, 128). The standards offered ensure that accounting occurs in a similar fashion in the whole world…
The desire to keep abreast with the information needs that globalization brought about, motivated Colombia to adopt these standards. In the whole of South America, Colombia has the most advanced accounting system, having incorporated the accrual basis of accounting in its Public Sector Accounting Standards. Accounting profession entails the process of communicating financial information of an organization, a corporation, or a business entity to the stakeholders and other interested parties. This communication serves to ensure that those stakeholders who do not have any accounting or financial knowledge gets to understand the financial position of the entity and can thus participate in decision making regarding the entities financial issues(Neal,125). The role of accounting profession therefore is to look into all transactions of the entity and ensure they are accurate, and then report this information to the entity’s stakeholders, who can use this information for their decision-making purposes. In Colombia, a law enacted in July 2009 guides accounting regulations. This law requires that the national accounting standards of that country tally with the International Financial Reporting Standards (IFRS). ...
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