Analysis of the differences between the international of financial reporting standards (IFRS) and the accounting principles (VEN IFRS)

Abstract

This article is the result of an investigation aimed at analyzing the differences between International Financial Reporting Standards (IFRS) and the regulations issued by the FCCPV, called VEN-FRS. These differences include: (1) reserves in the application of certain provisions of IFRS, and (2) specific treatments for Venezuela. In Venezuela, the adoption of IFRS was agreed in January 2004 for a National Directory Expanded (DNA) of the FCCPV, union organization which groups the Venezuelan Public Accountants. In the event union agreed to establish an adoption program that included the analysis of such standards in order to fit the legal and economic environment of the country particularly, and a program for the training of Venezuelan Public Accountants. At present, the Generally Accepted Accounting Principles in Venezuela VEN-called NIF include Application Bulletins (BA VEN-FRS), as outlined in paragraph 7 of the Application Bulletin no. 8 version 0. The BA VEN-FRS are important and necessary to study because they provide some reservations and particular treatments, which ultimately are the differences between IFRS and VEN-FRS. This research is framed within an investigation of an analytical-descriptive, which is to get to know the situations prevailing customs and attitudes through the exact description of the activities, objects, processes and people. In our particular case, we try to identify the particular cases in which different local standards with international standards. This will help users of the information prepared in accordance with VEN-FRS, to determine the effect of such differences may arise.