Analysis of the policy and legal framework of the process of adoption of standards of financial reporting in Venezuela (VEN IFRS)

Abstract

The process of globalization that lives through the international markets creates the need to standardize the processes and the procedure of presentation of financial information in the world. This Information must be guided by such characteristics as reliability and comparability. The accounting, like the generator of the financial and economic information is responsible of showing the operational scene of the economic entities and this must expire every day with better requirements. As a consequence of this situation it has become necessary to possess international standards specifically in the countable area, which it carries to adopting the International Procedure of Accounting. The present investigation work has been developed with the purpose of analyzing the process of countable adoption of local principals to International Principals of Procedure of Financial Information in Venezuela (VEN NIF), and this way determine how the process of adoption was carried out in Venezuela, the legal dispositions of this process and the advantages and disadvantages for the countable profession. The applied methodology consisted of a documentary investigation, analytical type; instruments were designed for the completion of such information like the bibliographical - documentary review, which instruments of completion of the information were the records of documentary observation, which allowed obtain the necessary information for the achievement of the aims raised in this investigation. It got conclude that the International Procedure of Financial Information establish a unique language of countable reading worldwide, Venezuela additionally possesses a juridical frame that orientates the countable professional to use the norms of the above mentioned procedures together with the bulletins of application issued by the Federation of Colleges of Book-keepers.