International financial reporting standards: progress in their implementation in United States of America, Mexico, and Venezuela

Abstract

In this paper, the objective was to review progress in the implementation of international financial reporting standards in the region. Three countries were considered for this study: United States, Mexico and Venezuela. Documentary sources were analyzed to describe the beginning and development of International Financial Reporting Standards (IFRS), determine global developments in the homogenization of IFRS and characterize relevant aspects in the application of IFRS in the selected countries. Concluding that in the countries studied, with significant differences in socio-economic, political and cultural, the coincidence is evident in the application of IFRS, with varying degrees of progress. Large companies and SMEs, should apply IFRS mandatory in order to achieve comparability of financial information and also reaffirms that all IFRSs are necessary language in business and financial markets, providing trust and transparency to market, and making adequate, timely and comparable financial information.