The legal and regulatory requirement in Colombia, accompanied with the requirement of the International Accounting Standards has led to issuing conflicting standards. The legal requirements on accounting are primarily expressed in the Code of Commerce which provides a guideline for the general accounting needs that companies must adhere to in terms of keeps books and creating financial statements.
This is supplemented by the 1990 Law 43 that gives a more general legal framework that authorizes the Colombian government to issue Colombian auditing and accounting standards and to perform regulation of the profession in the country (Accounting Standards Update by Jurisdiction 2007). Lastly, the “Decree 2649” gives way to the Colombian generally accepted accounting principles. In addition, accounting and other rules regarding financial statement representation are also issued and overseen by the Superintendent of Corporations (corporate regulator), the Superintendent of Securities (securities market regulator), and the Superintendent of Banking (Colombia: Financial Statement Requirements In Colombia 1997).
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