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International Accounting Standards (IAS)
Maintain the proper functioning of a company regarding its accounts
and financial trajectory requires controlling various factors that ensure its
continuity and stability. Among all these factors, one of the most notable must be emphasized.
important, such as the case of accounting in the company, an essential factor in any
business idea. From the moment the company is formed, parameters are established
that allow them to know the economic situation of the company at all times,
its benefits, its income or expenses, which is done through rules, studies and
techniques that accounting provides us, so it can be said that without it we do not
You can hardly know any economic fact that relates to business.
Now well within the regulatory framework that governs accounting are
International Accounting Standards (IAS), which were adopted by the IASB
giving rise to the International Financial Reporting Standards (IFRS), this fact
originated because the NICs only focused on the tax aspect and not on the financial aspect.
The IAS (International Accounting Standards) are issued by the
International Accounting Standards Board (formerly International Accounting Standards
Committee). They are a set of rules or laws that establish the information that must be
present in the Financial Statements and the way that information should appear in
these states, that is, with the information contained in them, the aim is to reflect the
economic essence of business operations, and present an accurate image of the
financial situation of a company, within the current IAS it is possible to find:
NIC 1: The objective of this standard is to provide us with guidelines for
preparation and presentation of Financial Statements, in such a way that the information
presented in this, is reliable, comparable, easy to understand and allows for decision making
decisions.
NIC 2: Determines the treatment of inventories, emphasizing their
measurement, the inventory that is recognized as an asset and in the importance it represents
this item for companies in the commercial and industrial sector within their states
financial
NIC 7: Raises the requirements regarding cash and cash equivalents.
of organizations, subjecting themselves to the preparation and presentation of Cash Flow Statements
cash.
NIC 8: Allows for the accounting treatment of certain items of income
and loss, as well as allowing changes to accounting policies as long as
when an error occurs regarding accounting estimates.
NIC 9: Establishes the difference that can arise regarding recognition
of the costs of research and development activities either as expenses or assets.
NIC 10: Proposes the possibility of presenting in the financial statements of the
contingencies and the events that occur after the date on which it was prepared and presented
balance
NIC 11: Demonstrates the accounting treatment of revenues and costs arising from
of construction contracts.
NIC 12: Orders the accounting treatment of income tax, that is
how to handle recoveries in the future of recognized assets and liabilities
in the balance.
NIC 14: Indicates how financial information policies are established
taking into account the segmentation of the different types of products, services, and areas
geographical areas in which companies operate.
NIC 15: Allows for the recognition of the variation in the prices of a product
of the market, due to changes in supply and demand
NIC 16: Determines the accounting treatment of property, plant, and equipment in
regarding its acquisition, depreciation, and the determination of the book value.
NIC 17: Establishes the way in which accounting policies should be developed for
tenants and landlords.
NIC 18: Establishes the accounting treatment of income arising from
transactions.
NIC 19: Indicates the treatment and disclosure of financial information regarding the
employee benefits, either as a liability or as an expense as the case may be.
NIC 20: Proposes the accounting and disclosure information regarding the
government grants and assistance.
NIC 21: Indicates how transactions in foreign currency should be accounted for and
the activities that an entity carries out abroad.
NIC 22: It explains the accounting treatment of those companies that merge with
another.
NIC 23: Establishes the recognition of interest costs as expenses.
NIC 24: Deals with the preparation and presentation of information about related parties
related.
NIC 25: It deals with the accounting for investments in the financial statements of
the companies.
NIC 26: orders concerning the accounting information to be provided by the plans of
withdrawal benefit
NIC 27: This standard indicates how to prepare and present the financial statements.
consolidated financials, arising from the combination of businesses.
NIC 28: Indicate how the investments of companies should be accounted for.
associated.
NIC 29: Establishes the treatment of financial information for economies
hyperinflationary in prices.
NIC 30: Discloses the information that should be revealed in the financial statements of
banks and other financial institutions.
NIC 31: Indicates how to account for joint venture investments.
NIC 32: Improves users' understanding of financial statements.
NIC 33: Proposes the principles for determining and presenting earnings figures
for action.
NIC 34: Establishes the minimum content of interim information.
NIC 35: Establishes the principles that govern financial information about
operations in the process of discontinuation by companies.
NIC 36: Indicate the procedures that a company must apply to ensure that
the value of its assets does not exceed the amount it can recover from them.
NIC 37: Ensures that appropriate bases are used for recognition and the
measurement of provisions, contingent assets and liabilities.
NIC 38: Prescribes the accounting treatment of intangible assets that are not
contemplated in another international accounting standard.
NIC 39: Establishes the accounting principles for recognition, measurement and
Revelation regarding financial instruments.
NIC 40: Introduce a fair value accounting model for non-current assets
financial, specifically for those known as properties of
investment.
NIC 41: Establishes the accounting treatment of everything related to the activity
agricultural.
The success of these standards is due to the fact that the standards have been adapted to the needs of
the countries, without intervening in the internal regulations of each one of them.
The benefits for organizations that adopt them are to create awareness that the
change is not only technical, but it will generate economic impact,
maintain integrity in information and in accounting, financial data and
economic in order to facilitate comparisons between business entities, create
more transparency in the financial market, providing investors with information
more accurate about the company profiles which will allow obtaining necessary information
for their investment decisions.
Undoubtedly, accounting has played an important role throughout the
history, economic growth, the need for sustainability in the market of the
organizations, the emergence of new technological and computing trends, the
globalization, competition, among other factors, over time.
It is no secret that any change generates chaos at the moment of being
determined, however, it is of vital importance, for us as accountants in
training, being prepared to face them and the best way is to be in constant innovation
of our knowledge, so that we can develop appropriately in
the different situations that arise daily in society.
Bibliography
http://www.comunidadcontable.com/KnowledgeBank/IFRS
https://www.gestiopolis.com/international-accounting-and-financial-standards/
nic-niif-and-dna/
http://www.academia.edu/8696445/TASK_MONOGRAPHY_NIC
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