Creation of Law 1314 of 2009 in Colombia
Since the creation of Law 1314 of 2009 that regulates the convergence to International Financial Information Standards and Regulatory Decree 3022 IFRS for SMEs, the innovation of accounting processes is born, but before it is necessary to talk about the process and transformation that the accounting regulations have hadIn Colombia with the entry into validity of IFRS, which has generated research and studies from different perspectives, which seek to deepen different aspects of them within the financial information of companies in all sectors, on their general impact, onits costs, among others;that for the purposes of this work, they serve as the basis for developing the proposed analysis.
Blanca Alicia Soto-Restrepo, Jacqueline de la Cruz Quiros-Jaramillo and Gloria Stella Mesa-Velazquez, members of the Research, Information and Management Group, of the Eafit University in Medellín, Colombia, in 2013 they presented their study entitled “Comparative analysis of the treatment of treatmentaccounting and financial inventories between NIC 2 full, IFRS SMEs Section 13 and Decree 2706 Chapter 8 ”, in order to analyze the central theme of your research and from a methodology based on the elaboration of comparison matrices or relational tables, they capturedThe concepts of the three norms and from this, obtain the similarities and differences between themselves, based on the foundation of said regulations.
Study that they silver used to serve as an application guide in the Academy and orientation to accounting professionals, given responsibility for the preparation and presentation of financial information, under international accounting standards, according to the schedules established for theCompanies in Colombia.
From the above, they conclude that the three standards have the same definition for inventories, that is, as resources to be sold, in the process of production, finished and material goods, spare parts and supplies;Likewise, the three standards handle the same concepts as the cost component (purchase price, tariffs, other non -recoverable taxes, etc.), But chapter 8 of microenterprises is more precise regarding the issue of financial discounts, which must be taken as an entry to the results status. In addition to the above, they determine, among others, that IAS 2 and section 13 of IFRS for SMEs are clear when referring that there is a transformation cost, which is composed of direct labor and varying indirect costs, incurred to transform materials into a product, but chapter 8 for microenterprises leaves at the discretion of the company the use of a cost system in which these two concepts should include, these being the ones that are most difficult for the measurement of the cost.
On the other hand, Edgar Emilio Salazar Baquero, a professor at the Javeriana University of Bogotá D.C., In the accounting area, it makes a compilation of articles that determine their work “comparison between the International Financial Information Standard for Small and Medium Entities (IFRS for SME) and Colombian regulations”, in which it manages to establish that among the main differences areThe IFRS for SMEs include better parameters with respect to the distinction and measurement of entries in financial treaties;Similarly, more fair value measures are taken and the use of measures that recognize the value of money in time is common.
The compilation concludes that although there are similarities between comparative regulations, it is undeniable that international standardization has made great efforts to improve the practices of recognition, measurement and presentation of information, which in turn has revealed that Colombian regulationpresents various aspects that have not been contemplated.
Within the same topic that is raised in the present investigation, the students Yenny Andrea Herrera and Jenny Constanza Sánchez de la Uniagraria de Colombia at its headquarters in Bogotá D.C., They published in 2014 the “Analysis of the differences in accounting and financial treatment in inventory management as a result of the adoption of IFRS SMEs for the first time, case study”;identify and characterize for this the changes in the accounting and financial treatment of inventories under international IFRS standards, which allowed themIn the balance of organizations, so that by expanding the margin of application of the cost system, the assessment of the inventive elements will be concerned with the policies of their management in the companies.
The framework that regulates the actions of the public accountant in Colombia, the way of carrying out its work, is proclaimed the code of ethics that must be observed by all those who exercise the profession, in addition to the functions that have the two control bodies of ourprofession The Technical Council of Public Accounting and the Central Board of Accountants, being the first to give technical guides in the financial information process, and the Central Board, the institution that monitors and sanctions the accountants who violate the normThrough the disciplinary regime of the public accountant, it is regulated in Law 43 of 199.
Colombian companies have been immersed in a number of situations in search of complying with said regulations adopted by our country, with the aim of acquiring the benefits of entering a competitive world. The implementation of these international standards opens the doors to foreign investment and allows national companies to be more competitive worldwide.
With the passing of time, it has tried to solve each of the processes that are presented in an economic entity, so, for the development of this research, we take as a reference a work carried out in August 2015 where a group ofSpecialists carried out a project on the “Design of Accounting Policies in the management of costs and inventories in manufacturing companies”. In which accounting policies on production and inventory costs are clearly reported, they also mention and describe the components of the cost of raw material, labor and indirect manufacturing costs. (Santiago Álzate, Luis Felipe Jiménez, Marisol Rodríguez, 2015).
It is important to mention the principles of accounting generally accepted in Colombia (Coolgap) in force before convergence to IFRS, which were regulated by Decree 2649 of 1993 and Decree 2650 of which generally accepted accounting principles or norms are definedIn Colombia, the set of basic concepts and rules that must be observed when registering and informing accounting for the affairs and activities of natural or legal persons. Relying on them, accounting allows identifying, measuring, classifying, registering, interpreting, analyzing, evaluating and informing, the operations of an economic entity, clearly, complete and reliable.
This regulation regulated accounting in Colombia, until in 2009 under Law 1314 of 2009, the Colombian State established that companies constituted in this country must implement financial information standards according to this current standard that are the adaptation of standardsUnder international accounting standards which are for all entities (large, medium, small) and natural persons forced to bring accounting, in addition to the implementation of IFRS, which contracted benefits which are that the information brings greater transparency to report inThe control entities, ease of holding businesses with another entity, the comparability of financial information, easy tool for decision making and the most important simplifies the preparation of financial statements.
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