The convergence process of International Financial Reporting Standards in Spain, Peru and Argentina

• Published in: Contabilidad y negocios 2014-03, Vol.9 (18), p.6-26
• Main Authors: Rafael Molina Llopis, Oscar Díaz Becerra, José Carlos Capuñay Vásquez, Hernán Casinelli
• Format: Article
• Language: Spanish
• Subjects: convergencia contable; estados financieros; NIIF; normas contables
• ISSN: 1992-1896; 2221-724X

Economic globalization has led to an international convergence of standards, to the extent that, in recent decades, the International Financial Reporting Standards (IFRS) have become the most used accounting model worldwide, as it has for countries on which this descriptive research is based. This document is the first stage of the research, which main objective is to show the evolution and current characteristics of the accounting model set by the IFRS in Latin America, Spain and Portugal. This is part of the convergence process of worldwide accounting.To this end, this study consists of four parts. In the first one, the process of international accounting harmonization is described in general terms. Meanwhile, in the following paragraphs, this study shows the characteristics and evolution of local accounting standards in Spain, Peru and Argentina, until adopting IFRS or, if it was the case, adopting their standards to these provisions. Finally, in the analysis of each country, there are final thoughts on the process of convergence of the accounting model set by IFRS.