Financial Management



Financial Management

International Accounting Standards

The International Accounting Standards are a set of rules or laws that establish the information to be presented in the financial statements and how that information should appear in those states. They are not physical or natural laws awaiting their discovery, but rather that man rules, according their business experiences, continues to believe that this is true of importance considered in the presentation of financial information. They are high quality accounting standards, oriented investor, whose aim is to reflect the economic substance of business operations, and present to its stakeholders and other people who are involved in the cycle of the business with the fair view of the company's overall financial position. These Standards are issued by the International Accounting Standards Board (IASB, former International Accounting Standards Committee, and IASC). The rules are known by the acronym IAS and IFRS depending on when you were approved and qualify through the "interpretations" that are known by the acronym SIC and IFRIC.

Within his work period (1973-1999) the IASC issued IAS 41's (of which 29 are in force today) and after its restructuring (2000-present) going to be called IASB issued IFRS 13 ( of which there are 9 in force and the rest under implementation), along with 27 performances.

They have been officially adopted by the European Union as its accounting standards, but only after going through the review of EFRAG, so to see which are applicable in the EU have to check their status.

In the U.S., publicly traded entities will be able to choose whether present financial statements under U.S. GAAP (the national standard) or low NICs.

Other Asian and American countries are also adopting IAS.

More than 100 countries require or permit the use of IFRS or are in the process of convergence between national rules and IAS

Accounting Policy No. 23: Recognition of Income and Expenses

The income and interest expense and adjustments are recorded according to their accrual period effective rate. Income will be calculated using the fair value of the overall received or receivable and it actually stand for the amounts receivable for goods supplied and services rendered in the ordinary course of the normal operations of Banco BICE. Sales of goods are recognized when the Group transfers substantially all risks and benefits that the Company holds about them. In a relationship intermediary, when acting as financial intermediary, there will gross flows collected on behalf of the principal service provider. These flows do ...