Experience of some Latin American countries with international accounting standardization

Abstract

This article provides an indirect view of the processes that some countries have experienced in standardizing their accounting procedures and accounting information systems. This has enabled various business sectors in a country to interact in the new business world successfully. It is worth noting that to be able to do this, companies must rethink their accounting and administrative information management systems. Because of the most important economic, political, and commercial events that have taken place worldwide, international financial information standards have clearly played a major role in the last few decades. NIIF/NIC is a reliable accessible communication system that provides an understanding of the complex current economic relations. It is also worth mentioning that there is a latent need to establish an international accounting information management system which minimizes discrepancies that arise between national and international accounting rules - one that can also be adopted as a global tool that homogenizes accounting information.