Estrategia para la adopción de las NIIF en la PYMES de Tunja

Abstract

Financial globalization has required the implementation of reporting standards that are promoted by international regulatory organizations such as the IASC which, initially, issued international accounting standards (IAS) and then was restructured into the IASB to issue International Financial Reporting Standards (IFRS). In spite of the fact that these type of standards are used mostly by companies whose shares are traded on the stock exchange; the IASB has made a less complex version for small and mediumsized enterprises (SMEs), which make up the majority of Colombian companies and have a different dynamic than large firms and those that were classified in Group 2. The IFRS adoption process has been slow for businesses in Tunja. This situation is attributed to the low importance placed on the financial standardization for proper functioning in SMEs. For this reason, all the actors involved in this process, especially the academic institutions, should provide the relevant knowledge to define and implement a viable and successful strategy, which is composed of three stages (awareness, shared learning, and shared implementation). This will help companies become more competitive in local markets.