Study of international financial reporting standards and their impact on the economy.

Abstract

The International Financial Reporting Standards (IFRS), also known as (International Financial Reporting Standards) in English, establish a set of accounting rules adopted by the IASB, a private entity based in London. These standards play a fundamental role in global accounting practices, serving as detailed guidance for the preparation of financial reports. Small and medium-sized businesses (SMEs) are key to the Latin American economy, but the lack of reliability in their financial statements makes access to external financing difficult. The IFRS for SMEs seek to improve the presentation of financial information, allowing companies to carry out financial-accounting management effectively and efficiently. In the context of emerging economies, accounting practices and regulations are designed to develop specific knowledge in their environment. The adoption of a new system, whether regulatory or voluntary, implies a change in accounting practice, influenced by various factors. To prepare this article, it was based on bibliographic information where an exhaustive review of academic literature and relevant documents related to IFRS and its impact on the economy was carried out. With the aim of thoroughly understanding the theoretical foundations and historical context of IFRS, as well as its application in different countries and economic sectors.