Not only has Globalization generated capital inflows to our country, but also the growth of existing ones. Our investors, too, have set their horizons in other markets, which undoubtedly arises the need to further study the organizations’ accounting and financial structures. In order to achieve this, the discussion about basic aspects of the changes that international regulations have resolved to introduce in the criteria for preparing financial statements of companies that present consolidated accounts in the stock markets must be addressed.
Since such regulatory change is expected to be mandatory in the future, and depending on the nature of the commercial and financial operations of the group in question, the accounting of such consolidated groups must undergo modifications of different scope.
Transition to account presentation based on these standards will entail an important adaptation effort for Colombian companies, so that an important set of actions, both in the domain of training and in the technology of accounting applications, must be designed with sufficient advance.
According to the behavior of the accounting regulations of the European Economic Community, in 2005 companies must have their accounting systems adapted to international accounting standards, European version. This means that Colombian businesses having commercial and financial relations with the European Union must handle such information under international accounting standards and the essential thing is that their professionals, dedicated to accounting and financial management, are prepared to take on the challenge arising with the conversion of accounting standards and principles generally accepted in Colombia to international accounting principles and standards.