Abstract

SIERRA GONZALEZ, Ernesto María  and  RICO BONILLA, Carlos Orlando. Reflections about financial accountings’ conceptual framework. The Colombian case. Innovar [online]. 2004, vol.14, n.23, pp.43-52. ISSN 0121-5051.

Growing academic and professional preoccupation has emerged regarding establishing a coherent set of concepts sustaining due process in issuing accountancy and auditing norms in view of the boom in the process of normalising accountancy. International norm-establishing entities have been seeking to construct a conceptual framework for financial accountancy since the end of the 1970s, based on observing current accounting practice and research methods ruling the philosophy of science. The issuing of Decree 2160 in 1986 began the standardising process in Colombia. This measure revealed the need for constructing policy dealing with standardising accounting practice and generating debate regarding the topic of the conceptual framework within the context of local jurisdiction, professional development and discipline of accounting as a fundamental tool of economic growth and social welfare.

Keywords : Accounting normalisation; conceptual framework; financial accountancy.

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