Resumen

BARACALDO-LOZANO, Natalia Andrea. Is guarantor of the the principle of transparency the implementation of international standards in Colombia?. Cuad. Contab. [online]. 2013, vol.14, n.spe36, pp.1097-1120. ISSN 0123-1472.

Tran sparency -as defined by the Organization for Economic Co-operation and Development, OECD- ensures the timely and accurate disclosure of all material matters regarding the partnership, including the financial situation, performance, ownership and governance of the company. Likewise, it is one of the points that The International Financial Reporting Standards Foundation (IFRS Foundation) aims to develop, promote and provide within the single set of financial reporting standards that are reflected in the financial statements and that, finally, are the basis for the interested party decision making. This article contextualizes transparency in two scenarios: in a first step as a principle of corporate governance and, secondly, as a quality of financial information according to the Law 1314/2009. On the other hand, fraudulent financial statements, which usually have the concept of creative accounting, are presented to demonstrate that, although the financial situation was revealed by the International Financial Reporting Standards (IFRS) these were not an absolute safeguard in preventing this type of malicious and criminal activities. The aim of this paper is to demonstrate that transparency is not only achieved by applying the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA), but that there are other aspects of great relevance that must be taken into account as a suitable model for internal control, accounting policies, periodic audits, information dissemination; ultimately, appropriate corporate governance practices.

Palabras clave : transparency; implementation of financial reporting standards; fraud; creative accounting; International Financial Reporting Standards (IFRS); financial information-standards; comparative accounting; Colombia.

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