Archive for the ‘Financial Reporting info’ Category

The former president of the Association of Certified Public Accountants and a partner in KPMG Panama, Milton Rayon said it is up to the Accounting Technical Board of Panama, an entity under the Ministry of Trade and Industry (MITI), to rule as to when they to apply these standards and what is your definition for “Sees.”

He stressed that the implementation depends on each country and Panama is the only Central America, where the regulatory body of accounting has not decided yet. The new rules for Sees has about 300 pages instead of the 3 000 pages containing the general rules, making it much easier and friendlier.

Henri Fortin, World Bank, said the general international standards pose a very low threshold, so that demand for relatively small companies as well as large enterprises when they were designed for companies that are publicly traded and can not expect a very small company complies with the standard of transparency in a large company.

“The solution is simple, you must update the regulatory framework to incorporate this new standard did not exist and is the equivalent to the full standard, but for Sees and is the tool of the future for the counters of most companies “he added.

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