The Accounting Standardization System replaced the old Official Accounting Plan ( POC ). This change brought the practices of accounting processes to a higher level, since this new model is a great approximation to the accounting practices used internationally. This system will be applied to all companies that have Organized Accounting.
The main advantages of the Accounting Standardization System are:
- Greater transparency
- More Quality
- Greater comparability between companies
- Facility to obtain international financing
- Similar to international accounting practices
As will be easily understood in the near future, there will still be some difficulties inherent to this change, since the differences between the Official Accounting Plan and the Accounting Standardization System are still some, apart from Fair Value, difficult to account for, which will affect the accounting of tangible assets of companies.
This change is a little reminiscent of the introduction of the Euro, some “confusion” at first, but shortly afterwards no one remembers our Shield.