Accounting policies and their impact on the preparation of financial statements in a municipality of Peru
DOI:
https://doi.org/10.35622/j.rg.2021.02.003Keywords:
Financial statements, international standards, public sector, accounting policiesAbstract
The objective was to determine the incidence of applying accounting policies for the public sector in the preparation of financial statements in the Municipality of Pillpinto. For this, the forms of application of accounting policies in the preparation and presentation of the entity's legal and technical situation of the assets, liabilities, and equity were described. The analytical descriptive type method was applied through the analysis of financial statements and description through a survey of the knowledge of the accounting policies to the personnel working in the entity. It is appreciated that the incidence of the application of international accounting standards for the public sector (IPSAS) and other accounting policies in the preparation of the municipality's financial statements is deficient. 49% of the professionals did not correctly apply the IPSAS and other accounting policies in the practice of the accounting information because 56% of the public servants are not aware of these standards. It was found that the application of international accounting standards for the public sector in the preparation of financial statements. Therefore, the information presented in these documents is deficient for decision-making since they do not have the required qualitative characteristics. Training, evaluations, and corresponding sanctions must be applied to the professionals in charge of the accounting process to compensate for this deficiency. If the aim is to guarantee the application of accounting policies in a correct and timely manner, internal control must be implemented in the units that handle accounting information.
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Copyright (c) 2021 Nadia Choquehuayta, Nancy Martell, Yoshia Martell
This work is licensed under a Creative Commons Attribution 4.0 International License.
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