Accounting of Operations in Foreign Currency in Cuba: History and Present in Harmonization with IFRS

Abstract

This article focuses on identifying the elements that should be subject to improvement in the Cuban Accounting Standards related to operations in foreign currency, as part of the harmonization process with the International Financial Reporting Standards (IFRS). A systematization of the theories and regulations of international scopeand a comparative analysis of the Cuban standard with the International Standard is carried out. It is concluded that international economic operations constitute a widespread practice to which the accounting profession has paid attention. It is shown that, although the harmonization process with IFRS is under development with significant progress, it is still in its infancy; and the main elements of the standard that must be perfected are identified.