1

Work about NIC and NIIF

Lizeth Suárez Hernández

Camilo Alfonso
Gabriel Garzón
Ing. Industrial

Universidad Militar Nueva Granada

Cajicá
2020
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Card index
specs........................................................................................................................................4
International Accounting Standards........................................................................................5
NIC 1. Presentation of financial statements........................................................................5
NIC 2. Existences................................................................................................................5
NIC 3. Business combinations............................................................................................6
NIC 4. Depreciation Accounting.........................................................................................6
NIC 5. Non-current assets held for sale and interrupted activities......................................7
NIC 6. Exploration and Evaluation of Mineral Resources................................................7
NIC 7. Statement of cash flows...........................................................................................8
NIC 8. Accounting policies, changes in accounting estimates and errors..........................8
NIC 9. Finance instruments.................................................................................................9
NIC 10. Events after the balance sheet date........................................................................9
NIC 11. building contracts................................................................................................10
NIC 12. Income tax...........................................................................................................10
NIC 13 INVENTORIES (replaced by NIC 1)...................................................................11
NIC 14 FINANCIAL INFORMATION BY SEGMENTS...............................................11
NIC 15 INFORMATION TO REFLECT THE EFFECTS OF CHANGES IN PRICES
...........................................................................................................................................11
NIC 16 PROPERTIES, PLANT AND EQUIPMENT...................................................12
NIC 17 LEASES.............................................................................................................13
NIC 18 ORDINARY INCOME....................................................................................13
NIC 19 EMPLOYEE REMUNERATIONS....................................................................14
NIC 20 ACCOUNTING OF OFFICIAL SUBSIDIES AND INFORMATION TO BE
DISCLOSED ON PUBLIC AID.......................................................................................15
NIC 21 EFFECTS OF VARIATIONS IN THE EXCHANGE RATES OF FOREIGN
CURRENCY.....................................................................................................................15
NIC 22 BUSINESS COMBINATIONS.........................................................................16
NIC 23 INTEREST COSTS..........................................................................................16
NIC 24 INFORMATION TO DISCLOSE ON RELATED PARTIES..........................17
NIC 25...............................................................................................................................17
NIC 26 ACCOUNTING AND FINANCIAL INFORMATION ON PLANS FOR post-
employment BENEFITS...................................................................................................17
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NIC 27 CONSOLIDATED FINANCIAL STATEMENTS AND SEPARATE...............18

NIC 28 INVESTMENTS IN ASSOCIATES....................................................................18
NIC 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES........19
NIC 30...............................................................................................................................19
NIC 31 SHARES IN BUSINESS CONJUNTOS.............................................................19
NIC 32 FINANCIAL INSTRUMENTS: PRESENTACIÓN...........................................19
NIC 33 EARNINGS PER SHARE...................................................................................20
NIC 34 FINANCIAL INFORMATION INTERMEDIA..................................................21
NIC 35...............................................................................................................................21
NIC 36 IMPAIRMENT IN THE VALUE OF THE ACTIVOS.......................................21
NIC 36 gives us the parameters to define a loss due to impairment of value such as:.....22
NIC 37 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
...........................................................................................................................................22
NIC 38 INTANGIBLE ASSETS......................................................................................23
NIC 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT.....23
NIC 40 INVESTMENT PROPERTY...............................................................................24
NIC 41 AGRICULTURE..................................................................................................24
International Financial Reporting Standards.........................................................................25
Niif 1. First-time Adoption of International Financial Reporting Standards....................25
Niif 3. Business combinations...........................................................................................26
Niif 4. Insurance Contracts................................................................................................26
Niif 5. Non-current assets held for sale and interrupted activities....................................27
NIIF 6 EXPLORATION AND EVALUATION OF MINERAL RESOURCES..........27
NIIF 7 FINANCIAL INSTRUMENTS: INFORMATION TO BE DISCLOSED.........27
NIIF 8 OPERATING SEGMENTS..............................................................................28
NIIF 9 FINANCIAL INSTRUMENTS..........................................................................29
NIIF 10 CONSOLIDATED FINANCIAL STATEMENTS..........................................29
NIFF 11 AGREEMENTS CONJUTOS............................................................................30
NIFF 12 DISCLOSURES OF INTERESTS IN OTHER ENTITIES...............................30
NIFF 13 AGREEMENTS CONJUTOS............................................................................30
NIFF 14 ACCOUNTS DIFERIMIENTOS OF ACTIVITIES REGULADA...................31
NIFF 15 REVENUE FROM ORDINARY ACTIVITIES FROM CONTRACTS WITH
CUSTOMERS...................................................................................................................31
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NIFF 15 REVENUE FROM ORDINARY ACTIVITIES FROM CONTRACTS WITH

CUSTOMERS...................................................................................................................32

specs

In the following list you can found the standards who are derogated or changed for other´s:
1. Nic 3
2. Nic 4
3. Nic 5
4. Nic 6
5. Nic 9
6. Nic 13
7. Nic 15
8. Nic 22
9. Nic 25
10. Nic 35
11. Nic 22
12. Niif 9
13. Niif 10
14. Niif 11
15. Niif 12
16. Niif 13
17. Niif 14
18. Niif 15
19. Niif 16
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International Accounting Standards

NIC 1. Presentation of financial statements

Objective
The objective of this Standard is to establish the basis for the presentation of the financial
statements for general information purposes, in order to ensure that they are comparable,
both with the financial statements of the same entity of previous years, as with those of
Other different entities.
Scope
This rule will apply to all types of financial statements. The financial statements for general
information purposes are those that intend to cover the needs of users who are not in a
position to demand reports tailored to their need’s specific information. This Standard uses
terminology proper to for-profit entities, including those belonging to the public sector
Conclusion
This Standard establishes general requirements for the presentation of the financial
statements, guidelines to determine their structure and minimum requirements on their
content.
NIC 2. Existences

Objective
The objective of this Standard is to prescribe the accounting treatment of stocks. A
fundamental issue in stock accounting is the amount of cost that should be recognized as an
asset, and deferred until the corresponding revenue is recognized.
Scope
The inventories referred to in paragraph (a) of paragraph 3 are measured for its net
realizable value in certain phases of production. The intermediaries that trade is those who
buy or sell materials premiums quoted on their own account, or on behalf of third parties
Conclusion
Prescribe the accounting treatment of inventories Establish the cost number of inventories
that should be recognized as an active, to be deferred until the corresponding income be
recognized. Provide a practical guide for determination of the cost of inventories and for
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subsequent recognition as a period expense, including any impairment that lowered the
book value at net realizable value. Give guidelines on cost formulas that are used to
attribute costs to inventories
NIC 3. Business combinations

Objective
It consists of specifying the financial information to be disclosed by an entity when
conducting a business combination. A business combination is the union of separate entities
or businesses into a single entity that issues financial information. The result of almost all
business combinations is that an entity, the acquirer, obtains control of one or more
different businesses, the acquired entities.
scope
It requires that all business combinations within its scope be accounted for by applying the
acquisition method.  Also, that an acquiring entity is identified for all business
combinations within its scope. The acquirer is the combined entity that obtains control of
the other entities or businesses that participate in the combination. And on the other hand, it
requires the acquirer to measure the cost of a business combination by the sum of: the fair
values, on the date of exchange, of the assets delivered, the liabilities incurred or assumed
and the equity instruments issued by the acquirer, in exchange for obtaining control of the
acquiree. Any direct costs attributable to the combination will be added to the above
amount.
Conclusion
The changes that the current world manifests due to the internationalization of the
economy, together with the information requirements of companies in a highly competitive
market, in which efficiency is a fundamental factor of success, highlight the importance of
International accounting standards and the need for their adaptation within each country.
Such rules are considered fundamental for trading in an open market within a homogeneous
base and with solid parameters, which provide security to those who interact with economic
entities, so that users of information possess structured elements of judgment from a
system. of national accounting information configured from international accounting
standards
NIC 4. Depreciation Accounting

Objective
This reordered International Accounting Standard supersedes that
originally approved by the Board in November 1974. It is presented in
accordance with the structure of the paragraphs adopted in the
International Accounting Standards issued since 1991. Although no
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substantial changes have been made to the original text has modified
the terminology in certain cases, in order to adapt it to the current uses,
and cross-references with other standards have been updated.

Scope
Insurance contracts (also including the reinsurance contracts that you
accept) that you issue and the reinsurance contracts that you assign.
Financial instruments issued with a discretionary participation
component
Conclusion
Each company has the recognition criteria to evaluate the costs of all its
investment properties initially incurred to acquire or build a property
item, as well as the costs subsequently incurred for investment
properties. It should be noted that all economic entities must comply
with presenting their financial statements in accordance with the NIC´S
NIC 5. Non-current assets held for sale and interrupted activities

Objective
it is to specify the accounting treatment of the assets held for sale, the
presentation and disclosures about discontinued operations. Assets that
meet the criteria of IFRS 5, are valued at the lowest value between their
carrying amount and fair value less costs to sell, as well as the
depreciation of said assets held for sale, and that are presented in
separately in the statement of financial position, and that the results of
discontinued operations are presented separately in the comprehensive
income.
Alcance
all recognized non-current assets
Conclusion
A component of an entity comprises the operations and cash flows that
can be distinguished clearly from the rest of the entity, both from an
operational point of view and for information purposes financial, in other
words, a component of an entity will have constituted a generating unit
of cash or a group of cash generating units while it has been in use. An
entity will not classify a non-current asset (or a group of assets for sale)
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as held for sale. your disposition) to be abandoned. This is because its

carrying amount will be recovered. mainly through its continued use.
NIC 6. Exploration and Evaluation of Mineral Resources

Objective
specify the financial information related to the exploration and evaluation of mineral
resources. Disbursements related to exploration and evaluation are the expenses incurred by
an entity due to exploration and evaluation of mineral resources before the technical
feasibility can be demonstrated and the commercial viability of the extraction of mineral
resources. Exploration and evaluation of mineral resources is the search for mineral
resources, including minerals, oil, natural gas and similar resources not renewable, made
once the entity has obtained legal rights to explore in a given area, as well as the
determination of the technical feasibility and the commercial viability of the extraction of
resources minerals
scope
It will not address aspects related to the accounting of the entities dedicated to the
exploration and evaluation of mineral resources.
conclusion
This standard is related to the exploration and evaluation, are the expenses incurred by an
entity due to the exploration and valuation of mineral resources before the technical
feasibility and commercial viability of the extraction of mineral resources can be
demonstrated
NIC 7. Statement of cash flows

Objective
is to require companies to provide information about historical movements in cash and cash
equivalents through the presentation of a statement of cash flows, classified according to
whether they come from operating, investment and financing activities.
Scope
Companies must prepare a statement of cash flows, in accordance with the requirements
established in this Standard, and must present it as an integral part of their financial
statements, for each year in which the presentation of these is mandatory.
Conclusion
this Standard is to require the provision of information on historical changes in cash and
cash equivalents of an entity through a statement of cash flows in which the cash flows of
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the period are classified according to whether they come from activity is of operation,
investment or financing.

NIC 8. Accounting policies, changes in accounting estimates and errors

Objetivo
The objective of this Standard is to prescribe the criteria for selecting and modifying
accounting policies, as well as accounting treatment and information to be disclosed about
changes in accounting policies, changes in accounting estimates and error correction.

Alcance
This Standard will be applied in the selection and application of accounting policies, as
well as in accounting for changes in these and in accounting estimates, and in the correction
of errors from previous years.
Conclusion
this Standard is to prescribe the criteria for selecting and modifying accounting policies, as
well as the accounting treatment and information to be disclosed about changes in
accounting policies, changes in accounting estimates and the correction of errors.

NIC 9. Finance instruments

Objective
The objective of this Standard is to establish the principles for financial information on
financial assets and financial liabilities, so that useful and relevant information is presented
for the users of the financial statements for the evaluation of the amounts, timing and
uncertainty of the future cash flows of the entity.
Scope
Responsible for financial and accounting teams, including collaborators involved in
activities related to the use, registration, control and / or audit of the use of financial
instruments
Conclusion
If a transfer does not entail derecognition because the entity has retained substantially All
risks and rewards of ownership of the transferred asset, the entity will continue recognizing
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said asset transferred in its entirety and will recognize a financial liability for the
consideration received.
NIC 10. Events after the balance sheet date

Objetcive
when an entity should adjust its financial statements for events that occurred after reporting
period; the information to be disclosed that an entity should make regarding the date on
which the statements Financial services were authorized for publication, as well as
regarding the events that occurred after the reporting period.
Scope
This Standard will be applicable in the accounting and in the information to be disclosed
corresponding to the events after the balance sheet date.

Conclusion
this Standard is to prescribe when an entity should adjust its financial statements for events
that occurred after the reporting period; and the information to be disclosed that an entity
should make regarding the date on which the financial statements were authorized for
publication, as well as regarding the events that occurred after the period on which it
reports.

NIC 11. building contracts

Objective
the accounting treatment of revenue from ordinary activities and the costs related to
construction contracts. Due to the nature of the activity carried out in the construction
contracts, the date on which the activity of the contract begins and the date on which the
contract ends normally fall in different accounting periods.
Scope
This Standard must be applied for the accounting of construction contracts, in the financial
statements of contractors.
Conclusion
the incursion of International Information Standards Financial the treatment that will be
given to this type of contracts in our country will be completely different from what is
being given, because the rule stipulates that a Construction contract can be divided into
different types, and in turn can have different types of income and costs.
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NIC 12. Income tax

Objective
prescribe the accounting treatment of income ordinary and costs related to construction
contracts. This Standard should be applied for the accounting of construction contracts, in
the financial statements of contractors.
Scope
This Standard will be applied in accounting for income tax. For the purposes of this
Standard, the term income tax includes all taxes, whether domestic or foreign, that relate to
taxable earnings.
Conclusion
this rule is to prescribe the accounting treatment of income tax. A construction contract is a
contract, specifically negotiated, for the manufacture of an asset or a set of assets, which are
intimately related to each other or are interdependent in terms of their design, technology
and function, or in relation to their final destination. or used.
NIC 13 INVENTORIES (replaced by NIC 1)

NIC 14 FINANCIAL INFORMATION BY SEGMENTS

Objective
The objective of this Standard is the establishment of financial information policies by
segments -information about the different types of products and services that the company
produces and the different geographical areas in which it operates-, in order to help users of
the financial statements to:
a) better understand the company's performance in the past;
b) better evaluate the returns and risks of the company; and
c) make more informed judgments about the company as a whole.
Many companies supply products or services, or operate in geographic areas that are
subject to different rates of return, growth opportunities, future expectations and risks.
Scope
1. This Standard must be applied in the complete sets of published financial statements
that intend to comply with International Accounting Standards.
Conclusion
Many industries produce and supply products or services and operate in geographic
locations that are subject to different types of returns, growth opportunities, future
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expectations and risks; Therefore, segmented information is considered necessary to meet

the needs of the users of the financial statements.

NIC 15 INFORMATION TO REFLECT THE EFFECTS OF CHANGES IN

PRICES
Objective
Prices, whether general or specific, change over time as a result of various economic and
social forces. The specific forces that act in the market for each product, such as changes in
supply and demand or technological changes, can cause significant increases or decreases
in individual prices, regardless of how the other prices behave. In addition, the general
causes may result in a change in the general level of prices and, therefore, in the general
purchasing power of the currency.
In most countries, the financial statements are prepared from the historical accounting cost,
without considering the changes in the general price level, nor those produced at the
specific levels of the prices of the assets held, except to the extent in which the component
elements of property, plant and equipment may be revalued and inventories and other
current assets reduced to their net realizable value. The information required by this
Standard is designed to make the users of the financial statements of a company aware of
the effects of changes in prices on the results of its operations. However, the financial
statements, already prepared under the historical cost method, and under another method
that reflects the effect of changes in prices, are not intended to directly indicate the value of
the company as a whole.
Scope
1. This Statement must be applied to reflect the effects of changes in prices on the
determination of the company's results and its financial position.
2. This International Accounting Standard supersedes NIC 6, Accounting Treatment of
Price Variations.
Conclusion
The purpose of this rule is to specify the breakdown necessary to reflect the effects of price
changes on the determination of the results of a company and its financial position,
understanding that this rule is not mandatory, but encourages companies to give the
information on the effect of changes in prices, and in this case follow the breakdown
requirements required by it.

NIC 16 PROPERTIES, PLANT AND EQUIPMENT

Objective
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The objective of this Standard is to prescribe the accounting treatment of property, plant
and equipment. The main problems presented by the accounting of property, plant and
equipment are the moment of activation of the acquisitions, the determination of the book
value and the depreciation charges of the same that must be taken to results.
This Standard requires that an element corresponding to property, plant and equipment be
capitalized, when it meets the criteria for definition and recognition of assets contained in
the Conceptual Framework for the Preparation and Presentation of Financial Statements.
Scope
1. This Standard must be applied in the accounting of the component elements of the
property, plant and equipment, except when another International Accounting
Standard requires or permits a different accounting treatment.
Conclusion
The application of NIC 16 allows a greater control of the status of fixed assets, in terms of
their maintenance, operation, their updated Actual Value, Rescue Values and Adequate
Useful Lives, depreciation adjusted to the types of assets.
The investment in capital goods (fixed assets) is a protection in inflationary environments,
the application of NIC 16 helps this investment to be taken more seriously by the entities,
in terms of their quantification and accounting record. It can be expected that with the
application of NIC 16 and the sincere values of fixed assets will help entities to mitigate the
negative effect on the financial statements of the application of other international
standards.
NIC 17 LEASES
Objective
The objective of this Standard is to establish, for lessees and lessors, the appropriate
accounting policies to account for and disclose the information corresponding to operating
and financial leases.
Scope
This Statement is applicable to the agreements whereby the right to use assets is
transferred, even in the event that the lessee is obliged to provide services of certain
importance, in relation to the operation or maintenance of the aforementioned goods. On
the other hand, the Pronouncement does not apply to the agreements that give rise to
service contracts, where one party does not assign to the other the right to use some type of
assets.
Conclusion
This rule regulates, both for the lessee and the lessor, the most appropriate accounting
policies and the breakdowns to be made in relation to operating and financial leases.
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NIC 18 ORDINARY INCOME

Objective
Income is defined, in the Conceptual Framework for the Preparation and Presentation of
Financial Statements, as increases in economic benefits, produced throughout the
accounting period, in the form of entries or increases in value of assets, or as decreases in
liabilities, which result in increases in net worth, and are not related to the contributions of
the owners of the company. The concept of income includes both income itself and
earnings. The revenues themselves arise in the course of the company's ordinary activities,
and adopt a wide variety of names, such as sales, commissions, interest, dividends and
royalties. The objective of this Standard is to prescribe the accounting treatment of income
arising from certain types of transactions and other events.
Scope
This Standard must be applied when accounting for income from the following transactions
and events:
a) the sale of products;
b) the provision of services, and
c) the use, by third parties, of business assets that produce interest, royalties and
dividends.
Conclusion
It is important to know the accounting treatment of the ordinary income, which is
established in NIC 18, which establishes that the ordinary income is those that come from
the ordinary activities of the entity such as the sale of goods, the provision of services,
likewise the NIC establishes the treatment for interests, royalties and dividends.

NIC 19 EMPLOYEE REMUNERATIONS

Objective
The purpose of this Standard is to prescribe the accounting treatment and disclosure of
financial information regarding employee benefits. In the Pronouncement companies are
obliged to recognize:
a) a liability when the employee has rendered the services in exchange for which the
right to receive future payments is created, and
b) an expense when the company has consumed the economic benefit from the
service provided by the employee in exchange for the benefits in question.
Scope
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1. This Standard must be applied by employers when accounting for employee

benefits.
2. This Standard does not deal with the information that employee benefit plans must
provide (see NIC 26, Accounting and Financial Information on Retirement Benefit
Plans).
Conclusion
Companies must be analytical at the time of adopting NIC 19, in order to establish in which
category they must classify the benefits granted to their employees, in order to proceed to
the corresponding recognition, which causes the entities to analyze the expenses or
liabilities that they must assume in exchange for the benefit of their employees.

NIC 20 ACCOUNTING OF OFFICIAL SUBSIDIES AND INFORMATION TO BE

DISCLOSED ON PUBLIC AID
Objective
This Standard should be applied to accounting and information to be disclosed about
official grants, as well as information to be disclosed about other forms of public aid. This
Standard does not address:
the special problems that appear in the accounting for official subsidies within financial
statements that reflect the effects of changes in prices, or in complementary information of
a similar nature;
public aid that is granted to the entity in the form of advantages that materialize when
calculating taxable profit or tax loss, or that are determined or limited on the basis of tax
obligations. Examples of these benefits are tax exemptions, tax credits for investments,
accelerated amortizations and reduced tax rates,
Scope
This Statement is about accounting and information to be disclosed about government
grants, as well as information to be disclosed about other forms of government assistance.
Conclusion
The NIC 20 standard tells companies how to record accounting and information to be
disclosed in relation to subsidies granted by the government, as well as other forms of
government assistance.

NIC 21 EFFECTS OF VARIATIONS IN THE EXCHANGE RATES OF FOREIGN

CURRENCY
Objective
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The company can carry out activities abroad in two different ways. You can make
transactions in foreign currency or you can have operations abroad. In these cases, in order
to include foreign currency transactions and accounts of foreign operations within the
company's financial statements, the corresponding operations must be expressed in the
currency commonly used by the company to establish its accounts. , and the financial
statements of the operations abroad must be converted to the currency corresponding to the
financial statements published by the company.
The main problems facing accounting in the case of foreign currency transactions and
foreign operations are those of deciding what exchange rate to use for the conversion and
how to proceed to the recognition, in the financial statements, of the effects of foreign
exchange differences.
Scope
1. This Standard must be applied:
a) when accounting for foreign currency transactions, and
b) when proceeding to convert the financial statements of the operations that a
company has abroad, to include them in the consolidated financial statements of
said company, either using the proportional consolidation method or the
participation method.
Conclusion
The purpose of this rule is to establish the effect that is generated through the exchange and
fluctuation of foreign currencies in the financial statements, clearly identifying monetary
and non-monetary items.

NIC 22 BUSINESS COMBINATIONS

Objective
The objective of this Standard is to prescribe the accounting treatment of business
combinations. The Standard deals with both the case of acquisition of one company by
another, and the infrequent case of unification of interests between two companies, when
neither of them can be identified as an acquirer.
Scope
This Standard must be applied in accounting for business combinations. A business
combination can be structured in different ways, depending on legal, tax or other relevant
considerations. It may involve the purchase, by a company, of the securities that represent
the property of another, or the acquisition of the net assets of the other company. The
operation can be carried out by issuing shares or by transferring cash, other equivalent
means of cash, or other assets. T
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Conclusion
The purpose of this rule is to regulate the accounting treatment of business combinations,
both acquisitions and interest union, in those exceptional moments in which the buyer
cannot be identified.
NIC 23 INTEREST COSTS
Objective
The objective of this Standard is to prescribe the accounting treatment of financial costs.
The Standard establishes, as a general rule, the recognition of financial costs as expenses.
However, the pronouncement contemplates, as an alternative allowed treatment, the
capitalization of financial costs that are directly attributable to the acquisition, construction
or production of certain assets that meet certain conditions.
Scope
1. This Standard must be applied in accounting for financial costs.
2. This Standard repeal the previous NIC 23, Interest Capitalization, approved in 1983.
3. This Statement does not deal with the cost, cash or imputed, of net worth, also
understanding as such the preferred capital not included as a liability.

Conclusion
This rule improves the financial information since the cost of the asset will include all the
costs incurred to have it ready for use or sale, in addition to indicating the accounting
treatment of interest costs, which establishes as a general rule the immediate recognition of
the costs for Interest as expenses.

NIC 24 INFORMATION TO DISCLOSE ON RELATED PARTIES

Objective
The objective of this Standard is to ensure that the financial statements of an entity contain
the information necessary to highlight the possibility that both the financial position and the
result of the year may have been affected by the existence of related parties, as well as by
transactions made and outstanding balances with them.
Scope
1. This Standard will be applicable in:
a) identification of relationships and transactions between related parties
b) the identification of outstanding balances between an entity and its related
parties;
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c) the identification of the circumstances in which it is required to disclose

information about (a) and (b) above; and
d) the determination of the information to be disclosed about all these items.
This standard indicates how to specify the information to be disclosed in relation to the
relationships and transactions with related parties either when there are elements of control
or significant influence
NIC 25
No appears or claims to be repealed
NIC 26 ACCOUNTING AND FINANCIAL INFORMATION ON PLANS FOR post-
employment BENEFITS

Scope: This Standard is the accounting and the information to be presented, on the part of
the plan, to all participants, understood as a group. It does not deal with information
individual to the unit-holders about their rights. This Standard does not deal with other
types of social benefits of the employees such as severance payments, the agreements,
deferred compensation, bonuses extended absence, early retirement plans or the workforce
restructuring programs, the insurance and provident or collective systems of bonuses to the
workers. Also excluded from the scope of the Standard the social security programs of the
Public Administrations.
Conclusion: When you have plans, benefits to employees, either at the time of
productivity, or in their time of withdrawal, it is necessary that the funds of the companies
to cover their employees regardless of the other funds, that is to say, after that are
provisioned these expenses, it must make a cash disbursement of the same, such funds are
managed by third parties.
NIC 27 CONSOLIDATED FINANCIAL STATEMENTS AND SEPARATE

Scope:
1 This Standard shall be applied in the preparation and presentation of the consolidated
financial statements a group of entities under the control of a dominant.
2 This Standard does not address the methods for accounting for business combinations and
its effects on consolidation, including the treatment of goodwill arising from the business
combination).
3 In the case that the entity present the financial statements has elected, or is required by
local regulations, to prepare separate financial statements, also apply this Standard to the
accounting for investments in subsidiaries, entities, jointly controlled and associated.
Conclusion: financial statements are the financial statements of a group presented as if it
were a single economic entity. A group is the set formed by a controller and all of its
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subsidiaries. A subsidiary is an entity, including entities without legal form to be defined,

such as the formulas associated with business purposes, that is controlled by another
(known as a controller). Control is the power to govern the financial and operating policies
of an entity so as to obtain benefits from its activities.
NIC 28 INVESTMENTS IN ASSOCIATES
Scope:
This Standard applies to the accounting for investments in associates. However, shall not
apply to investments in associates held by:(a)Organizations of risk capital, or(b) collective
investment institutions, investment funds or other similar entities, including the insurance
funds linked to investments.
Conclusion: The NIC 28, speaks to us of each method of participation used for the
accounting whereby the investment is recorded initially at cost and is adjusted subsequently
in line with the changes that you experience, following the acquisition, the portion of the
net assets of the entity that corresponds to the inverter. The result of the exercise of the
investor will collect the portion that corresponds to the results of the investee company.
NIC 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES
Scope:
this Standard shall apply to the financial statements, as well as the consolidated financial
statements of an entity whose functional currency is the currency of a hyperinflationary
economy. Do not set a rate of inflation absolute to consider that, by being larger, there is a
state of hyperinflation.
Conclusion: NIC 29 describes characteristics that may indicate when an economy is
hyperinflationary, however, ends stating that it is a matter of criteria when it is necessary to
re-expression of financial statements and sets out the characteristics of the economic
environment as: The general population prefers to keep its wealth in the form of non-
monetary assets or in a foreign currency stable, in addition to the amounts of money are
spent immediately so as not to lose your purchasing power the same.
NIC 30
No appears or says derogated
NIC 31 SHARES IN BUSINESS CONJUNTOS

Scope: This Standard applies to accounting for interests in joint ventures and for reporting
in the financial statements on assets, liabilities, income and expenses of unit-holders and
investors, regardless of the structures or forms that they adopt the activities of the joint
ventures. However, it will not be of application in the interests in controlled entities, jointly
held by:
(a) a venture capital entity, or
 20

(b) collective investment institutions, investment funds or other similar entities,

including funds, insurance linked to inversions.
Conclusion: NIC 31 does not say that a joint venture is a contractual agreement under
which two or more participants undertake an economic activity that is subject to joint
control. Joint Control is the contractual agreement to share control over an economic
activity, which occurs only when the strategic decisions, both financial and operational, of
the activity require the unanimous consent of the parties sharing control (the
participants).Control is the power to govern the financial and operating policies of an
entity, in order to obtain benefits from its activities.
NIC 32 FINANCIAL INSTRUMENTS: PRESENTACIÓN
Objective: Is to establish principles for presenting financial instruments as liabilities or net
assets, as well as to the offsetting of financial assets and financial liabilities.
Scope: This Standard shall apply to contracts for the purchase or sale of non-financial
elements that are settled net in cash or another financial instrument, or by exchanging
financial instruments, as if those contracts were financial instruments, with the exception of
contracts that were held and maintained with the aim of receiving or delivering a non-
financial, in accordance with the purchases, sales or requirements of use expected by the
entity.
Conclusion: NIC 32 speaks of as a financial instrument shall classify in its entirety or each
of its component parts, at the time of its initial recognition as a financial liability, a
financial asset or an equity instrument in accordance with the economic essence of the
contractual arrangement and the definitions of a financial liability, financial asset and
equity instrument. The issuer of a financial instrument non-derivative evaluate the terms of
this to determine if it contains components of both liability and equity. These components
are classified separately as financial liabilities, financial assets or equity instruments. A
financial instrument is any contract that gives rise simultaneously to a financial asset in one
entity and a financial liability or an equity instrument in another entity.
NIC 33 EARNINGS PER SHARE
Objective:
To establish a denominator in the calculation of earnings per share.
Scope: This Standard shall apply
(a) to the separate financial statements or individual of an entity:
(i) Whose ordinary shares or ordinary shares potential they are traded on a public
market (stock exchange, domestic or foreign, or otc market, including local and
regional markets), or
(ii) register, or is in the process of registering, its financial statements in a securities
commission or other regulatory organization, with the purpose of issuing
ordinary shares in a public market
 21

(b) to the consolidated financial statements of a group with a dominant:

(i) Whose ordinary shares or ordinary shares potential they are traded on a public market
(stock exchange, domestic or foreign, or to market, including local and regional markets),
or
(ii) Register, or is in the process of registering, its financial statements in a securities
commission or other regulatory organization, with the purpose of issuing ordinary shares in
a public market.
Conclusions: NIC 33 defines us terms such as: ordinary share is an equity instrument that
is subordinate to all other classes of equity instruments. Ordinary share potential is a
financial instrument or other contract that may entitle its holder to receive common shares.
Also, it gives us the parameters of how to analyze earnings per diluted shares and
retroactive adjustments.

NIC 34 FINANCIAL INFORMATION INTERMEDIA

Objective: The objective of this Standard is to establish the minimum content of the
interim financial information as well as establish the criteria for the recognition and
valuation to be followed in the preparation of the interim financial statements, as filed in
complete form, or condensed. The interim financial information, if presented at the right
point and contains reliable data, improving the ability of investors, lenders and other users
to understand the entity's ability to generate profits and cash flows, as well as its financial
strength and liquidity.
Scope: it is advisable to entities with publicly traded securities that are:
(a) to Publish, at least, interim financial statements, referring to the first half of each of its
accounting periods annual, and, in addition, that
(b) post their interim financial statements to the disposal of the users in a period not
exceeding 60 days after the end of the accounting period in-between.
Conclusion: The NIC 34 reveals to us the interim financial information must contain, as a
minimum, the following components: (a) a statement of financial position condensed.
NIC 35
No appears or says derogated

NIC 36 IMPAIRMENT IN THE VALUE OF THE ACTIVOS

Objective:
 22

The objective of this Standard is to establish the procedures that an entity applies to ensure
that its assets are accounted for at an amount that does not exceed its recoverable amount.
An asset will be recorded above its recoverable amount when its carrying amount exceeds
the amount that may be recovered through their use or their sale. If this were the case, the
asset would be presented as impaired and the Standard requires the entity to recognize an
impairment loss in the value of that asset. The Standard also specifies when an entity
reverse impairment loss, as well as the information to reveler defining amount as: Amount
of money is worth the goods or that figure in the invoice.
Scope:
This Standard applies to the accounting for impairment of all assets, other than: inventories,
assets of contract assets and costs, deferred tax assets, financial assets within the scope of
the NIIF9, does not apply to inventories, assets arising from construction contracts, the
deferred tax assets, assets arising from employee benefits or assets classified as held for
sale (or included in a group of assets for disposal that are classified as held for sale)
because existing Standards applicable to these assets stipulate the requirements for
recognition and measurement.
Conclusion:
NIC 36 gives us the parameters to define a loss due to impairment of value such as:

• The impairment loss in the value of the assets must be recognized when its carrying
amount exceeds its recoverable amount.
• In the case of assets carried at cost, the recognition of the impairment loss is recorded in
the income statement.
• In the case of revalued assets, is considered as a decrease of the reserve for revaluation.
• If it is not possible to determine the recoverable amount of an asset, will determine the
recoverable amount corresponding to the cash-generating unit including that asset.
NIC 37 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Objective:
To ensure use of the proper basis for the knowledge and measurement of provisions,
contingent liabilities and contingent assets, and to enable users to understand the nature,
timing of maturity and amounts of the above items.
This Rule does not require, nor prohibit, the capitalization of the costs recognized to
constitute a particular provision.
 23

Scope: This Standard should be applied by all entities, when accounting for provisions,
contingent liabilities and contingent assets, except: those arising out of contracts pending
execution, except if the contract is of an onerous nature.
Conclusion: NIC 37 gives us the parameters to define provision such as: recognizes a
provision if there are 3 circumstances:
1. Existence of a present obligation (legal or implicit) owing to a past event.
2. It is likely that the entity will have to part with economic resources to cancel the
obligation
3. You can get a reliable estimate of the obligation, except in very exceptional cases.
Implicit obligation: it is given in an entity due to an established pattern of behavior in the
past, by business policies of public domain or by means of a declaration made in a manner
that is sufficiently specific, the entity has revealed to a third party, that is willing to accept
certain kinds of responsibilities and due to all of the above, the entity has created an
expectation valid before third parties.
NIC 38 INTANGIBLE ASSETS
Objective: This Standard requires entities to recognize an intangible asset if, and only if,
certain criteria are met.
Scope: This Standard does not apply to the disbursements made in these operations and
contracts. However, this Standard applies to other intangible assets used (such as computer
programs) and other outlays (such as those corresponding to the start of the activity), in
extractive industries or by insurers.
Conclusion: This NIC 38 us bean in summary, what can be the value of the intangible
assets and their classification, for example, a software essential to the functioning of an
electronic equipment, there may be an intangible asset, because it happens to be a machine
or plant, because it is indispensable, but an application for said electronic device if it
becomes an intangible asset.
NIC 39 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT

Objective:
Establishes standards for the accounting and reporting of almost all types of financial
instruments. Typical examples include cash, deposits, debt and equity securities (bonds,
treasury bills, stocks...), derivatives, loans and receivables, and many others.

Summary: Classifies the financial assets into four major categories: financial Assets at fair
value through profit or loss: a financial asset that is either:
Classified as held-for-trading, or
 24

from the initial recognition, it is designated by the entity as at fair value with changes in
results. Financial assets held to maturity: non-derivative financial assets with fixed or
determinable payments and fixed maturity that the entity has the intention to effectively
hold them until maturity, except for:
Those designated at fair value with changes in results in the initial recognition.Those
designated as available-for-sale and
Those that meet the definition of loans and receivables.
Loans and receivables: non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market other than:
Which the entity intends to sell immediately or in the short term (the trading portfolio).
Those designated at fair value with changes in results in the initial recognition.Those
designated as available-for-sale.
Those for which the holder may not recover substantially all of its investment except
through credit deterioration (available for sale).Financial assets available-for-sale: non-
derivative financial assets that are designated as available-for-sale or are not classified in
any other of 3 above categories. Financial liabilities are classified into two main categories:
financial Liabilities at fair value with changes in results: a financial liability that is
either:Classified as held-for-trading, or
From the initial recognition, it is designated by the entity as at fair value with changes in
results. Other financial liabilities valued at amortised cost using the effective interest
method.

NIC 40 INVESTMENT PROPERTY

Objective: The Objective of this Standard is to prescribe the accounting treatment of the
investment properties and the requirements of disclosure of information.
Scope: This standard is applicable to the knowledge, measurement and disclosure of
information of the investment properties, but it is not applicable for biological assets related
to agricultural activity and mineral rights and mineral reserves such as oil, natural gas and
non-renewable resources similar.
Conclusion:
NIC 40 can be defined in; the loss or gain resulting from the withdrawal or disposition of
an investment property, will determine how the difference between the net income of the
variation and the carrying amount of the asset, and will recognize in the result of the period
in which the withdrawal or the Misappropriation (unless NIC 17 requires otherwise, in the
case of a sale with subsequent lease).
 25

NIC 41 AGRICULTURE
Objective: The Objective of this Standard is to prescribe the accounting treatment,
presentation in the financial statements and the disclosure of information in relation to the
agricultural activity.
Scope: This standard applies to the posting of the following, as long as is related to
agricultural activity:
Biological Assets and agricultural produce at the point of harvest or collection.
This Rule shall not apply to:
(a) Land related to agricultural activity (see NIC 16 Property, Plant and Equipment, as well
as NIC 40 Investment Properties
(b) Intangible assets related to agricultural activity (see NIC 38 )
Assets biólogos Products agrícolas Products resulting from the
processing after the harvest
or recollection
Ovejas Wood wool Yarn, carpet
Trees in a plantation forest Trees fallad Trunks, madera
Plant´s Cotton Cotton Teread, drees
Caña cut Sugar 
Dairy cattle milk Cheese 
Cerdos Reses slaughtered sausages, hams curados
Arbustos Hojas Tea cured tobacco 
 fruit Trees Fruit collected  Processed Fruit

Conclusion:
Agricultural Activity is the management by an entity of the transformation and harvest of
biological assets, to commit to the sale, and convert them into agricultural products or into
other biological assets additional. The transformation biological comprises the processes of
growth, degradation, production, and procreation that are the cause of the qualitative or
quantitative changes in biological assets. A biological active is a live animal or a plant.
Agricultural product is the product harvested from biological assets of the entity.
Harvesting or picking is the separation of the product of the biological active of the
proceeds, or the cessation of the life processes of a biological active.
 26

NIC 41 prescribes, among other things, the accounting treatment of biological assets over
the period of growth, degradation, production, and procreation, as well as the initial
measurement of agricultural produce at the point of harvest or collection

International Financial Reporting Standards

Niif 1. First-time Adoption of International Financial Reporting Standards

Objective
Ensure that the first financial statements under an entity's IFRS, as well as its interim
financial reports, relating to a portion of the year covered by such financial statements
Scope
recognize all assets and liabilities whose recognition is required by IFRS; must not
recognize as assets or liabilities items that IFRS does not recognize as such; reclassify
assets, liabilities and components of equity, recognized under the previous GAAP, in
accordance with the categories of assets, liabilities and equity that correspond according to
IFRS; and apply IFRS in the measurement and valuation of all recognized assets and
liabilities.
Conclusion
These standard states that the first financial statements under IFRS must be the first annual
financial statements in which the entity adopts IFRS, by means of an explicit and
unreserved statement, contained in such financial statements, of compliance with IFRS. It
also requires that entities must prepare an opening balance sheet in accordance with IFRS
on the date of transition to IFRS. This will be the starting point for accounting according to
IFRS.

Niif 2. Stock-based payments

Objective
Specify the financial information that an entity must include when conducting a transaction
with share-based payments. Specifically, it requires the entity to reflect in the result of the
period and in its financial position, the effects of transactions with share-based payments,
including expenses associated with transactions in which stock options are granted to the
employees.
 27

Scope
Establishes measurement principles and specific requirements for three types of
transactions with share-based payments: transactions with payments based on shares
liquidated with equity instruments, in which case the entity receives goods or services as a
counterpart for the entity's equity instruments.

Conclusion
Management's best estimate of the fair value of share-based payments is using as an
expense measurement if market prices are not available. When the goods or services are
acquired in a transaction with share-based payments they do not qualify for recognition as
assets, they will be recognized as expenses. If the entity cannot reliably estimate the fair
value of goods and services revived.
Niif 3. Business combinations.

This statard is governed or known as NIC 3

Niif 4. Insurance Contracts
Objective
Make a set of limited improvements in the accounting of insurance contracts by insurers.
Disclose information that identifies and explains the amounts of the insurance contracts in
the financial statements of the insurer, and that helps the users of said statements
understand the amount, timing and uncertainty of the future cash flows affected from said
contracts.
Scope
It does not apply to other assets or liabilities of the insurer, such as financial assets and
financial liabilities that fall within the scope of IAS 39 Financial Instruments: Recognition
and Measurement. In addition, it does not deal with the accounting to be carried out by the
holders of insurance policies.
Conclusion
It allows to introduce an accounting policy that supposes to measure again in a uniform
way, in each period, certain insurance liabilities, to reflect the current market interest rates
(and, if the insurer so chooses it, other estimates and current assumptions used). Without
this authorization, the insurer would have been obliged to apply the change in accounting
policies evenly to all similar liabilities.
Niif 5. Non-current assets held for sale and interrupted activities
This standard is knotweed as the nic 5
 28

NIIF 6 EXPLORATION AND EVALUATION OF MINERAL RESOURCES

Objective
The purpose of this NIIF is to specify the financial information related to the exploration
and evaluation of mineral resources.
Scope
An entity shall apply this NIIF to the disbursements related to the exploration and
evaluation incurred.
Conclusion
In companies that are considering mineral exploration within their activity, they must use
NIIF 6 to perform the best accounting practices for recording disbursements related to the
exploration and evaluation of mining resources and their deterioration. and the amounts that
arise.

NIIF 7 FINANCIAL INSTRUMENTS: INFORMATION TO BE DISCLOSED

Objective
The purpose of this NIIF is to require entities that, in their financial statements, disclose
information that allows users to evaluate. The principles of this NIIF complement those of
recognition, valuation and presentation of financial assets and financial liabilities of NIC 32
Financial instruments: Presentation and of NIC 39 Financial instruments: Recognition and
valuation.
Scope
This Standard shall be applied by all entities, to all kinds of financial instruments, except
to:
a) Participations in subsidiaries, associates and joint ventures that are accounted for under
NIC 27 Consolidated and Separate Financial Statements, NIC 28 Investments in Associated
Entities or NIC 31 Participations in Joint Ventures However, in some cases NIC 27, NIC 28
or NIC 31 allow the entity to account for participations in a subsidiary, associate or joint
venture by applying NIC 39; in those cases, the entities will apply the disclosure
requirements of NIC 27, NIC 28 or NIC 31, in addition to those established in this
Standard. The entities shall apply this Standard to all derivatives on the interests in
subsidiaries, associates or joint ventures, except those derivatives that conform to the
definition of equity instrument of NIC 32.
Conclusion
NIIF 7 was created in order to require companies to show information in their financial
statements that allows users to assess the importance of financial instruments in the
 29

financial situation, the entity's performance and the extent of risks arising from these
instruments.

NIIF 8 OPERATING SEGMENTS

Objective
Every entity must present information that allows users of its financial statements to assess
the nature and financial implications of the business activities it carries out and the
economic environments in which it operates.
Scope
This Standard will be applicable in:
a) the identification of relationships and transactions between related parties;
b) the identification of outstanding balances between an entity and its related parties;
c) the identification of the circumstances in which it is required to disclose information
about (a) and (b) above; and
d) the determination of the information to be disclosed about all these items.
Conclusion
Companies are required to present information on their financial statements so that users
are allowed to evaluate the nature of their operations and the financial implications of their
activities in the economic environment.

NIIF 9 FINANCIAL INSTRUMENTS

Objective
The objective of this Standard is to establish the principles for financial information on
financial assets and financial liabilities, so that useful and relevant information is presented
to users of the financial statements for the evaluation of the amounts, timing and
uncertainty of cash flows. entity cash futures
Scope
This Standard shall apply by all entities to all types of financial instruments, except to:
those interests in subsidiaries, associates or joint ventures, which are accounted for in
accordance with NIIF 10 Consolidated Financial Statements, NIC 27 Separate Financial
Statements, NIC 28 Investments in Associates and Joint Ventures. However, in some cases
NIIF 10, NIC 27 or NIC 28 require or allow an entity to account for the interests in a
subsidiary, associate or joint venture in accordance with some or all of the requirements of
 30

this Standard. Entities will also apply this Standard to derivatives on interests in
subsidiaries, associates or joint ventures, except when the derivative meets the definition of
equity instrument of the entity that contains NIC 32 Financial Instruments
Conclusion
This rule establishes the financial principles of financial assets and liabilities, so that this
information is useful and relevant for users and thus be able to carry out the assessments of
the amounts and uncertainty of future money flows.

NIIF 10 CONSOLIDATED FINANCIAL STATEMENTS

Objective
The purpose of this NIIF is to establish the principles for the presentation and preparation
of consolidated financial statements when an entity controls one or more different entities.
This Standard does not address the requirements to account for business combinations or
their effects on consolidation, including goodwill arising from a business combination (see
IFRS 3 Business Combination).
Scope
An entity that is a controlling entity will present consolidated financial statements. This
NIIF applies to all entities except the following:
a) A parent does not need to present consolidated financial statements if it meets all of the
following conditions: first, is a wholly or partially owned subsidiary of another entity and
all of its other owners, including the holders of non-voting shares, have been informed that
the parent will not present consolidated financial statements and have not raised objections
to it; second, its debt or equity instruments are not traded in a public market (either a
national or foreign stock exchange, or an unorganized market, including local or regional
markets); terth, does not register, nor is in the process of doing so, its financial statements
in a securities commission or other regulatory organization, with the purpose of issuing
some type of instruments in a public market;
Conclusion
This standard indicates the financial principles for the preparation and presentation of the
consolidated financial statements when the entity controls one or more financial entities.

NIFF 11 AGREEMENTS CONJUTOS

Objective: to Establish principles for the presentation of financial information by entities
that have an interest.
Conclusion: Joint Agreement in which the parties that have joint control of the agreement:
they have rights on assets and obligations on the assets and obligations for the liabilities,
 31

relating to the agreement, a joint agreement in which the parties that have joint control of
the arrangement have rights to the net assets of the agreement.
NIFF 12 DISCLOSURES OF INTERESTS IN OTHER ENTITIES
Objective:
The objective of this NIFF is to require an entity to disclose information that enables users
of its financial statements to evaluate:
a) The nature of its interests in other entities and the risks associated with them, and
(b) The nature of those interests in its financial position, financial performance and cash
flow.
Conclusion:
NIFF 12 tells us that the entity will decide, based on your circumstances, how much detail
to provide to meet the information needs of the users and how much emphasis granted to
the different aspects of the requirements and the way in which it adds the information.
NIFF 13 AGREEMENTS CONJUTOS
Objective: To define fair value, establish in a single NIFF a framework for measuring fair
value.
Conclusion: The NIFF 13 may be concluded with the following table:

Image N°1. Hierarchy of fair value.

NIFF 14 ACCOUNTS DIFERIMIENTOS OF ACTIVITIES REGULADA

Objective:
The objective of this Standard is to specify the requirements of the financial information for
the balances of the accounts of regulated activities that arise when an entity provides goods
or services to customers at a price or rate that is subject to regulation of rates.
Scope:
 32

This Standard does not allow entities to recognize balances of accounts of regulated
activities if those entities have a dominant position in a market and decide to self-regulate
to avoid the potential intervention of the government that could occur if it was perceived
that it was abusing its dominant position. In its place, requires that there be a regulator of
rates formal involved to ensure that the mechanism of tariff regulation in force is backed by
law or regulation and that the regulatory mechanism is linked to the entity.
Conclusion:
The requirements of this Standard allow that when an entity adopts NIFF, and is within
your reach; continue the posting of the balances of the accounts of regulated activities in
their financial statements in accordance with prior PCGA, subject to the limited changes.
NIFF 15 REVENUE FROM ORDINARY ACTIVITIES FROM CONTRACTS
WITH CUSTOMERS.
Objective:
Its main objective is that revenue is recognized when control of a good or service is
transferred to the client. It is a unique model that distinguishes between performance
obligations satisfied at a point in time, and those obligations that are satisfied over a period
of time.
Scope:
An entity shall apply this Standard to all contracts with customers, except in the following
cases:
lease contracts within the scope of NIC 17 Leases
insurance contracts within the scope of NIFF 4 Insurance Contracts
financial instruments and other contractual rights or obligations within the scope of NIFF 9
Financial Instruments, NIFF 10 Consolidated Financial statements, NIFF 11 Joint
Arrangements, NIC 27 Separate Financial statements and NIC 28 Investments in Associates
and Joint ventures.
Exchanges of non-monetary between entities in the same line of business events to
facilitate sales to customers or potential customers. For example, this Rule would not apply
to a contract between two oil companies that agree to an exchange of oil to meet the
demand of its customers at various locations specified on the basis of chance.
Conclusion:
An entity shall apply this Standard to a contract only if the counterparty to the contract is a
customer. A customer is a party that has contracted with an entity to obtain goods or
services that are the result of the ordinary activities of the aforementioned entity, in
exchange of a consideration. A counterpart of the contract would not be a customer if, for
example, has contracted with the entity to participate in an activity or process in which the
parties to the contract share the risks and benefits resulting from this activity or process
 33

(such as the development of an asset in a collaboration agreement) in lieu of obtaining the

proceeds from the ordinary activities of the entity.
NIFF 15 REVENUE FROM ORDINARY ACTIVITIES FROM CONTRACTS
WITH CUSTOMERS.
Objective:
This Standard establishes the principles for the recognition, measurement, disclosure and
presentation of leases. The aim is to ensure that lessees and lessors to provide relevant
information to represent faithfully these transactions. This information provides a basis to
the users of financial statements to evaluate the effect that leases have on the financial
position, financial performance and cash flows of an entity.
Scope:
An entity shall apply this Standard to all leases, including leases of assets use rights in a
sublease, except:
lease agreements for exploration or use of minerals, oil, natural gas and non-renewable
resources similar
biological assets within the scope of NIC 41 Agriculture held by a lessee
service concession arrangements within the scope of NIIF 12 Service Concession
Arrangements
licenses of intellectual property granted by a lessor within the scope of NIFF 15 Revenue
from Ordinary Activities from Contracts with Customers
rights held by a lessee under license agreements that are within the scope of NIC 38
Intangible Assets for items such as films, videos, plays, manuscripts, patents and
copyrights.
Conclusion:
The NIFF 16 determines significant changes with respect to the accounting requirements of
the lease contracts that were regarded as operating under NIC 17 and that with the new
regulations will be classified as financial. It also gives us the definition of a finance lease;
in which it transferred substantially all the risks and benefits of ownership of the asset.
NIFF 17
Derogada by NIFF 16