Update on financial reporting in Cuba
01 Aug 2007
We have added a Country Page for Cuba describing the background and current status of the accounting framework in Cuba.
In January 2006, the Cuban government issued, through the Cuban Accounting Standards Committee (Comité de Normas Cubanas de Contabilidad), a set of Cuban Financial Information Standards (Normas Cubanas de Informacion Financiera, or NCIF).
The measurement and disclosure standards and general standards in Section 2 are generally harmonised with International Financial Reporting Standards. The specific standards in Section 2 address economic issues not covered by the general standards that are unique to the local economic activity. Click here for Country Page for Cuba and Links to Other Jurisdiction Pages on IAS Plus. We have updated our Table Summarising Use of IFRSs.
The Normas Cubanas de Informacion Financiera are composed of eight sections:
|