Update on financial reporting in Cuba

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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 Normas Cubanas de Informacion Financiera are composed of eight sections:

  1. Background and general information, including a preface to the NCIF, the purpose of the Cuban Accounting Standard Committee, and the conceptual framework related to the preparation and presentation of the financial statements.
  2. Cuban Accounting Standards, including measurement and disclosure standards, general standards, specific standards, and accounting interpretations.
  3. Standards relating to disclosure of forecasted activity (budget).
  4. Account descriptions.
  5. Deals with governmental accounting.
  6. Cuban standards for cost accounting.
  7. Glossary.
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.


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