Accounting in Nicaragua Not Up to Date

The updating of accounting systems in Nicaraguan companies to international standards is too slow.

Thursday, April 11, 2013

In Nicaragua there are approximately 30,000 professionals in public accounting and finance, but most of them are not trained in a continuous form.

According to the Association of Accountants of Nicaragua, universities have also been concerned about upgrading their academic programs in accounting.

From an interview published by Laprensa.com.ni, conducted by Wendy Alvarez Hidalgo with Freddy Solis Ibarra, president of the Court of Honor of the Institute of Chartered Accountants of Nicaragua:

According to Solis, universities are not updating their academic programs and proof of this is that students are still performing accounting operations on paper, when that method is obsolete. The problem is that now the whole operation is done using software that can be downloaded for free from the Internet.

"Nicaragua can say that it is progressing in terms of adoption of international accounting standards. Employers are slowly realizing the need to adapt to international standards. But obviously they are doing so with information that often comes to them from the outside with its international links, its parents, its funders, etc. which practically imposes an understanding of a new accounting framework for doing business. The problem is that in our system there are many contradictions with the international accounting framework ".



More on this topic

The Talent in Demand in Nicaragua's Economy

October 2016

Nicaraguan companies are having difficulty finding employees who are 24 years old or younger with the required socio-emotional and academic skills.

From the executive summary of a document entitled "Skills required by companies in Nicaragua" prepared by Funides:

Accountancy Congress in Nicaragua

May 2014

Accounting professionals in Latin America and other regions will meet in Managua on October 1st-3rd.

The Institute of Chartered Accountants and the American Accounting Association have organized the conference "Integral Training in Support for Economic Development" to be held at the Crowne Plaza Convention Center in Managua, Nicaragua, from 1 to 3 October this year.

Nicaragua: Urgent Need for Modernization in Accounting Firms

April 2012

Most companies manage accounting systems in order to meet tax obligations, but few use systems that meet international standards.

A modern accounting system aligned with international standards is a key tool for financial or administrative decisions, said the president of Nicaraguan Association of Accountants, Freddy Solis Ibarra.

IFRS Regulations In Effect in Nicaragua

July 2011

Since June 30th the country has been applying the International Financial Reporting Standards (IFRS) for the preparation of financial statements.

The new rules allow companies to submit their accounting information in a simpler, more expeditious manner in line with international regulations.

 close (x)

Receive more news about Profesional Services

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Dec 3)
Brent Crude Oil
47.86
Coffee "C"
120.20
Gold
1,836
Silver
24.150