PERUVIAN COMPANIES FIRST-TIME ADOPTING IFRS IN THEIR FINANCIAL STATEMENTS IN 2011

Globalization of the economy has motivated to harmonize accounting, in that sense, many countries have decided to adopt the International Financial Reporting Standards IFRS. In the case of Peru, since 1998, it was established to apply those standards when preparing financial statements. However, just in 2011 effective actions have been taken to implement them. The objective of this paper is to analyze the impact caused in the financial statements of Peruvian companies when they first adopted IFRS during the 2011 period. The methodology, for this exploratory and descriptive research, used requires to first review of some concepts and basic aspects, as well as some regulations and policy aspects in force in Peru, which are necessary to understand the current situation related to the preparation of financial information. The selection process for this sample started by identifying, among 150 of the largest Peruvian companies in 2012 according to America Economia ranking, companies supervised by the Superintendency of Securities Market, and then selecting those that applied to the IFRS for the first time in 2011. Results showed that Peruvian companies did not applied the accounting standards in force, and from the time they started to really adopt IFRS, most companies inthe sample showed a positive impact in their assets and equity.