The Tax Rules from Service to Accounting and its Impact on the New Age of Financial Reporting

Abstract

The flexibility of Decree 2649 of 1993, compared to the tax laws of nature, makes structuring process in its accounting policies conform to the legal requirements and therefore the financial statements issued by professional tax disclosures. Since Article 772 of the ET “accounting as evidence” in this paper defends the hypothesis that since 1986 the tax rules have been the raw material for Accounting in Colombia and that this demarcation is offered in the International Financial Reporting Standards, but it brings about qualitative and quantitative impacts. The qualitative impacts are reflected in a change in corporate tax planning, an increase in disputes with the tax authorities and increased costs for updating computer information systems, on the other hand, the quantitative impact falls on head partners or shareholders to would generate a utility that being capable of being distributed
as income not constituting income lost by limiting the benefit of Article 49 of the ET.