Perspectives of social economy entities regarding international financial reporting standards

Abstract

In a context of economic crisis, Social Economy organizations (cooperatives, foundations and associations) can contribute to job creation and the fight against social exclusion. The efficient management of these organizations need a rigorous financial information according to the special characteristics of such entities. The implementation of the new European strategy in accounting harmonization with the adoption of the International Financial Reporting Standards from IASB has many implications for all European companies. Therefore, this paper discusses the prospects and challenges faced by Spanish Social Economy organizations, which have two specific accounting regulations affected by accounting reform in the country. The current situation could be a good opportunity in order to improve the current financial information model integrating it within the international trends, but also taking into account their particularities.