The legal obligation to keep accounts: these are the laws that must be applied in accounting; For example, that accounting books are mandatory for a company, that companies must build up a legal reserve, etc. In most countries, laws and regulations requiring accounting are amended and supplemented when economic, political, social and cultural changes occur. It is therefore advisable to consult laws and regulations that contain updated provisions. In Mexico, the main provisions of these laws and their regulations are as follows: Therefore, it is necessary that the accounting be carried out in accordance with the standards of the relevant standards so that it can be used as evidence by the judicial and administrative authorities. Law 43 of 1990 regulates the profession of accountant, in which he is responsible for correct accounting, i.e. he must ensure that the accounting complies with all the rules that govern him. The Commercial Code regulates the accounting obligation. It shall determine which natural or legal persons are required to keep records. The Commercial Code, in its Title I, Chapter IV, is responsible for the trading books, including accounting books, accounting requirements and other related aspects. Article 35 The general ledger shall record at least once a month the names and designations of accounts and their balances at the end of the immediately preceding registration period. Accounting is a system in which evaluations of internal and external transactions that affect the financial situation of a company are presented and carried out. The legal framework for accounting is defined in Articles 33 to 38 of the Commercial Code. The other articles stipulate that, in addition to all the legal and tax requirements that must be fulfilled, natural persons engaged in commercial activities must have a general ledger and, in the case of legal persons, a book of minutes.
Accounting not only serves as a reliable source of decision-making by the company`s management or even by third parties, but also serves as evidence for judicial or administrative processes, as in the case of the Dian, but only if it is carried out appropriately. The legal framework for accounting in Colombia is adapted by Law No. 145 of 1960 in the articles still in force. By Law 43 of 1990, Decree 2649 of 1993, the Commercial Code and Law 1314 of 2009, which contains the legal framework for IFRS. Maintain the accounting systems and records specified in the provisions of this Code Accounting entries are made analytically and must be made within two months of the date of execution of the respective activities. Keep accounts at your tax domicile Track your inventory, raw materials, work-in-progress and finished products For people who have the same gasoline, natural gas for the combustion of liquefied petroleum gas, they must have volumetric controls in place and keep them running at all times. It states that a company`s accounting must cover at least the following requirements: As you can see, the tax framework of accounting is quite broad, so with tax advice it becomes a company that knows the entire regulatory field. In addition, Article 28 of the Federal Tax Code (SBB) sets out all the elements that make up accounting, such as: books, accounting systems and records, working documents, bank statements, special accounts, books and social documents, as well as all tax requirements that must be met. Article 28 Persons who are required to keep accounts under tax regulations must comply with the following rules: Frac. I keep the accounts in accordance with the Tax Code of the Federal Government, its rules and regulations of this law rules for accounting in our country: Article 33 states: “Every trader is obliged to maintain and maintain an adequate accounting system.
This system can be implemented with the instruments, resources and recording and processing systems that best suit the specific characteristics of the company. In order to understand accounting and keep it in an appropriate form, it is necessary to know the legal framework that governs it, since accounting must be carried out in accordance with the laws that regulate it.