Financial Education - Establishing competitive strategies and international financial regulations for the business sector

I have already been insistent with all of you in repeating that the commercial sector is subject to constant changes, demanding effective responses from businessmen who must develop competitive strategies, based on the application of the International Financial Reporting Standards.

Now, regarding the accounting treatment that should be given to the measurement and recognition of income, in order to adapt to the current economic environment and increase their profitability levels.

In this sense, the development of small and medium-sized companies at the state level has meant a real challenge of permanence in the last decades worldwide due to the interaction of the macroeconomic variables that affect the country such as the constant increase of the inflationary rate and the exchange parity.

As a consequence of the above, the prices of goods and services are fixed in foreign currency. In this sense, the dollar has become the reference marker in stores even though the country's economy has not been officially dollarized.

To this effect, this situation has caused the different companies to be in a constant search for tools to improve their development and guarantee their continuity in the market, since they have had to adjust their organizational philosophy according to the cultural factors that currently prevail in society; establishing their commercial transactions in foreign currency, taking into consideration the exchange rate set by the state banking entities.