Harmonizing Financial Tools within the Context of the Cuban Econom

Abstract

Aim: To design a methodological procedure for harmonizing the financial tools used in Cuba with international standards.

Methods and techniques: Bibliographic review, the logic-abstract method, questionnaires, expert opinion.

Main results: This new methodological procedure conceives harmonization of financial methods in three stages: organization and analysis of international standards, evaluation of correspondence between the Cuban and international accounting standards; a Cuban accounting standard was designed according to financial instruments, and training strategy.

Conclusions: A theoretical approach on accounting of financial instruments was laid out, by interpreting the combination of the qualitative characteristics of the conceptual frame, plus the stages of the accounting process that comprise recognition, measurement, presentation, and disclosure of economic facts. A procedure was designed for harmonization of financial tools in the Cuban context, which responds to the need of a Cuban standard for accounting based on financial tools.