International Financial Reporting Standards as Instruments of Entrepreneurial and Control Management: Beyond an Accounting Function

The managers of companies play a fundamental role in the successful application of the International Financial Reporting Standards (IFRS). Using the ifrs as an instrument of control and management should be evident, but it seems their use is still limited to accounting purposes. In fact, this situation has led to the further study of the perception that Colombian managers have about their liability, and if they really accept that, the ifrs will help to evaluate the managers’ performance. Based on this, we proceeded to design a tool that considerate all the responsibilities that are related to the administration of companies, included in the ifrs. From this analysis, 33 variables were tested by a hundred managers, who gave their feedback, according to a Likert Scale. Using a factor analysis, five groups of variables were set, they correspond to the main managerial responsibilities towards the ifrs. The results displayed that the managers interviewed do not exert most of their functions under the ifrs and they disagree with using them to evaluate the management of the entity’s resources.