From general accounting standards of the Venezuela's public sector to international accounting standards of the public sector: A review from the legislative and accounting regulations

The utility of the International Accounting Standards (IAS) developed by the International Accounting Standards Committee (IASC) of the International Federation of Accountants (IFAC) with the purpose of standardizing accounting criteria in the private sector of the economy, was the starting point for IFAC to produce a body of standards aimed at promoting improvements in the presentation of public sector financial information in many countries around the world, which it identified as International Public Sector Accounting Standards (IPSAS). ). Justified in this interest, this article explains the transition from general rules to international accounting standards in the Public Sector and, for this it resorts to hermeneutics as a method of legal interpretation in the strict sense, in an attempt to give a meaning to the normative content. It is concluded here that the adaptation process is still underway and the aforementioned international standards have not yet been fully or partially accepted by a significant number of governments, which adapt their accounting practices to their respective legal systems in legitimate use of the principle of sovereignty. National