In the majority of the constitutional bodies, the state must protect the small and medium-sized companies, with the firm purpose of guaranteeing the stability of the economy in the country, being unavoidable the evaluation of the risks.
In the case of Venezuela, the Code of Commerce governs the obligations of merchants in their mercantile operations and the acts of commerce, even if they are executed by non-merchants". In other words, the Code of Commerce governs the duties of merchants, including the handling of income and the financial management of the company.
Every merchant must keep his accounts in Spanish, which would include, obligatorily, the general ledger and the inventory ledger. He may also keep all the books he deems convenient for the greater order and clarity of his operations.
In other words, companies must have a reliable accounting system that allows them to comply with their obligations and remain active, carrying out their accounting and financial management in the safest way, based on reality.
Develop, in the public interest, a single set of legally enforceable, globally accepted, understandable and high quality financial reporting Standards based on clearly articulated principles. These Standards should require comparable, transparent and high quality information in financial statements and other financial information that assists investors, other participants in various capital markets around the world and other users of financial information in making economic decisions.