The BCR is now the second monetary authority in Latin America to implement International Finances Information Standards, with the intention of presenting information with the best international practices, standards and transparency, making analysis and decision-making much easier for banking institutions.
Before the BCR, in Latin America only Brazil managed to meet the requirements to implement these standards, which involved operative, technological, procedural and coordinative changes in all internal information suppliers.
The idea of implementing these standards is to have better comparability between financial states, regardless of the country or origin, which will be very useful for external users of financial states, such as the International Monetary Fund and the World Bank, among others.