Accounting Reports in Chile.

The movement for improved management started in Chile with the establishment of the Faculties of Economics and Business Administration. Besides universities, two institutions have played an important role in the development of management in Chile. Accounting attained its present development with the establishment of the Faculties of Economics and Business Administration, in which a complete curriculum in accounting was developed. This curriculum includes courses such as: General Accounting, Specialized Accounting, Cost Accounting and Auditing. In the last few years, the government of Chile has recognized many problem and now it is possible to depreciate according to the cost of replacement. The cost of replacement is only used in the tax aspect. In other words, the different accounts in the balance sheet are not modified in value as a consequence of the depreciation based on the cost of replacement. The great advantage of the present system is that it allows business firms to make adequate depreciation.