With the rise of the accounting standardisation process, there has been growing academic and professional concern about the establishment of a coherent set of concepts underpinning the due process in the issuance of accounting and auditing standards. Since the late 1960s, international standard-setting bodies have sought to build a conceptual framework for financial accounting, based on observation of accounting practice and research methodologies specific to science philosophy. In Colombia, the normalisation process started around 1986 with the issuance of Decree 2160. This measure reveals the need to build policies to standardise accounting practices and to generate a debate on the subject of the conceptual framework in the context of local jurisdiction and the development of the profession and accounting discipline, as a key tool for economic growth and social well-being.