The developed investigation is a documentary and descriptive type presented through a bibliographical analysis in order to sketch out the steps followed in the process of adaptability of the International Accounting Standards, specially, the models: IAS, IFRS, ISAs and IFRS for SMEs.

This process followed several phases; it starts with the resolutions emitted by the Accounting Thecnicall Board, Administrative Litigations Demands of Nulity and the decisions of the Supreme Court of Justice, wich included the problems originated by its adaptation in the Panamanian´s environment, and how this standard was later adopted.

The present study reflects the analysis of the today and tomorrow for the adaptation of the International Accounting Standards in Panama.