The Buenos Aires Stock Exchange requires domestic companies to follow Argentine GAAP. Foreign companies may follow Argentine GAAP. Alternatively, they may follow IAS or their national GAAP, in which case they must include a reconciliation to Argentine GAAP. Currently, 4 of the 104 listed companies come from outside Argentina.
Two levels of accounting standards exist in Argentina: those adopted by the (local) Federacion Argentina de Consejos Profesionales de Ciencias Economicas on the basis of the 'technical resolutions' of the Federacion de Consejos and those adopted under legal authority, primarily developed by the Comision Nacional de Valores (for listed companies) and specialised industry standards developed by regulatory agencies such as the Central Bank of the Argentine Republic. Both the Federacion and the Comision consider IFRSs in developing their their accounting standards.
In August 2004, the Board of the Argentina Federation of Professional Councils of Economic Sciences (Federacion Argentina de Consejos Profesionales de Ciencias Economicas - FACPCE) announced that it would also consider adopting International Standards on Auditing issued by IFAC's International Auditing and Assurance Standards Board (IAASB) as Argentine auditing standards for periods beginning 1 July 2005. "FACPCE reserves the right to adopt the ISAs in total, or partially, with or without differences."
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