• National Professional Accountancy Organisation Website: Federacion Argentina de Consejos Profesionales de Ciencias Economicas
• Response to IFAC Member Body Survey on Standard Setting and Regulation

Update for December 2010
Update for March 2010
Update for December 2009
Update for October 2009
Update for September 2009
Update for March 2009
Update for May 2008
Update for May 2006

Listed companies

In December 2009, Argentina's Comisión Nacional de Valores (CNV, the National Securities Commission, an agency of the Argentine Ministry of Economics and Public Finance) adopted a requirement that all companies that publicly offer equity or debt securities must prepare their financial statements using IFRSs, beginning with financial statements for the year ended 31 December 2012. Companies may voluntarily file their financial statements in accordance with IFRSs starting in January 2011. Argentine companies that are currently preparing IFRS financial statements on a supplemental basis may adopt IFRSs starting in 2010. The new requirements were adopted by Resolución General No. 562 (PDF 509k – also available on CNV's website Here).

Unlisted companies

IFRS for SMEs in Argentina

The Argentine Federation of Professional Councils in Economic Sciences (FACPCE) approved on 3 December 2010 the Technical Resolution No. 29 which introduces the application of IFRS for SMEs. IFRS are mandatory for public entities which are under the supervision of the Comision Nacional de Valores CNV (Argentine Securities and Exchange Commission). The resolution establishes that all entities not reached by, or exempted from the mandatory use of IFRS, will have the option of

a) IFRS, or
b) the IFRS for SMEs, or
c) the accounting standards issued by the Federation or to be issued in the future that are not related to this resolution.

Entities that are out of scope of IFRS for SMEs are not allowed to use IFRS for SMEs.

Effective Date

This resolution is effective for financial statements for annual periods beginning on or after 1 January 2012, inclusive, and, where applicable, for financial statements for interim periods for those years.

Earlier application

Earlier application is permitted of IFRS or IFRS for SMES for annual financial statements beginning on or after 1 January 2011 and, where applicable, for financial statements for interim periods for those years.

Individual financial statements

The individual financial statements of entities that must prepare consolidated financial statements must be prepared under IFRS of IFRS for SMEs with the following exception: The investments in subsidiaries, entities under joint control and associates should be valued under the equity method -instead of cost or fair value as required by IFRS and IFRS for SMEs.

Click for Technical Resolution No. 29 (in Spanish, PDF 244k).

For an overview of all Spanish language publications available on IAS Plus please click here: Nuestros Recursos en Español.

Argentina adopts IFRS for SMEs

The Argentine Federation of Professional Councils in Economic Sciences (FACPCE) approved on 3 December 2010 the Technical Resolution No. 29 which introduces the application of IFRS for SMEs. IFRS are mandatory for public entities which are under the supervision of the Comision Nacional de Valores CNV (Argentine Securities and Exchange Commission). The resolution establishes that all entities not reached by, or exempted from the mandatory use of IFRS, will have the option of

a) IFRS, or
b) the IFRS for SMEs, or
c) the accounting standards issued by the Federation or to be issued in the future that are not related to this resolution.

Entities that are out of scope of the IFRS for SMEs are not allowed to use the IFRS for SMEs.

The resolution is effective for financial statements for annual periods beginning on or after 1 January 2012, and earlier application is permitted for annual financial statements beginning on or after 1 January 2011. Click for Technical Resolution No. 29 (in Spanish, PDF 244k).

Argentina proposes to adopt IFRS for SMEs

As Previously Reported on IAS Plus, Argentina will require all companies that publicly offer equity or debt securities to switch to IFRSs starting in 2012, with an option to use IFRSs in 2011 or, in some cases, 2010. On 19 March 2010, the Federación Argentina de Consejos Profesionales de Ciencias Económicas (the national professional accounting body in Argentina) issued an exposure draft proposing to adopt the IFRS for SMEs as an option for all entities not required to use full IFRSs. The exposure draft proposes that those private entities should also be permitted to use accounting standards that the Federation has issued or may issue in the future. Click for Federation's Exposure Draft on the IFRS for SMEs (PDF 32k, Spanish). The IASB has published a Spanish translation of the IFRS for SMEs (NIIF para las PYMES), available for free download Here.

Argentina will require IFRSs in 2012

Argentina's Comisión Nacional de Valores (CNV, the National Securities Commission, an agency of the Argentine Ministry of Economics and Public Finance) has adopted a requirement that all companies that publicly offer equity or debt securities must prepare their financial statements using IFRSs, beginning with financial statements for the year ended 31 December 2012. Companies may voluntarily file their financial statements in accordance with IFRSs starting in January 2011. Argentine companies that are currently preparing IFRS financial statements on a supplemental basis may adopt IFRSs starting in 2010. The new requirements were adopted by Resolución General No. 562 (PDF 509k – also available on CNV's website Here).

Proposal to adopt IFRSs in Argentina

Argentina's Comisión Nacional de Valores (CNV, the National Securities Commission, an agency of the Argentine Ministry of Economics and Public Finance) has proposed to require IFRSs for all companies that publicly offer equity or debt securities, beginning with financial statements for the year ended 31 December 2011. The proposal is titled Adopción de Normas Contables Internacionales para la Preparación de Estados Contables (PDF, 503k, Spanish). There are approximately 130 publicly traded companies in Argentina, and they have approximately 500 subsidiaries and associates that will also prepare their financial statements using IFRSs. The CNV's proposed IFRS regulation would not apply to the following companies:

• Financial institutions (their financial reporting is regulated by the Argentine Central Bank, which has recently announced its intention to require IFRSs probably starting in 2014)
• Insurance companies (under the Argentine Insurance Oversight regulation)
• Civil associations
• Cooperatives
• Other entities under the control of the CNV (trusts, mutual funds, and small entities that discount checks).

Guía Rápida NIC/NIIF 2009 - Argentina

Deloitte Argentina has published Guía Rápida NIC/NIIF 2009 – the Argentine Spanish-language version of our very popular IFRSs in your Pocket booklet. The Argentine publication is based on the 2009 English version but has been updated to include summaries of all IFRSs through June 2009. It also includes news regarding the IFRS implementation process in Argentina (2011 is the year of mandatory adoption for some public companies, and optional for other entities), contact names of our local specialists, information about local standard-setters, discussion of issues relating to translation of IFRSs into Spanish, and a foreword by Fermín del Valle, director of professional practice of Deloitte's Latin American countries group, among other additions to the English language version. Click to download Guía Rápida NIC/NIIF 2009 - Argentina (PDF 1,209k).

IFRSs in Argentina starting 2011

On 20 March 2009, the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), which is the national accounting standard setter in Argentina, approved the adoption of the IFRSs for the preparation and presentation of financial statements of entities whose debt or equity instruments are traded in a public securities market. FACPCE's Resolution – Resolución Técnica No 26: Adopción de las NIIF del IASB (PDF 64k) – states that the IFRSs issued by the International Accounting Standards Board (IASB), in the official Spanish translation issued by the IASB, must be applied – no local adaptations. As a consequence of this Resolution, entities whose securities do not trade in public markets will be permitted to use IFRSs if they choose to do so. The Resolution must be approved by the Comisión Nacional de Valores (CNV, the National Securities Commission), which is expected to do so in the second quarter of 2009. After approval by the CNV, the Resolution will be effective for financial statements for fiscal years starting on 1 January 2011 and for the interim financial statements of those fiscal years. The Resolution would adopt existing IFRSs, but it includes a commitment to adopt all future changes to IFRSs by future Resolutions.

Plan for adoption of IFRSs in Argentina

The Federacion Argentina de Consejos Profesionales de Ciencias Economicas (professional accountancy body in Argentina) has developed a plan for implementing International Financial Reporting Standards (IFRSs) for all companies whose securities are publicly traded. The plan has been presented to the Argentinian Securities Commission (Comision Nacional de Valores), which would have to approve the plan. The plan calls for adoption of IFRSs in annual financial statements of public companies by first quarter 2011. Starting first quarter 2010, companies would have to disclose the expected impact of IFRSs on their operating results and equity.

Click to Download the Argentina IFRS Plan (PDF 313k in Spanish).