• National Professional Accountancy Organisation Website: Colegio de Contadores de Chile
• World Bank ROSC Accounting and Auditing Report

Update for June 2010
Update for July 2008

Companies regulated by SVS, including insurance companies

Under Chilean Company Law, corporations may be 'open' or 'closed' – loosely corresponding to 'public interest' and 'private interest'. Open corporations (500 or more shareholders) are regulated by the Superintendency of Securities and Insurance (Superintendencia de Valores y Seguros or SVS). Closed corporations may voluntarily register with (and be regulated by) the SVS; over 200 of these closed corporations have opted to do so and are presently on SVS's Securities Registry.

Companies registered with SVS send their audited financial statements to SVS, which posts them on the SVS website.

Chile is moving to adopt IFRSs for all SVS registrants and all SBIF regulated entities over a three-year period from 2009 to 2011, as follows:

• 31 December 2009: IFRS required for major listed (open) companies – 2009 financial statements including 2008 comparative information using IFRSs. Note that a major listed company that feels it is not ready for IFRSs in 2009 may opt, instead, to present Chilean GAAP statements for 2009 (with 2008 comparative data on the same basis), with supplemental 'pro forma' disclosure of expected impact of changing to IFRSs. This latter group would move to IFRSs in 2010.

• 31 December 2010: Smaller listed (open) companies, insurance companies, mutual funds, pension funds, stock brokers and delaers, insurance agents, and companies that issue publicly traded debt securities – plus any of the large listed (open) companies that were unable to switch to IFRSs in 2009 (see above). (In 2010 the SVS permitted insurers to delay the implementation of IFRSs. See update below.)

• 31 December 2011: Other entities registered with the SVS (non-issuers who have voluntarily registered)

Click for:

• IFRS Adoption Calendar (Spanish) (PDF 18k, August 2007).

Banks and other financial institutions

Banks and other financial institutions are separately regulated by the Superintendency of Banks and Financial Institutions (SBIF) and must follow the accounting rules issued by the SBIF.

Starting 31 December 2009, IFRSs are required for banks and other financial institutions regulated by SBIF – 2009 financial statements including 2008 comparative information using IFRSs.

Note, however, that the SBIF is:

• requiring banks to measure loan loss provisions using an expected loss approach (with note disclosure of the IAS 39 pamount) and
• prohibiting the 'fair value option' in IAS 39.

Non-listed companies not registered with SVS

Non-listed companies that do not fit into one of the three above categories will be required to follow accounting standards 'based on IFRSs' being developed by the Accounting Standards Board of the Colegio de Contadores (the Chilean professional accountancy body). They must use those standards in their consolidated and separate company statements.

Click for:

• Plan for Adoption of Standards for Non-SVS Companies (Spanish) (PDF 215k, December 2007).

June 2010: Chilean regulator delays IFRS implementation for insurers

Chile's Superintendency of Securities and Insurance (Superintendencia de Valores y Seguros or SVS) has delayed the implementation of International Financial Reporting Standards (IFRSs) for both general and life insurance companies until 2012, following the significant impact and burden that the earthquake of 27 February 2010 has had on this sector. Originally insurance companies were scheduled to adopt IFRS with effect from 1 January 2010. The SVS had already postponed IFRS adoption once until 2011. SVS has announced that it will publish a revised timetable for implementation of IFRSs for the insurance sector during 2010. Please click for SVS Press Release (Spanish) (PDF 51k).

Esta edición de Guía Rápida a las normas Internacionales de información Financiera (Deloitte Chile) considera los cambios y nueva normativa que se han incorporado a las NIIF hasta diciembre de 2006, constituye una excelente herramienta que le servirá para conocer y comprender las NIIF, facilitar su implantación y saber cómo se están aplicando estas normas de información en todo el mundo.

• Guía Rápida IFRS (IFRSs in your Pocket 2007 in Spanish) (PDF 836k, 88 paginas, Marzo 2007).