• National Professional Accountancy Organisation Website: Instituto Nacional de Contadores Públicos de Colombia
• World Bank ROSC Accounting and Auditing Report

• Update for January 2012
• Update for October 2011
• Update for June 2011
• Update for July 2009
• Update for January 2008
• Update for September 2007
• Update for February 2004

In July 2009, the Colombian Government enacted Law 1314/2009 (PDF 481k). That law provides for convergence of national standards with IFRSs, not adoption of IFRSs. National standards are developed by the Consejo Técnico de la Contadur�a but must be formally adopted by both the Ministerio de Hacienda and Ministerio de Comercio.

The following is an excerpt from World Bank ROSC Report on Accounting and Auditing for Colombia, 25 July 2003 (PDF 277k, link is to download from World Bank website).

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

On 30 December 2011, the President of the Republic of Colombia decreed that large and medium-sized entities can voluntarily apply IFRSs. The impacts from the change to IFRSs will be analysed by the various authorities solely for the purpose of measuring whether IFRSs are effective or appropriate for the local entities in Colombia and to determine the regulatory measures to be taken, so that at the end of the exercise the obligations set are reasonable and consistent with the economic reality of the country. Entities that decide to invoke the voluntary testing of IFRS, must meet certain conditions, including full implementation of IFRSs. Click for government decree (Spanish; link to the website of the President of Colombia).

In October 2011, the Consejo Técnico de la Contaduría Pública de Colombia (CTCP, Technical Council of Public Accountants in Columbia) published a proposal paper "Propuesta de normas de contabilidad e información financiera para la convergencia hacia Estándares Internacionales" (Proposed standards of accounting and financial reporting for convergence with International Standards). The proposal paper represents another step toward Colombian convergence with IFRS, focusing on voluntary application by entities in 'Group 1' (public interest entities) and 'Group 2' (large and medium companies without public accountability).

The proposal builds on the 'Strategic Direction' published in 2010. The main aspects of the proposal are:

1. Early voluntary application of IFRS full (group 1) or IFRS for SMEs (group 2)
2. Expected timing of convergence with international standards:
1. 31/12/2011: Proposed standards (in Spanish) published on CPTC website for public consultation (based on the official Spanish translation as at 1 January 2010)
2. 31/03/2012: Issuance of final standards (IFRSs) by Colombian regulatory authorities
3. 31/12/2012: Date of transition for Colombian entities in accordance with IFRS 1
4. 31/12/2013: Financial statements published under current Colombian standards and in accordance with IFRS (pro-forma, without comparatives)
5. 31/12/2014: First IFRS financial statements published with comparatives, and subject to audit.
3. The proposal paper seeks input on four specific questions (Deloitte translation):
• The Standards and Interpretations listed in the proposal paper have been developed by the IASB for universal application. Do you think that regardless of this fact, one or more standards and interpretations or part of them, contain requirements that would be ineffective or inappropriate if applied in Colombia? Is your answer is yes, please select the aspects or circumstances that make them unsuitable for Colombian entities.
• The CPTC proposes that the Colombian regulatory authorities issue principles, standards, interpretations and guidelines for accounting and financial reporting. Do you consider it necessary to issue interpretations and/or additional guidance above that issued by IASB, or for an understanding the application of an IFRS or IAS? Please specify the standard and the particular issue where there is the need for additional implementation guidance or interpretation.
• Are additional exceptions to those provided in IFRS 1 for the first application of international accounting standards required by Colombian entities? If your answer is yes, please specify the required additional exceptions and explain why the exception is necessary.
• Do you believe any of the standards or interpretations issued by the IASB may be contrary to any provision of law in Colombia? If your answer is yes, please select the aspects or topics that might be contrary to Columbian statutory provisions and provide an alternative proposal (with technical support) as to how they might be rectified.

Comments are due by 31 March 2012.

Click for Propuesta de normas de contabilidad e información financiera para la convergencia hacia Estándares Internacionales (PDF 1,405k, in Spanish).

The Colombian Consejo Técnico de la Contaduría Pública (Technical Council of Public Accountants) has submitted an official proposal to the Colombian Ministers of Finance and Commerce regarding the strategic direction of adopting international accounting and auditing standards in Colombia.

On 13 July 2009, the Congress of the Republic of Columbia enacted Law No. 1314 concerning accounting, financial reporting and assurance. This law is called the "Law of Convergence" and states an intention to converge Colombian GAAP with international standards beginning from the year 2014 (proposed start year).

The official proposal from Consejo Técnico de la Contaduría Pública (as the National Standard Setter for Colombia) would see the standards issued by the IASB (for accounting and financial reporting) and IFAC (for auditing) adopted as the Colombian norms. Whilst only a strategic direction document, the proposals are an important step towards Colombia adopting international standards in due course.

Click for the text of the official proposal (PDF 404k, in Spanish).

Colombia is considering a switch to IFRS

The government of Colombia has invited comment on a draft law that would adopt International Financial Reporting Standards as Colombian national standards. Currently, Colombian Accounting Standards are established by the government, and they differ significantly from IFRS. The draft law is a joint effort of various government ministries and departments, including finance, public credit, industry and commerce, accountancy, banking, companies, securities markets, planning, taxes, and customs – all of the key bodies that would need to agree to such a fundmental change in Columbian accounting practice. Click for More Information ("Proyecto de Ley: Por el cual se adoptan en Colombia los estándares internacionales de contabilidad, auditoría y contaduría").