Adoption of IFRSs in Venezuela
In 2004, the Venezuelan Federation of Certified Public Accountants adopted IFRSs as they existed in 2004 as Venezuelan accounting standards. They were required for listed companies in 2005, for large unlisted companies in 2006, and for other companies starting 2007. Currently, Venezuela has not adopted any of the IFRSs or amendments to IASs that have been issued since 2004.
In November 2009, the Federación de Colegios de Contadores Públicos de Venezuela (FCCPV, the professional accountancy organisation in Venezuela) adopted the IFRS for SMEs for all SMEs in Venezuela. Use of the IFRS for SMEs is voluntary for financial statements for the year ending 31 December 2010, and will become mandatory for the year ending 31 December 2011.
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Venezuela adopts IFRS for SMEs
The Federation of Certified Public Accountants of Venezuela has approved the adoption of the IFRS for SMEs for fiscal years beginning on or after of 1 January 2011. Early adoption is permitted from 2010. Large unlisted companies that, since 2008, have been required to use full IFRSs may switch to the IFRS for SMEs or keep their financial statements under full IFRSs. |
Venezuela adopts International Financial Reporting Standards
The Board of the Venezuelan Federation of Certified Public Accountants has announced that it has decided to adopt International Financial Reporting Standards (including IASs, IFRSs, and related interpretations) without any modification whatsoever. A special commission has been created to define the implementation process. It is considering the following proposed steps for implementation:
- 2005 – Listed companies
- 2006 – Large companies
- 2007 – Small and medium sized companies; state companies, and companies under specific rules or regulations (banks and insurance companies)
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