This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Argentina

Financial reporting framework in Argentina

Listed companies other than banks and insurance 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 and that are regulated by the CNV 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).

 

Banks and insurance companies

Companies with regulators other than the CNV (financial institutions and insurance companies) are not currently permitted to apply IFRSs: Banks must apply the accounting regulations enforced by the Central Bank of Argentina (BCRA); and insurance companies must apply the accounting regulations enforced by the Superintendency of Insurance. However, on 12 February 2014, the BCRA issued Communication A 5541 announcing a plan to converge the BCRA accounting standards for banks with IFRSs. The converged standards would become mandatory on 1 January 2018. Please click for access to the road map (Comunicación “A” 5541) on the BCRA website (available in Spanish only).

 

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

  1. IFRS, or
  2. the IFRS for SMEs, or
  3. 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).

Related news

  • Emerging Economies Group meeting focuses on common control transactions

  • Dec 17, 2012

  • The IASB has publicly released a communiqué from a meeting of the Emerging Economies Group (EEG) held in Sao Paulo, Brazil on 4-5 December 2012. The main topic discussed at the meeting was transactions under common control, and the meeting also included brief discussions on hybrid financial instruments and impairment of financial assets.

  • Hans Hoogervorst addresses FACPCE, Argentina

  • Jul 03, 2012

  • On 3 July 2012 Chairman Hans Hoogervorst gave a speech to the Federacion Argentina de Consejos Profesionales de Ciencias Economicas (FACPCE) in Buenos Aires, Argentina. In the speech, he commented on three important points: 1) convergence; 2) IASB future agenda and how it relates to emerging markets; and 3) the IASB relationship with regulators and standard setters.

  • Private sector task force final report to G20

  • Oct 07, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published a final report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • Emerging Economies Group established

  • Aug 02, 2011

  • On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia.

  • Private sector task force interim report to G-20

  • Jul 19, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G-20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • G20 finance ministers will watch convergence efforts

  • Apr 16, 2011

  • The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts.

  • Argentina adopts IFRS for SMEs

  • Jan 05, 2011

  • 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.

  • Argentina proposes to adopt IFRS for SMEs

  • Apr 01, 2010

  • 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.

  • Argentina requires IFRSs starting 2012

  • Jan 04, 2010

  • 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.

  • Argentina will require IFRSs in 2012

  • Dec 31, 2009

  • 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.

  • Proposal to adopt IFRSs in Argentina

  • Oct 10, 2009

  • 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.

  • Guía Rápida NIC/NIIF 2009 – Argentina

  • Sep 03, 2009

  • Deloitte Argentina has published Guía Rápida NIC/NIIF 2009 – the Argentine Spanish-language version of our very popular IFRSs in your Pocket booklet.

  • IFRSs in Argentina starting 2011

  • Mar 26, 2009

  • 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.

  • New page for first-time adopters of IFRSs

  • Mar 23, 2009

  • Many jurisdictions have announced plans to adopt IFRSs for the first time in the next few years, including Brazil, Canada, Chile, India, Japan, Korea, Malaysia, Mexico, Pakistan, and Sri Lanka, and it's under consideration in Argentina, Taiwan, and the United States.

  • Plan for adoption of IFRSs in Argentina

  • May 24, 2008

  • 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.

All Related