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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).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.