Panama
- National professional body: Asociación de Contadores Públicos de Panamá (in Spanish)
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- World Bank ROSC Accounting and Auditing Report
Financial Reporting Framework in Panama
IFRS for SMEs in Panama
The Panamanian Accounting Technical Board approved on October 28, 2010 the adoption of IFRS for SMEs as approved by the IASB (Spanish version) for annual periods beginning on or after January 1, 2011.
The definition of the SMEs is based on the definition given by the IASB in the standard for SMEs:
The resolution was published on the official gazette on December 29, 2010.
Entities that have already adopted full IFRS and are qualified to use IFRS for SMEs are allowed to change to IFRS for SMEs.
The resolution is effective for financial statements for annual periods beginning on or after 1 January 2011, and earlier application is permitted.