• Peru is included in the IFAD GAAP Convergence Studies
• National Professional Organisation Website: Colegio de Contadores Publicos de Lima - Peru
• Response to IFAC Member Body Survey on Standard Setting and Regulation
• World Bank ROSC Accounting and Auditing Report

Financial Reporting Framework in Peru

IFRSs are required in Peru for public filers

On October 14, 2010 the Peruvian regulator (CONASEV), issued resolution Nº 102-2010-EF/94.01.1 (PDF 195k, in Spanish) by which public filers in the local Stock Market must prepare financial statements under IFRS as issued by the International Accounting Standard Board (IASB).

Until now, Peruvian companies (public and non-public) issue financial statements under Peru Generally Accepted Accounting Principles (PEGAAP) which is IFRS based after endorsement by the Consejo Normativo de Contabilidad (CNC). The last endorsement of IFRS by CNC was on August 23, 2010 which is effective since January 1, 2011. Therefore non-public companies will continue to issue financial statements under PEGAAP, while public companies will apply IFRS 1 and issue financial statements under full IFRS as issued by IASB.

CONASEV has indicated that public companies should prepare the first financial statements under IFRS by December 31, 2011; investment funds, and others should prepare the first financial statements under IFRS by December 31, 2012. Early application of IFRS is optional and should be communicated to CONASEV. The adoption of IFRS should be definitive and unreserved. Interim financial statements will be presented under IFRS for the year 2012 (if early adoption was elected, 2011).

CONASEV's resolution is a significant step towards transparency and high quality financial information in the Peruvian stock market.

By Resolution No. 045-2010-EF-94 (25 November 2010) the Peruvian Accounting Standards Council (Consejo Normativo de Contabilidad) has adopted the IFRS for SMEs starting 1 January 2011. This standard could be applied by all Peruvian companies with total assets and/or total revenues under PEN 9,000,000 except for financial institutions and companies whose securities are publicly traded.