Venezuela

Financial Reporting Framework in Venezuela

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.

Related news

  • IFRS for SMEs adopted in another three countries

  • Dec 10, 2010

  • The IFRS for SMEs, the first set of international accounting requirements developed specifically for small and medium-sized entities, has been adopted in three countries in Central and South America.

  • Venezuela adopts International Financial Reporting Standards

  • Apr 21, 2004

  • 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.

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