El Salvador
- National Professional Accountancy Organisation: Consejo de Vigilancia de la Profesion de Contaduria Publica y de Autoria (CVPCA)
- World Bank ROSC Accounting and Auditing Report
Financial Reporting Framework in El Salvador
The Code of Commerce and related regulations require all joint-stock companies (which includes all listed companies, banks, and most unlisted companies with more than 20 shareholders) to prepare annual finanical statements in accordance with accounting standards adopted by the Consejo de Vigilancia de la Profesion de Contaduria Publica y de Autoria or CVPCA. These statements must be audited.
Essentially, those accounting standards are International Accounting Standards as issued by the IASB in 2003. Moreover, in December 2004 the government body that regulates the accounting profession issued a regulation exempting banks and insurance companies from the requirement to follow the 2003 IASs.