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Uruguay

 

Financial Reporting Framework in Uruguay

Adoption of IFRSs in Uruguay

In 2007, a governmental decree was passed that required that all companies must follow those IFRSs in existence at 31 July 2007. The decree is available on the Uruguayan Minstry of Economics and Finance website: Decreto 266/07 del 31/07/2007.

In 2011, a further decree was passed that declared companies whose securities are publicly traded other than financial institutions, autonomous entities, and decentralized services must begin using current IFRS as translated into Spanish in their financial statements stating with financial statements for 2012. The decree is available on the Uruguayan Minstry of Economics and Finance website: Decreto 124/11 del 01/04/2011.

For banks, insurance companies, mutual funds, and other financial institutions the Central Bank of Uruguay adopted IFRS starting in 2014. More information is availabe on the Central Bank of Uruguay website.

The auditor's report refers to conformity with Uruguayan GAAP because of the 31 July 2007 cut-off.

IFRS for SMEs

In 2014, the Uruguayan Government approved a decree that  the IFRS for SMEs must be applied as of 1 January 2015 by SMEs that:

  • Do not have public accountability;
  • do not have an annual net operating income exceeding $UR 200,000;
  • are not indebted to entities controlled by the Central Bank of Uruguay to more than 5% of the "net asset value for financial accountability" (as defined by the Central Bank);
  • do not have state participation;
  • do not control or ar not controlled by entities excluded from this decree.

The decree is available on the Uruguayan Minstry of Economics and Finance website: Decreto 291/014 del 14/10/2014.

 

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.