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Financial Reporting Framework in Uruguay

Adoption of IFRSs in Uruguay

A governmental decree (#266/07) requires that all companies must follow those IFRSs in existence at 31 July 2007. Additional, there a few additional local standards, most notably the mandatory inflation adjustment for companies within a certain criteria. The auditor's report refers to conformity with Uruguayan GAAP because of the 31 July 2007 cut-off.