Colombia issues proposal paper on IFRS convergence
Oct 26, 2011
In October 2011, the Consejo Tcnico de la Contadura Pblica de Colombia (CTCP, Technical Council of Public Accountants in Colombia) published a proposal paper "Propuesta de normas de contabilidad e información financiera para la convergencia hacia Estndares Internacionales" (Proposed standards of accounting and financial reporting for convergence with International Standards).
The proposal builds on the Strategic Direction' published in 2010. The main aspects of the proposal are:
- Early voluntary application of IFRS full (group 1) or IFRS for SMEs (group 2)
- Expected timing of convergence with international standards:
- 31/12/2011: Proposed standards (in Spanish) published on CPTC website for public consultation (based on the official Spanish translation as at 1 January 2010)
- 31/03/2012: Issuance of final standards (IFRSs) by Colombian regulatory authorities
- 31/12/2012: Date of transition for Colombian entities in accordance with IFRS 1
- 31/12/2013: Financial statements published under current Colombian standards and in accordance with IFRS (pro-forma, without comparatives)
- 31/12/2014: First IFRS financial statements published with comparatives, and subject to audit.
- The proposal paper seeks input on four specific questions (Deloitte translation):
- The Standards and Interpretations listed in the proposal paper have been developed by the IASB for universal application. Do you think that regardless of this fact, one or more standards and interpretations or part of them, contain requirements that would be ineffective or inappropriate if applied in Colombia? Is your answer is yes, please select the aspects or circumstances that make them unsuitable for Colombian entities.
- The CPTC proposes that the Colombian regulatory authorities issue principles, standards, interpretations and guidelines for accounting and financial reporting. Do you consider it necessary to issue interpretations and/or additional guidance above that issued by IASB, or for an understanding the application of an IFRS or IAS? Please specify the standard and the particular issue where there is the need for additional implementation guidance or interpretation.
- Are additional exceptions to those provided in IFRS 1 for the first application of international accounting standards required by Colombian entities? If your answer is yes, please specify the required additional exceptions and explain why the exception is necessary.
- Do you believe any of the standards or interpretations issued by the IASB may be contrary to any provision of law in Colombia? If your answer is yes, please select the aspects or topics that might be contrary to Columbian statutory provisions and provide an alternative proposal (with technical support) as to how they might be rectified.
Comments are due by 31 March 2012.
Click for Propuesta de normas de contabilidad e información financiera para la convergencia hacia Estándares Internacionales (PDF 1,405k, in Spanish).