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Dominican Republic

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Financial Reporting Framework in Dominican Republic

In the Dominican Republic, the Instituto de Contadores Publicos Autorizados de la Republica Dominicana (Institute of CPAs of the Dominican Republic, or ICPARD) has had the legal power to establish accounting standards in accordance with article 31 of Law 479-08 since July 2009. In February 2010 the ICPARD adopted two resolutions:

  • Listed companies. In Resolution 001 (PDF 211k), the ICPARD established the mandatory use of IFRSs for companies whose shares are quoted on the Bolsa de Valores de la Republica Dominicana (BVRD, the Stock Exchange of the Dominican Republic). The resolution provides for a two-step implementation of IFRSs, requiring some standards as mandatory starting in 2010 while the others become mandatory in 2014. Those companies that currently are using IFRSs will continue to do so. In addition, the resolution allows companies that currently prepare financial statements in accordance with US GAAP to continue to do so up to 2014, when they will need to use IFRSs. If IFRSs do not address an accounting question, companies should follow US GAAP.
  • Government-regulated companies. Resolution 001 provides that such companies must follow the requirements of the government regulatory body.
  • Other companies. In Resolution 002 (PDF 202k), the ICPARD established the mandatory use of IFRS for SMEs for all companies whose shares are not quoted on the BVRD (other than government-regulated companies). The resolution provides for a two-step implementation of the IFRS for SMEs, requiring some sections as mandatory starting in 2010 while the other sections become mandatory in 2014. In addition, the resolution allows companies that currently prepare financial statements in accordance with US GAAP to continue to do so up to 2014 when they will need to use the IFRS for SMEs. If the IFRSs for SMEs does not address an accounting question, companies should follow full IFRSs and then US GAAP.

These resolutions were later modified by resolutions stating that companies using US GAAP could continue to do so without time limit. Please refer to Resolución sobre la applicación de las NIIF'S para el 2013 on the ICPARD website.

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.