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El Salvador

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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.

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.