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Peru

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Financial Reporting Framework in Peru

IFRSs are required in Peru

(All links below are to external websites of the Peruvian government and are available in the Spanish language only.)

Both the Peruvian securities regulator (Superintendencia del Mercado de Valores, SMV) and the Peruvian Congress have made public commitments in support of IFRS as the global accounting standards.

On October 14, 2010 the Peruvian Securities regulator issued resolution CONASEV Nº 102-2010-EF/94.01.1 (later amended by Resolución de Superintendencia N° 00043-2012) by which public filers in the local Stock Market must prepare financial statements under IFRS as issued by the International Accounting Standard Board (IASB) since 2012.

On June 25 2011, the Peruvian Congress enacted Ley Nº 29720 requiring all private companies to file with the SMV financial statements prepared in conformity with IFRS as issued by the IASB following endorsement of those standards by the standard-setter for non-listed companies (Consejo Normativo de Contabilidad, CNC). This was followed on 27 April 2012 by resolution N° 011-2012-SMV/01 issued by the SMV requiring non-public filers in the local Stock Market to prepare financial statements under IFRS as issued by the International Accounting Standard Board (IASB) in phases as follows:

  • (a) companies with total assets and/or net revenues higher than US$ 40 million (this is an approximate conversion of the 30,000 taxable units mentioned in the resolution) should have audited financial statements prepared under IFRS as issued by IASB for for fiscal years ended December 31, 2013 with early application being optional;
  • (b) companies with total assets and/or net revenues higher than US$ 4 million (this is an approximate conversion of the 3,000 taxable units mentioned in the resolution) should have audited financial statements prepared under IFRS as issued by IASB for fiscal years ended December 31, 2014 with early application being optional.

By Resolution No. 045-2010-EF-94 (25 November 2010) the Peruvian Accounting Standards Council (Consejo Normativo de Contabilidad, CNC) has adopted the IFRS for SMEs starting 1 January 2011. This standard could be applied by all Peruvian companies with total assets and/or net revenues under 3,000 UIT.

 

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