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Venezuela

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Financial Reporting Framework in Venezuela

Adoption of IFRSs in Venezuela

In 2004, the Venezuelan Federation of Certified Public Accountants adopted IFRSs as they existed in 2004 as Venezuelan accounting standards. They were required for listed companies in 2005, for large unlisted companies in 2006, and for other companies starting 2007. Currently, Venezuela applies IFRS as issued in 2016 with some specific modifications related to general-price-level adjustments issued by the FCCPV in the Aplication Bolletins (BA VEN-NIF).

In November 2009, the Federación de Colegios de Contadores Públicos de Venezuela (FCCPV, the professional accountancy organisation in Venezuela) adopted the IFRS for SMEs for all SMEs in Venezuela. Use of the IFRS for SMEs is voluntary for financial statements for the year ending 31 December 2010, and will become mandatory for the year ending 31 December 2011.

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.