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Venezuela adopts International Financial Reporting Standards

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21 Apr 2004

The Board of the Venezuelan Federation of Certified Public Accountants has announced that it has decided to adopt International Financial Reporting Standards (including IASs, IFRSs, and related interpretations) without any modification whatsoever.

A special commission has been created to define the implementation process. It is considering the following proposed steps for implementation:
  • 2005 – Listed companies
  • 2006 – Large companies
  • 2007 – Small and medium sized companies; state companies, and companies under specific rules or regulations (banks and insurance companies)

 

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