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Colombia is considering a switch to IFRS

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09 Feb 2004

The government of Colombia has invited comment on a draft law that would adopt International Financial Reporting Standards as Colombian national standards.

Currently, Colombian Accounting Standards are established by the government, and they differ significantly from IFRS. The draft law is a joint effort of various government ministries and departments, including finance, public credit, industry and commerce, accountancy, banking, companies, securities markets, planning, taxes, and customs – all of the key bodies that would need to agree to such a fundamental change in Colombian accounting practice. Click for More Information ("Proyecto de Ley: Por el cual se adoptan en Colombia los estándares internacionales de contabilidad, auditoría y contaduría").

 

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