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Adoption of IFRSs delayed in Venezuela

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06 Jul 2004

IFRS will be delayed in Venezuela to 2006 for listed companies and to 2007 for all other companies.

Venezuela will be adopting all current IFRSs in full, not the old IASs and SICs.

Also, a special commission was formed to define the implementation process. A recent announcement by the presidents of two key Venezuelan professional bodies suggested that implementation will be delayed.

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