Update on financial reporting in Colombia
13 Sep 2007
In our February 2004 update on Financial Reporting in Colombia, we reported that the Colombian government invited comment on a draft law that would adopt IFRSs as Colombian GAAP.
That law has not yet been enacted. We have updated our Colombia page with information from a World Bank ROSC Report on Accounting and Auditing for Colombia. Basically, Colombian accounting standards that were adopted by the Technical Council for Public Accounting in the early 1990s continue in use today, supplemented by various regulatory reporting requirements imposed by government agencies.
