IFRSs in Argentina starting 2011

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26 Mar 2009

On 20 March 2009, the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), which is the national accounting standard setter in Argentina, approved the adoption of the IFRSs for the preparation and presentation of financial statements of entities whose debt or equity instruments are traded in a public securities market.

FACPCE's Resolution – Resolución Técnica No 26: Adopción de las NIIF del IASB (PDF 64k) – states that the IFRSs issued by the International Accounting Standards Board (IASB), in the oficial Spanish translation issued by the IASB, must be applied – no local adaptations. As a consequence of this Resolution, entities whose securities do not trade in public markets will be permitted to use IFRSs if they choose to do so. The Resolution must be approved by the Comisión Nacional de Valores (CNV, the National Securities Comission), which is expected to do so in the second quarter of 2009. After approval by the CNV, the Resolution will be effective for financial statements for fiscal years starting on 1 January 2011 and for the interim financial statements of those fiscal years. The Resolution would adopt existing IFRSs, but it includes a commitment to adopt all future changes to IFRSs by future Resolutions.

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