Peru requires IFRS for public filers

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13 Dec 2010

On October 14, 2010 the Peruvian regulator (CONASEV), issued resolution Nº 102-2010-EF/94.01.1 by which public filers in the local Stock Market must prepare financial statements under IFRS as issued by the International Accounting Standard Board (IASB).

Until now, Peruvian companies (public and non-public) issue financial statements under Peru Generally Accepted Accounting Principles (PEGAAP) which is IFRS based after endorsement by the Consejo Normativo de Contabilidad (CNC). The last endorsement of IFRS by CNC was on August 23, 2010 which is effective since January 1, 2011. Therefore non-public companies will continue to issue financial statements under PEGAAP, while public companies will apply IFRS 1 and issue financial statements under full IFRS as issued by IASB.

CONASEV has indicated that public companies should prepare the first financial statements under IFRS by December 31, 2011; investment funds, and others should prepare the first financial statements under IFRS by December 31, 2012. Early application of IFRS is optional and should be communicated to CONASEV. The adoption of IFRS should be definitive and unreserved. Interim financial statements will be presented under IFRS for the year 2012 (if early adoption was elected, 2011).

CONASEV's resolution is a significant step towards transparency and high quality financial information in the Peruvian stock market.

Click for resolution Nº 102-2010-EF/94.01.1 (PDF 195k, in Spanish)

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