IFRS are mandatory for public entities which are under the supervision of the Comision Nacional de Valores CNV (Argentine Securities and Exchange Commission). The resolution establishes that all entities not reached by, or exempted from the mandatory use of IFRS, will have the option of
- IFRS, or
- the IFRS for SMEs, or
- the accounting standards issued by the Federation or to be issued in the future that are not related to this resolution.
Entities that are out of scope of the IFRS for SMEs are not allowed to use the IFRS for SMEs.
The resolution is effective for financial statements for annual periods beginning on or after 1 January 2012, and earlier application is permitted for annual financial statements beginning on or after 1 January 2011. Click for Technical Resolution No. 29 (in Spanish, PDF 244k) and more information on financial reporting in Argentina.