Colombia takes a step closer to IFRSs and ISAs

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23 Jun 2011

The Colombian Consejo Técnico de la Contaduría Pública (Technical Council of Public Accountants) has submitted an official proposal to the Colombian Ministers of Finance and Commerce regarding the strategic direction of adopting international accounting and auditing standards in Colombia.

On 13 July 2009, the Congress of the Republic of Colombia enacted Law No. 1314 concerning accounting, financial reporting and assurance. This law is called the "Law of Convergence" and states an intention to converge Colombian GAAP with international standards beginning from the year 2014 (proposed start year).

The official proposal from Consejo Técnico de la Contaduría Pública (as the National Standard Setter for Colombia) would see the standards issued by the IASB (for accounting and financial reporting) and IFAC (for auditing) adopted as the Colombian norms. Whilst only a strategic direction document, the proposals are an important step towards Colombia adopting international standards in due course.

Click for the text of the official proposal (PDF 404k, in Spanish).

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