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IFRS adoption in Colombia deferred to 2015

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28 Sep 2012

In reaction to many submissions received that point at difficulties regarding the implementation of IFRSs, the Colombian Government has deferred mandatory IFRS application to 2015. Application of the IFRS for SMEs was deferred to 2016. However, the government maintains that IFRS adoption is of utmost importance for the country's competitiveness and should be achieved as soon as possible.

The new timetable for IFRS adoption is as follows:

  • Group 1: Publicly traded entities, public interest entities and large companies that a) are branches of parent companies that report under IFRS, b) parent companies of branches that report under IFRS and c) companies exporting or importing over 50% of their sales or purchases.  These entities will adopt full IFRS in 2015, with 2014 being the year of transition (meaning opening balances of the Statement of Financial Position as at 1 January 2014)
  • Group 2:  Large and medium companies other than those included in group 1.  These entities will adopt the IFRS for SMEs in the 2016 fiscal year, meaning the year of transition being 2015 (opening balances of the Statement of Financial Position as at 1 January 2015).

A third group consisting of micro entities will apply standards especially developed for their needs (Normas de Información Financiera para Microempresas) from 2015.

Please click for the press release announcing the deferral (in Spanish).

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