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Argentine Banks will apply standards converged with IFRSs from 2018

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12 Mar 2014

The Central Bank of Argentina (BCRA) has announced that it will converge the accounting standards for banks with IFRSs and that the new standards will have to be applied from 2018.

Currently, listed companies in Argentina that are regulated by the Comisión Nacional de Valores (CNV, the National Securities Commission) have to prepare their financial statements using IFRSs. Companies with regulators other than the CNV are currently not permitted to use IFRSs. Banks must apply the accounting regulations enforced by the BCRA. However, on 12 February 2014, the BCRA issued a communication announcing a plan to converge the BCRA accounting standards with IFRSs. The converged standards would become mandatory on 1 January 2018.

In the road map setting out the convergence plan the BCRA motivates is decision as follows:

Several international organisations have issued recommendations regarding the adoption of high quality international accounting standards. Argentina, as a member of the Group of 20 (G20 ) and the Financial Stability Board (FSB), is committed to converge with international standards in financial reporting.

Please click for access to the road map (Comunicación “A” 5541) on the BCRA website (available in Spanish only).

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