|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required. Chile has already adopted IFRS Standards. The CCCH is the accounting standard setter in Chile. The CCCH has adopted IFRS Standards as the national accounting standards of Chile.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Required.|
|The IFRS for SMEs Standard is under consideration|
Role of the organisation
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Chile has already adopted IFRS Standards.
The CCCH is the accounting standard setter in Chile. The CCCH has adopted IFRS Standards as the national accounting standards of Chile. Further information may be found below.
Additional comments provided on the adoption status?
Companies registered with the SVS
Under Chilean Company Law, public corporations (500 or more shareholders or 10% of the equity shares are held by 100 or more shareholders) and debt securities issuers are regulated by the Superintendence of Securities and Insurance (Superintendencia de Valores y Seguros or SVS) and are registered in the Securities Registry. On the other hand, reporting entities, which refer to companies that do not issue securities, and which by legal disposition are overseen by the SVS, are registered in the Registry of Informants.
For companies registered with the SVS, IFRS Standards were phased in as follows:
- 31 December 2009: IFRS Standards were required for major public companies. They presented 2009 financial statements including 2008 comparative information using IFRS Standards. A few major public companies that felt they were not ready to switch to IFRS Standards in 2009 were given a deferral until 2010, with some note disclosures required.
- 31 December 2010: Smaller public companies, mutual funds, pension funds, stock brokers and dealers, and companies that issue publicly traded debt securities but not equity securities, plus any of the large public companies that were unable to switch to IFRS Standards in 2009 (see above).
- 31 December 2011: Reporting entities on the ‘Registry of Informants’ other than insurance companies.
- 31 December 2012: Insurance companies.
Corporations registered with SVS send their audited financial statements to SVS, which posts them on the SVS website.
Banks and other financial institutions
Banks and other financial institutions are regulated by the Superintendent of Banks and Financial Institutions (SBIF) rather than the SVS. They must follow the accounting rules issued by the SBIF.
The SBIF adopted IFRS starting 31 December 2009. In adopting IFRS Standards, the SBIF made two significant modifications as follows (plus several minor ones):
- Banks must measure loan loss provisions using an expected loss approach (with note disclosure of the IAS 39 amount).
- Banks are prohibited from using the 'fair value option' in IAS 39.
These modifications are highlighted in the financial statements. The financial statements of banks and other financial institutions are described as complying with the standards issued by SBIF, not IFRS Standards.
Private companies not registered with the SVS
This includes most SMEs. Chile has adopted the IFRS for SMEs Standard effective in 2013.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the Board, ie standards and amendments are adopted/endorsed as and when issued by the Board. As noted earlier, the regulator of banks and financial institutions has made several modifications to IFRS, which are disclosed in the financial statements, and those financial statements are not described as conforming to IFRS Standards.
The auditor's report and/or the basis of presentation footnote states that financial statements have been prepared in conformity with:
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Are IFRS Standards incorporated into law or regulations?
If yes, how does that process work?
If no, how do IFRS Standards become a requirement in the jurisdiction?
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
If yes, what is the process?
After Chile initially adopted IFRS Standards effective in 2009, it endorsed new and amended IFRS Standards by issuance of a series of Technical Bulletins) (numbers 79 to 84) by the CCCH. On 19 December 2013, the CCCH issued Technical Bulletin No. 85 Adoption of International Financial Reporting Standards issued by the IASB. Technical Bulletin No. 85 simply adopted IFRS Standards as the national accounting standards of Chile, eliminating the need for further Technical Bulletins. Therefore, Technical Bulletin No. 85 repealed Technical Bulletins numbers 79 to 84, which had adopted individual groups of IFRS Standards. Also, Technical Bulletin No. 85 repealed Technical Bulletins numbers 1 to 78B, which had established the former accounting principles generally accepted in Chile (prior to IFRS Standards).
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
None with respect to reporting entities that are not banks or financial institutions. The SBIF, which regulates banks and financial institutions, has made two significant modifications that affect banks and financial institutions as follows (plus several minor ones):
- banks must measure loan loss provisions using an expected loss approach (with note disclosure of the IAS 39 amount); and
- banks are prohibited from using the 'fair value option' in IAS 39.
Those modifications are disclosed in the financial statements, and those financial statements are not described as conforming to IFRS Standards.
If yes, what are the changes?
Other comments regarding the use of IFRS Standards in the jurisdiction?
Are IFRS Standards translated into the local language?
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
If no, is the adoption of the IFRS for SMEs Standard under consideration?
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
If the jurisdiction has made any modifications, what are those modifications?
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
Other comments regarding use of the IFRS for SMEs Standard?
General requirements for companies for-profit entities
The following non-listed companies are subject to filings of financial statements with the Financial Market Commission (CMF):
- insurance companies submit their financial statements annually (within 60 days of the end of the financial year), semiannually (within 30 days following the end of the semester) and quarterly (within 30 days following the end of the quarter);
- companies included in the Registry of Informants submit their financial statements annually (within 90 days following the end of the financial year).
General requirement for companies
What type or format of structured electronic filing is required or permitted?
What is the purpose of the electronic filing?
- disclosure for investors and credit analysts in capital markets; and
- use by the CMF for its purposes (i.e. as a securities regulator); and
- supervision of insurance companies.
What documents are required to be filed to the electronic filing system?
Securities issuers and reporting entities of the Registry of Informants file PDF (official file) and XBRL instance documents. Insurance companies only file the XBRL instance document.
(a) extension schemas
Is the financial data provided in XBRL format publicly available?
Is the XBRL reporting system based on the IFRS Taxonomy issued by the IASB?
Securities issuers and reporting entities of the Registry of Informants report electronically using the IFRS® Taxonomy.Insurance companies do not use the IFRS Taxonomy because the CMF elaborates the taxonomy based on a format designed according to the requirements in Chilean regulations.
If no, what are the reasons for not using the IFRS Taxonomy?
Is the IFRS for SMEs filing adopted in the XBRL reporting system?
If no, are there any plans to implement the IFRS for SMEs filing in the future?
No plans at present
How is the XBRL financial statement reporting system set up?
What are the intended purposes of the local base taxonomy?
Which IFRS Taxonomy files are used?
Which part(s) of the IFRS (local) Taxonomy do filer's submissions import/refer to?
Are filers permitted to replace or override any aspects or specified features of the IFRS (local) Taxonomy?
If yes, which aspects and how does it work?
What is the scope or coverage of XBRL filing/tagging?
- face statements/primary financial statements (securities issuers and reporting entities); and
- notes (securities issuers).
Are there any plans to extend the coverage of the XBRL filing/tagging in the future?
Which version of the IFRS Taxonomy is being used
If the taxonomy is to be updated to the 2015/2016 version, which of the following module(s) is (are) to be used?
Any guidelines or submission rules for filers?
Every year, since 2009, XBRL filing instructions, illustrated taxonomy and an Excel sheet explaining modifications are available from the following website:
The CMF also elaborates a validator program to check the use of the current taxonomy, the use of a unique identifier scheme, repeated context, effective use of declared context, the number of reported zeros, the use of a single currency, the use of only three decimals and business rules.Documents related to the validation rules are also available from the website above.
Do bodies in this jurisdiction use XBRL for purposes other than general purpose financial reports? (For example, taxation authorities, statistical purposes etc.)
Role of the organisation
The CMF is the Chilean regulator of securities and insurance markets. The CMF has replaced the SVS since 16 January 2018, based on the provisions of Law N° 21.000 of 23 February 2017.Since 2009 issuers are required to publish financial statements applying IFRS Standards and using XBRL. This has been a step-by-step process. At the beginning only a small group of corporations using XBRL for reporting, corresponding to those which shares had greater market volume. In the following years other corporations were included. Today, all corporations and insurance companies supervised by the CMF are reporting their financial statement in XBRL file.