Honduras
| Extent of IFRS application | Status | Additional Information |
|---|---|---|
| IFRS Standards are required for domestic public companies | No stock exchange. IFRS Standards required for banks (with modifications) and for insurance companies and brokerages. | |
| IFRS Standards are permitted but not required for domestic public companies | ||
| IFRS Standards are required or permitted for listings by foreign companies | No stock exchange. | |
| The IFRS for SMEs Standard is required or permitted |
|
Permitted. |
| The IFRS for SMEs Standard is under consideration |
Organisation
Role of the organisation
Website
Email contact
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes.
Honduras’s commitment to IFRS Standards is stated in Government Decree 189-2004 published in La Gaceta (Official Gazette of the Republic of Honduras) of 16 February 2005:
www.juntec.org.hn/files/Decreto_189-2004.pdf
Reaffirmed and extended to include the IFRS for SMEs Standard in Resolution JTNCA 001/2010 published in La Gaceta (Official Gazette of the Republic of Honduras) of 16 September 2010:
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Yes.
See above.
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
There is no stock exchange in Honduras.
Entities other than banks and financial institutions
Since 1 January 2012, all entities other than banks and financial institutions have been required to choose either full IFRS Standards or the IFRS for SMEs Standard.
Banks and other financial institutions, insurance companies, stock exchanges, brokerages
For these companies, IFRS Standards (with modifications in the case of banks) are being introduced between 2016 and 2019. See below.
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?
Yes. Since 1 January 2012, all entities other than banks and financial institutions have been required to choose either full IFRS Standards or the IFRS for SMEs Standard.
Banks and other financial institutions that are regulated by the Comisión Nacional de Bancos y Seguros (CNBS) are required to follow an accounting framework based on IFRS Standards modified by prudential standards issued by the CNBS, starting in 2016, with 1 January 2015 the date of transition. Circular CNBS No.068/2014:
www.cnbs.gob.hn/blog/2014/06/25/circular-cnbs-no-0682014/
Insurance companies are required to follow IFRS Standards starting in 2017, with 1 January 2016 the date of transition. Circular CNBS No.084/2014:
www.cnbs.gob.hn/blog/2014/08/21/circular-cnbs-no-0842014/
In April 2016, the CNBS adopted IFRS Standards for stock exchanges and brokerage firms starting in 2019, with 1 January 2018 the date of transition. Circular CNBS No.014/2016:
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?
The auditor's report and/or the basis of presentation footnotes 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?
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?
If yes, what are the changes?
Banks and other financial institutions that are regulated by the Comisión Nacional de Bancos y Seguros (CNBS) are required to follow an accounting framework based on IFRS Standards modified by prudential standards issued by the CNBS, starting in 2016, with 1 January 2015 the date of transition. Circular CNBS No.068/2014:
