Venezuela

Extent of IFRS application | Status | Additional Information |
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IFRS Standards are required for domestic public companies |
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Companies whose securities trade in a public market are required to use the 2008 version of IFRS Standards with a modification related to general-price-level adjustments. |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies |
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Required. |
The IFRS for SMEs Standard is required or permitted |
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All SMEs are required to use the IFRS for SMEs Standard, other than SMEs in the oil, energy, and mining industries, which are required to use full IFRS Standards as adopted in Venezuela. |
The IFRS for SMEs Standard is under consideration |
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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?
Additional comments provided on the adoption status?
Adoption of IFRS Standards was approved by the FCCPV. There is a formal public statement on the FCCPV’s website.
Venezuela modified the 2008 version of IFRS Standards to require price-level adjusted financial statements when the rate of inflation is 10% or more, even if the hyperinflation test of 100% over three years in IAS 29 Financial Reporting in Hyperinflationary Economies is not met.
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?
As noted above, Venezuela has adopted the 2008 version of IFRS Standards as modified. Those standards are required not only for all companies whose securities trade in a public market but also for:
- banks and other financial institutions; and
- companies in the oil, energy, and mining industries.
Small companies are required to use the IFRS for SMEs Standard.