|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||No. Currently, all companies domiciled in Bolivia, domestic and foreign, must follow Bolivian Accounting Standards to prepare their statutory financial statements. IFRS Standards are under consideration.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies|
|The IFRS for SMEs Standard is required or permitted||No.|
|The IFRS for SMEs Standard is under consideration|
Colegio de Auditores o Contadores Publicos de Bolivia (CAUB) [Society of Auditors and Public Accountants of Bolivia].
Consejo Tecnico Nacional de Auditoria y Contabilidad (CTNAC) [National Technical Board of Auditors and Accountants].
The CTNAC is a professional technical board that forms part of the CAUB. One of the board's responsibilities is to set local technical standards and adopt international standards for accounting and auditing.
In accordance with Bolivian law, the Autoridad de Fiscalización y Control Social de Empresas (AEMP), which is part of the Ministerio de Desarrollo y Economia Plural de Bolivia (Ministry of Development and Economic Growth of Bolivia), must approve all technical standards set by the CTNAC before they become legally binding.
Currently, all companies domiciled in Bolivia, domestic and foreign, must follow Bolivian Accounting Standards to prepare their statutory financial statements. In addition to the statutory financial statements:
The CTNAC plan would require IFRS Standards (including the IFRS for SMEs Standard) as follows:
However, as noted, that plan has not been approved by the AEMP, the Bolivian government regulatory body.
Currently, all companies domiciled in Bolivia must follow Bolivian GAAP, with the following exceptions:
The IFRS for SMEs Standard has been adopted by the standard-setter but is awaiting approval by the government regulatory body.
The National Technical Committee of Auditors and Accountants (CTNAC) of the College of Auditors of Bolivia (Colegio de Auditores o Contadores Públicos de Bolivia) has adopted the IFRS for SMEs Standard into Bolivian accounting standards. The CTNAC resolution would require the IFRS for SMEs Standard for medium-sized companies starting in 2016 and for small and micro-sized companies starting in 2017. That resolution is awaiting approval of the AEMP (the governmental regulatory body).