Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies | Full IFRS Standards are required for all listed companies and some others including large subsidiaries of IFRS parent companies, export-import companies, and government owned/controlled companies. Banks and other financial institutions use IFRS Standards with several modifications. | |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies | Permitted. | |
The IFRS for SMEs Standard is required or permitted | Required for all except micro sized, unless full IFRS Standards are required or used. | |
The IFRS for SMEs Standard is under consideration |
Pursuant to Law 1314 of 13 July 2009, Colombia has adopted IFRS Standards following the timetable below:
*Companies in Group 1 had an option to adopt IFRS earlier, beginning in 2013 (date of transition 1 January 2012).
Further, in late 2014, the Contaduria General de la Nacion (CGN – the General Accounting Office of the Nation) published a new Regulatory Framework for companies that are under its supervision and that are not in the stock market and do not administer public savings. From 1 January 2016, the CGN is requiring those companies to apply IFRS Standards. There are approximately 1,771 such companies regulated by the CGN because they are controlled by or have participation by the Colombian Federal Government.
Yes.
In order to incorporate the IFRS Standards into the Colombian legal system, the original text of the IFRS Standard must be attached to a series of legal documents issued by the regulatory authorities. Those documents are then published in an official newspaper in order to complete the formal adoption process.
The process was established in Law 1314/2009 mentioned earlier. The steps are:
None.
Yes.
Colombia has adopted the IFRS for SMEs Standard for a large group of companies starting in 2016, with the date of transition being 1 January 2015. Pursuant to Law 1314/2009, the IFRS for SMEs Standard is required for all companies whose securities are not publicly traded other than:
Micro entities may also elect to use the IFRS for SMEs Standard.
The Instituto Nacional de Contadores Publicos de Colombia has begun a comprehensive programme for training accountants throughout Colombia in the IFRS for SMEs Standard.
Effective 2016, the IFRS for SMEs Standard is required for all companies whose securities are not publicly traded other than:
Micro entities may also elect to use the IFRS for SMEs Standard.