|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies|
|IFRS Standards are permitted but not required for domestic public companies||Permitted, but very few companies use IFRS Standards.|
|IFRS Standards are required or permitted for listings by foreign companies|
|The IFRS for SMEs Standard is required or permitted||The IFRS for SMEs Standard is permitted, but very few companies use it. Nearly all SMEs use Paraguayan national accounting standards.|
|The IFRS for SMEs Standard is under consideration|
Ministerio de Hacienda [Ministry of Finance]
Consejo de Contadores Públicos del Paraguay (Consejo) [Council of Public Accountants of Paraguay]
Central Bank of Paraguay – Superintendence of Banks
The Ministry of Finance has authority to establish accounting standards for all entities in Paraguay other than banks and financial institutions.
The Consejo is the professional association of public accountants in Paraguay. The Consejo advises the Ministry of Finance with regard to accounting standards.
Accounting standards for banks and other financial institutions are established by the Central Bank of Paraguay.
The Consejo states that it is committed adopting IFRS Standards in Paraguay. Currently it is developing national accounting standards ‘based on IFRS’. The Consejo states that it ‘was created in 2005 to formalise the profession and is very much committed to disclose and harmonise accounting standards and local practices, as much as possible, with IFRS’. The Consejo has signed a licence with the IFRS Foundation for use of copyright material. Also by license, the Consejo makes available to its members IFRS Standards in Spanish online via eIFRS. The Consejo’s goal is to enable Paraguayan accountants to ‘learn the basics of IFRS Standards and adopt them in a period of approximately five years’.
With regard to financial institutions, the Central Bank states: ‘Through seminars and conferences, the Central Bank has made public its intention to adopt international standards of financial information by the financial institutions under its supervision. This corresponds to the attainment of the objectives included in the bank's strategic plan.’
A small number of large companies in Paraguay have voluntarily adopted IFRS Standards. They use IFRS Standards as issued by the Board. Companies that use IFRS Standards are not required to reconcile to Paraguayan national accounting standards.
With regard to financial institutions the Central Bank says: ‘The Superintendence has a plan for adoption of the IFRS. The Superintendence has formed a group dedicated to this assignment. This group is in charge of having meetings with the sectors involved and measuring the impact of changing the actual rules. It will also lead to hiring a foreign consultant to make an analysis of the current situation of the financial market in our country.’
Permitted, but very few companies use IFRS Standards.
The IFRS Foundation develops and publishes a Spanish translation of IFRS Standards.
The translation follows the official IFRS Foundation translation process.