|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Permitted.|
|The IFRS for SMEs Standard is under consideration|
Colegio de Contadores, Economistas y Administradores del Uruguay
[Association of Accountants, Economists, and Managers of Uruguay]
The Colegio de Contadores, Economistas y Administradores del Uruguay (The Colegio) is the professional accountancy body in Uruguay.
In Uruguay accounting standards are set by the government. The government has created an advisory body called Comisión Permanente de Normas Contables Adecuadas to advise the government on accounting standards. The Colegio is the main technical resource in that advisory body. The Colegio is also a member of the Group of Latin-American Standard Setters (GLASS).
In July 2007, the government issued a national decree that established IFRS Standards in force at July 2007 as mandatory for all companies other than banks and financial institutions for financial years beginning on or after 1 January 2009. However it also made some modifications to the July 2007 IFRS Standards:
In May 2009, the government issued a national decree that identified specific IFRS Standards that must be applied by small entities as defined in the decree. In February 2010 the definition of small entities was modified by another national decree.
In April 2011, the government issued a new national decree that requires the following categories of companies to use all IFRS Standards translated into Spanish effective in 2012: all companies whose securities are publicly traded other than financial institutions, autonomous entities, and decentralised services.
In April 2012, the government issued another national decree that stated that financial statements adjusted for changes in the general price-level are no longer mandatory after 2011.
For banks, insurance companies, mutual funds, and other financial institutions, in 2011 the Central Bank of Uruguay adopted IFRS Standards starting in 2014. This means the latest versions of IFRS Standards, not the 2007 version adopted by the national decree.
IFRS Standards as issued by the Board.
In October 2014, the Uruguayan Government approved decree No. 291/014, effective for fiscal years beginning on or after 1 January 2015 with early adoption permitted.
Decree 291/14 requires the IFRS for SMEs Standard (at the date of the decree, translated into Spanish and published on the website of the Internal Audit Office of Uruguay) to be applied by SMEs:
The decree adds a few further requirements for those SMEs, including permitting the use of the revaluation model for property, plant and equipment (this was added to the IFRS for SMEs Standard in 2015) and capitalisation of borrowing costs in line with IAS 23 (this is inconsistent with the IFRS for SMEs Standard).
SMEs meeting the requirements in paragraphs 1-5 are also permitted to apply full IFRS Standards instead of the IFRS for SMEs Standard.