Implementing IFRS in Colombia involves harmonize and internationalize the accounting and financial information, which will make it more friendly interpretation of financial statements anywhere in the world, with transparency and absolute fidelity.
Are companies working with IFRS?
From 1 January to 31 December 2013, it should have been done the planning stage and transition for groups 1 and 3 and between January 1 and December 31, 2014, is developing stage mandatory for these groups and must present comparative financial statements and audited under IFRS, December 31, 2014. for this group 2 is developing the planning stage and transition between January 1 and December 31, 2014 and will be mandatory stage in 2015, shall be filed and comparative audited December 31, 2015. currently the Supersociedades, Superbancaria and supersolidaria are requesting the opening balances to companies in the group 1 and 3, which must have developed and implemented from January 1, 2014 financial statements.
Do all businesses, small, large and medium apply IFRS?
All companies must apply IFRS in Colombia, like many individuals and should be located in IFRS Plenas Groups 1, Group 2 and Group 3 IFRS IFRS SMEs microenterprise.
What are the deadlines to begin working with IFRS?
Mandatory deadlines for Groups 1 and 3, began on January 1, 2014 and for Group 2 from January 2015.
CPA: Hector Pinzon Jaime Correa (President) of the Federation of Public Accountants of Colombia.