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October 26, 2011

Columbia one step closer to IFRS

Columbian standards setter, Consejo Técnico de la Contaduría Pública de Colombia, has published a proposal paper on the timeline towards the Colombian convergence with IFRS.

The document proposes the earliest voluntary adoption of IFRS at the end of 2014 for public interest companies and large and medium companies without public accountability.

The proposal paper also seeks comment on any foreseeable interpretation issues that might arise in the convergence process and what level of guidance is necessary for companies.

The consultation is open for comment until end of March 2012.


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