Our purpose is to participate in the process of the conversion of financial statements prepared under Colombian regulations to IFRS, understanding that the implementation of these rules is required by Colombian legislation, which determined that companies will cease to apply local rules and will start to provide financial information in compliance with international regulations.
As from the enactment of Act 1314 of 2009, companies in Colombia of all sizes and sectors must commence a process for the implementation of the international financial accounting regulation known as the International Financial Reporting Standards (IFRS), which corresponds to a group of standards and interpretations issued by global regulators on this matter, such as the International Accounting Standard Board (IASB).
Objective of the implementation of IFRS
Supporting clients in the obligatory preparation of the Opening Statement of Financial Position and the guidelines facilitating the transition to International Financial Reporting Standards for SMEs, in accordance with regulatory guidelines currently in force, according to the requirements and information available on the part of the company.
Our Understanding of the Process
Phase 0 – Opening: Establishing those responsible and a monitoring committee.
Phase 1 – Diagnosis and impact: A conceptual evaluation should be prepared of the impact of the conversion on the company, given that this impact should not be viewed exclusively from an accounting perspective, but within the context of the organisation. Other Impacts:
Phase 2 – Preparation of the new accounting policies: This commences once the diagnosis stage has concluded, and it is with the result of the latter that the Policies and Procedures are redefined.
Phase 3 – Adoption for the first time: The Opening Statement is the commencement or starting point of the process for transforming into IFRS. This initial report requires an activity that has its own momentum, since the definitive information to be “adjusted to the IFRS” may be subject to adjustments and amendments before the end of the period on 31 December and the issuance of the approved Financial Statements corresponding to the year prior to the transition period.
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