Voluntary Application of IFRSs in Colombia
On 30 December 2011, the President of the Republic of Colombia decreed that large and medium-sized entities can voluntarily apply IFRSs. The impacts from the change to IFRSs will be analysed by the various authorities solely for the purpose of measuring whether IFRSs are effective or appropriate for the local entities in Colombia and to determine the regulatory measures to be taken, so that at the end of the exercise the obligations set are reasonable and consistent with the economic reality of the country. Entities that decide to invoke the voluntary testing of IFRS, must meet certain conditions, including full implementation of IFRSs.
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