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
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
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.
Differentiating factors are
the key to our success.
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