Colombia has fully adopted the IFRS guidelines and they are now in full effect for all Colombian companies, meaning that you need to ensure that your accountants are registering all transactions according to both IFRS and ColGAAP
How does this affect you?
Companies which have already been identified by SuperSociedades (the Colombian Accounting Authority) will have to provide all reports according to IFRS. Companies also have to provide statements to DIAN (the local taxes authority) according to ColGAAP for tax declaration purposes. Failure to provide the statements in the correct format will likely result in fines and/or sanctions.
What do you have to do if you’re required to report to SuperSociedades?
Existing companies need to undertake a transition process, which depending on the size and complexity of the company accounts, may take between 2 and 6 months. New companies need to ensure that their accountants are IFRS qualified and competent in its application.
Where can you go for help?
If you have any questions or require assistance, please don’t hesitate to contactBiz Latin Hub Colombia. Get in touch with Craig hereand see how we can assist with your financial reporting.
Receive the latest news and advice about expanding your business globally.
Subscribe to our newsletter to receive the latest business news and advice about entity formation, legal entity compliance, accounting, back office and fiscal requirements.
Marketing permission: By submitting this form, I give my consent for Biz Latin Hub to be in contact with me via email using the information that I have provided in this form and for the purpose of providing me updates about doing business, entity formation, legal entity compliance, accounting, back office services, PEO and/or for marketing purposes.