The International Financial Reporting Standards (IFRS) are the set of international accounting standards promulgated by the International Accounting Standards Board (IASB), which establishes the knowledge requirements, measurement, disclosure and information to reveal, for transactions and economic facts that affect a company and that are reflected in the financial statements.
The world today is constantly changing, the environment is never the same, people and companies are looking for a continuous evolution; Is for this reason that IFRS / IFRS seek a common point, homologation and consistency in the issues.
LAST NORMATIVITY ISSUED
- SENTENCE 000040 OF 06 MAY 2016 (DIAN).
- DECREE 2548
- DECREE 2496 OF 2015 (UNIQUE REGULATORY DECREE OF ACCOUNTING STANDARDS RULES, FINANCIAL INFORMATION AND SECURITY OF INFORMATION).
- RESOLUTION 533 OF 2015 (GENERAL ACCOUNTANCY OF THE NATION).
CLASSIFICATION OF THE COMPANIES
GROUP 1*
- Issuers of securities.
- Public interest entities.
- Entities that have total assets greater than thirty thousand (30,000) SMMLV 3 or personnel plant of more than two hundred (200) workers; That are neither issuers of securities nor entities of public interest and that also fulfill any of the following requirements:
- Be a subordinate or a branch office of a foreign company that applies IFRS.
- Be a subordinate or a branch office of a nacional company that is required to apply IFRS.
- Make imports (payments abroad) or exports (foreign income) representing more than 50% of purchases (expenses and costs), of the year immediately prior to the year reported.
- Be a parent establishment, associate or joint venture of one or more foreign entities applying IFRS.
Issuers of securities and entities of public interest, who will apply FULL IFRS:
Transition date (Opening balance): January 1, 2014.
Application date (First comparative): December 31, 2014.
Report date (Financial Statements in IFRS): December 31, 2015.
GROUP 2*
- Companies that do not meet the requirements of number 3 of group 1.
- Companies with total assets of between 500 and 30,000 SMMLV or staff between eleven (11) and two hundred (200) workers, and who are not issuers of securities or entities of public interest .
- Microenterprises that have total assets excluding housing with a maximum value of five hundred (500) SMMLV or personnel plant not exceeding (10) workers, and whose gross annual income is equal to or greater than 6,000 SMMLV ‘. Such gross income is the income for the year immediately prior to the reporting period. For the classification of those companies that present combinations of personnel parameters and total assets different from those indicated, the determining factor for this effect will be the total assets.
Large and medium-sized companies that are neither issuers of securities nor public interest entities, who will apply IFRS SMEs:
Transition date (Opening balance): January 1, 2015.
Application date (First comparative): December 31, 2015.
Report date (Financial Statements in IFRS): December 31, 2016.
GROUP 3*
- Natural or legal persons who meet the criteria established in art. 499 of the Tax Statute (ET) and subsequent rules that modify it.
- For this purpose, the equivalent of UVT will be taken into statutory minimum legal wages.
- Microenterprises that have total assets excluding housing with a maximum value of five hundred (500) SMMLV or personnel plant not exceeding the (10) workers who do not meet the requirements to be included in group 2 or in the previous number.
Small businesses and microenterprises, who will be authorized to issue financial statements and abbreviated disclosures, who will apply IFRS MICROENTERPRISE:
Transition date (Opening balance): January 1, 2014.
Application date (First comparative): December 31, 2014.
Report date (Financial Statements in IFRS): December 31, 2015.