1.The IASB International Accounting Standards Board published for comments the draft standard that seeks to update the International Financial Reporting Standard for small and medium-sized enterprises (IFRS for SMEs) to reflect the improvements made to IFRS Full.
The document proposes:
- Reflect improvements to the conceptual framework for financial information issued in 2018.
- Include simplified requirements based on IFRS 13 Fair Value Measurement and IFRS 15 Income from customers contracts.
- New requirements of IFRS 3 – Business Combinations, IFRS 9 – Financial Instruments, IFRS 10 – Consolidated Financial Statements, and IFRS 11 – Joint Agreements.
The comment letter period is open until March 7th, 2023.
See: https://jadelrio.com/Colombia/Proyecto-de-norma-NIIF-para-Pymes.pdf
2.The International Ethics Standards Board for Accountants (IESBA) published the 2022 edition of the Manual of the International Code of Ethics for Accountants, including the International Independence Standards.
This manual contains the following revisions:
- Revisions to non-insurance services and provisions related to fees.
- Reviews to address objectivity by an engagement quality reviewer and other appropriate reviewers.
- The amendments to the Code related to quality management that was issued as provisions related to fees.
- Reviews to address objectivity by an engagement quality reviewer and other appropriate reviewers.
- Amendments to the Code related to quality management that was issued as a result of the finalization of the International Auditing and Assurance Standards Board's set of quality management standards
See: https://jadelrio.com/Colombia/Manual-2022-IESBA-1.pdf
3.The National Accounting Office (CGN for its acronym in Spanish) published Resolution No. 267 of 2022, which modifies article 3 of Resolution No. 037 of 2017.
The resolution modifies Article 3 of Resolution No. 037 of 2017 to include, in the regulatory framework for companies listed on the stock market and that capture or manages public savings, the modification of the technical annex of the regulations of financial information for group 1, carried out through Decree 1611 of 2022.
This last annex will be applicable to the general-purpose financial statements of the subject entities as of January 1, 2024.
See: https://jadelrio.com/storage/Boletines/Colombia/Flash%20#14/RESOLUCI%C3%93N%20No.%20267%20DE%202022%20%20Resoluci%C3%B3n%20de%20Modificaci%C3%B3n%20Normas%20cotizantes.pdf
4.The Technical Council of Public Accounting (CTCP for its acronym in Spanish), through Concept 0394 of 2022, referred to the approval of accounting policies.
Through the Concept, the Technical Council of Public Accounting, answered some questions related to the approval and application of the manual of accounting policies and the opinion of the statutory auditor.
See: https://jadelrio.com/Colombia/2022-0394-Politicas-contables-aprobacion-asamblea-y-opinion-RF-PH-F.pdf
If you require more information regarding this topic, contact us. We will be pleased to assist you: contacto@jadelrio.com
