1. The Superintendency of Companies publishes a report on the significant infractions and sanctions regarding the duties of administrators and tax auditors
As an inspection, surveillance, and control body of commercial companies, the Superintendency of Companies compiled the major infractions and sanctions that occurred in FY2022 regarding the duties of Administrators and Statutory Auditors to prevent regulatory non-compliance.
Let us remember that according to Article 22 of Law 222 of 1995, the administrators are: "The legal representative, the liquidator, the factor, the members of boards or boards of directors and those who, under the statutes, exercise or hold those functions"; therefore, if you hold any of these positions, this booklet will be helpful to you to know your obligations under the law and the possible sanctions for non-compliance.
See: https://jadelrio.com/Boletines/Colombia/1.CARTILLA-PRINCIPALES-INFRACCIONES-SANCIONADAS-POR-SS.pdf
2.Technical Council of Public Accounting issues technical guidance document No. 20, "Accounting management of Crypto assets in Colombia."
To guide the accounting management of this type of commercial operation in increasing use, on June 5, the Technical Council of Public Accounting issued the document, which does not compromise governmental or regulatory decisions that may be working within the guidelines of the National Government and exclude in its scope the entities supervised by the Financial Superintendence.
The guidance also includes a section on matters to consider in audits of such transactions.
See:
https://www.ctcp.gov.co/noticias/2023/el-consejo-tecnico-de-la-contaduria-publica-presen
https://jadelrio.com/Boletines/Colombia/2.1.DOT-20-CRIPTOACTIVOS-FINAL.pdf
3. Accounting Recognition of the Know-How as a social contribution in SMEs – Pymes
Commercial regulations establish the possibility of contributions in different modalities. In this regard, in consultation with the Technical Council of Public Accounting on the accounting recognition of social contribution through "Know How," it stated that "the issuance of shares must be measured by the fair value of the resources received, in this case by the fair value of the intangible asset received, provided that this can be measured reliably," under the provisions of paragraph 22.8 of the IFRS for SMEs.
See: https://jadelrio.com/storage/Boletines/Colombia/Flashnews%2032/3.2023-0129-Know-How-como-aporte-social-Tratamiento-contable-NIIF-para-Pymes.pdf
4. Responsibility for compliance with tax and legal obligations is not the Statutory Auditor.
he Technical Council of Public Accounting, through concept 082 of 2023, reiterated what was stated in concept 331 of 2022 regarding the responsibility for compliance in tax matters "(...) it is necessary to clarify that the responsibility in tax matters corresponds to a function of the administrative management and not of the fiscal auditor, corresponding to it the verify that the respective obligation has been complied on time by the administration".
Therefore, the fiscal auditor is responsible for verifying the Company's compliance with the applicable legal regulations established in the Business Code.
See:
https://jadelrio.com/storage/Boletines/Colombia/Flashnews%2032/4.1.2022-0331-responsabilidad-del-RF-inf-exogena-JMPB-JJB-JEC.pdf
https://jadelrio.com/Boletines/Colombia/4.2023-0082-Revisor-Fiscal-Medios-magneticos.pdf
The content of this newsletter is merely informative, that´s why it cannot be used under any circumstances as advice on the matter described in it. If you need advice on any of the aspects discussed, our team of professionals will be willing to assist you. contacto@jadelrio.com
