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New Presentation and Disclosure Standard

On April 9, 2024, the IASB issued the new IFRS 18 – Presentation and Disclosure in Financial Statements, a standard that replaces the long-standing IAS 1 and modifies related standards, mainly IAS 7 – Statement of Cash Flows.

IFRS

In Colombia, most of the companies apply IFRS for SMEs as a regulatory framework; however, this definition must be carefully evaluated both in a new company and in a company that has been operating for several years. Sometimes, although it is decided to apply the IFRS framework for SMEs, it may happen that in the short term a transition process to full IFRS must be made.

Modification in the form and deadline

The District Legal Secretariat of the Office of the Mayor of Bogotá D.C. through Circular 013 of 2023 made the modification to paragraphs 6, 7 and 8 of Circular 058 of 2022 related to the Transparency and Business Ethics Program (PTEE) applicable to ESALs that are under the inspection, surveillance and control of the Office of the Mayor of Bogotá D.C., as well as district entities with inspection,...

International Sustainability and Climate Standards

On June 26, 2023, the International Sustainability Standards Board (ISSB) issued the first sustainability standards, IFRS S1 (General requirements for sustainability-related financial disclosures) and IFRS S2 (Disclosures related to climate impacts).

Are you required to have a Statutory Auditor?

The obligation to have a Statutory Auditor arises from a legal or statutory provision or from the amount of assets and income at the close of each year, which will be detailed below.

Modification of Paragraph 4

The Ministry of Commerce, Industry and Tourism through Decree 1899 of November 8, 2023 made the modification to numeral 4 of Article 1.2.1.2. of Decree 2420 of 2015, related to the International Standard on Auditing ISA 701 which refers to the Communication of Key Audit Matters in the Audit Report Issued by an Independent Auditor.