What is it?

Companies in Colombia obliged to keep accounts, belonging to groups 1 and 2, must keep their accounting records and issue their financial statements under full International Financial Reporting Standards (full IFRS) or the IFRS for SMEs, in force during each annual court, in accordance with the progressive modifications made by the National Government to the Sole Regulatory Decree 2420 of 2015, which contains the accounting regulatory framework of Colombia.

Our approach

We advise and accompany companies in their process of implementing the International Financial Reporting Standards, with emphasis on the following activities:

  • Analysis and advice on the steps necessary to change the Group, either for voluntary or mandatory reasons.

  • Preparation of comparative, individual, separate and consolidated financial statements.

  • Analysis of transactions under the framework of current regulations.

  • Documentation of updated accounting policies.

  • Calculation of impairment in the value of assets and impairment of financial assets.

  • Identification of impacts from new IFRS issued, such as IFRS 9, IFRS 15 and IFRS 16.

  • General training or focused on certain areas and business areas.

Our specialist team

Experienced professionals, certified in International Financial Reporting Standards by the ICAEW - Institute of Chartered Accountants of England and Walles. We have been part of teams from some of the most important multinational audit firms in the local and international field.

We have relevant experience in the adoption and application of international accounting and financial information standards, both in Colombian companies and in foreign companies.

We have experience in the analysis of unusual and significant transactions for the Management of our Clients, which includes accounting effects under IFRS of significant contracts with customers and suppliers, allocation of the purchase price of businesses (PPA), hedge accounting, financial instruments, implicit derivatives, deferred taxes, leases (IFRS 16 and effect on EBITDA and others), investments and goodwill, impairment of assets, among others.