Regulatory Framework for Public Sector Entities
The General Accounting Office of the Nation (CGN), making use of its legal faculties enshrined in the Constitution and to comply with the postulates of Law 1314 of 2009, establishes as - postulates, the convergence of the countable regulation of the country towards the Norms International Financial Information and accounting that have worldwide acceptance. This Law defines the authorities of regulation and technical standardization and, in a particular way, maintaining the regulatory faculties that, in the matter of public accounting, are in charge of the General Accounting Office of the Nation.
In order to carry out the convergence process, the CGN classified the public sector entities by groups, taking into account certain criteria such as: social function, size of the entity, capital structure and economic function; As a result of this evaluation, the entities were classified as follows:
to. Companies that are listed on the stock market, or that capture or manage savings from the public.
b. Companies that are not listed on the stock market, and that do not capture or manage savings from the public.
c. Government Entities
d. Entities in liquidation.
The Entities according to their classification, are the following:
a. Companies that are listed on the stock market, or that capture or manage savings from the public (Resolution 037 of 2017 - Repealed Resolution 743 of 2013 and its amendments):
- Companies that issue securities and their securities are registered in the National Registry of Securities and Issuers (RNVE).
- Companies that are part of an economic group whose parent company is a securities issuer and this has its registered values in the RNVE.
- Fiduciary companies.
- Fiduciary business whose trustor is a public company that meets the conditions established in subparagraphs i), ii), vii) and viii).
- Fiduciary business whose titles are registered in the National Registry of Securities and Issuers (RNVE) and its trustor is, directly or indirectly, one or more public companies.
- Banking establishments and insurance entities.
- Fund of guarantees and financial entities with special regimes, whether or not issuing securities.
- Bank of the Republic.
b. Companies that are not listed on the stock market, and that do not capture or manage savings from the public (Resolution 414 and its amendments):
- Companies that are not listed on the stock market.
- Companies that do not capture or manage savings from the public.
- Companies that have been classified as such by the Interinstitutional Committee of the Public Finance Statistics Commission.
c. Government Entities (Resolution 533 of 2015 and its amendments):
- Territorial entities (Departments and municipalities)
- Universities of a public nature
- Attorney's Office
- Office of the Attorney General of the Nation
- Autonomous Corporations
d. Entities in liquidation (Resolution 461 of 2017).
This regulatory framework is applicable to the entities in liquidation that fall under the Scope of the Public Accounting System for which there is an act that orders their suppression or dissolution for the purpose of liquidation.
The CGN in order to guarantee the comparability and quality of the accounting information, for each resolution defined: Conceptual framework, rules, catalogs of accounts, accounting doctrines and application guides.