Management & Accounting Solutions S.A.S Accounting and Financial Advising.

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What are IFRS Standards?

Management & Accounting Solutions S.A.S

All companies in Colombia are required to adopt the International Financial Reporting Standards - IFRS in accordance with Law 1314 of 2009. They must also be in accordance with the parameters established by the Superintendence of Companies. Management & Accounting Solutions S.A.S MAS S.A.S offers its clients the correct application of IFRS, for which it proposes advice and support in the implementation of the scheme through the formation of duly trained work teams and with an exhaustive supervision in the implementation of the project. Learn more about the MAS S.A.S team in the ABOUT US section.


The IFRS includes the accounting and financial reporting standards that establish the recognition, measurement, presentation and disclosure requirements that refer to transactions and economic events, important in the general information of the financial statements.

It is relevant to identify which group your company belongs to and if it is classified to adopt all or part of the International Financial Reporting Standards - IFRS.

On June 22, 2011, the Technical Council of Public Accounting - CTCP proposes that accounting and financial information and information assurance rules be applied by three (3) user groups.


Group 1

Management & Accounting Solutions S.A.S

 a. Issuers of securities


 b. Entities of public interest


 c. Entities with assets in excess of 30,000 minimum monthly legal salaries in force (SMLVM), or with more than 200 employees who are not issuers of securities or entities of public interest and who also meet any of the following requirements:

    • Be a subordinate or branch of a foreign company that applies IFRS

    • Be a subordinate or parent of a national company that must apply IFRS

    • Carry out imports or exports that represent more than 50% of purchases or sales respectively, of the taxable year immediately prior to the reporting year.

    • Be a parent, associate or joint venture of one or more foreign entities that apply IFRS.


Group 1 will apply full IFRS and will be subject to an audit based on the Information Assurance Standards (NAI) and Other Financial Information Standards (ONI).

 

Group 2

Management & Accounting Solutions S.A.S

 a. Entities with assets above 30,000 SMLMV or with more than 200 employees and that do not meet the requirements of subparagraph c of group 1.


 b. Entities with total assets between 500 and 30,000 SMLMV or that have between 11 and 200 employees and that are not issuers of securities or entities of public interest.


 c. Microenterprises with assets of no more than 500 SMLMV or 10 employees and whose annual gross income is equal to or greater than 6,000 SMLMV. These gross revenues are those corresponding to the taxable year immediately prior to the period in which it is reported.


Group 2 will apply the IFRS for SMEs, it will be subject to an audit based on the Information Assurance Standards (NAI) and Other Financial Information Standards (ONI).

 

Group 3

Management & Accounting Solutions S.A.S

 a. Natural or legal persons that meet the criteria established in Article 499 of the Tax Statute and subsequent regulations that modify it. For this purpose, the equivalent of Units of Unit Value (UVT) will be taken, in legal minimum wages in force.


 b. Micro companies with assets of no more than 500 SMLMV or 10 employees that do not meet the requirements to be included in groups 1 and 2 or in the previous paragraph.


Group 3 will apply simplified accounting, financial statements and abbreviated disclosures, will be subject to a moderate level of information assurance and Other Financial Information Standards (ONI).


The gross income corresponds to the income before
of any type of deduction of an accounting or fiscal nature.



To have in mind


 • Date of issue of the IFRS Standard: no later than December 31, 2012


 • Mandatory preparation period: year 2013


 • Transition date - Balance Opening: January 1, 2014


 • Date of application (1st Comparative): December 31, 2014


 • Report date - E.F. under IFRS: December 31, 2015


For the users that make up Group 2, the schedule is:

 

 • Date of issuance of the IFRS Standard: no later than December 31, 2013


 • Mandatory preparation period: year 2014


 • Transition date - Balance Opening: January 1, 2015


 • Date of application (1st Comparative): December 31, 2015


 • Report date - E.F. under IFRS: December 31, 2016


Get more details about the MAS S.A.S services in the IFRS application by calling phone 619 59 00 in Bogotá.