Implementation of IFRS
In order to assure the right fulfillment of the duties imposed by the Superintendence of Companies, we put into consideration that our firm could assist you in the process of the implementation of IFRS, which includes the diagnostic, training, execution and checking.Schedule
As part of the transition process, companies and entities under surveillance and control of the Superintendence of Companies will elaborate, until March 2009, March 2010 and March 2011, in its order, a schedule for the implementation of IFRS, which will contains the following:
This information must be approved by the board of directors, or the organism which is allowed to approve the plans; or the proxy or person in charge; in case of foreign companies that makes activities in the country.
IRFS will apply to:
Control of the Superintendence of Companies:
The Superintendence of Companies will exercise the corresponding controls to check the fulfillment of these obligations, without prejudice of any additional control orientated to verify the advance of the implementation process.
Anticipated application of IFRS
With out prejudice to the estimated dates on the schedule, any company is free to adopt in an anticipated way the International Financial Reporting Standards “IFRS” before the estimated dates, for which will have to notify to the Superintendence of Companies of this fact.
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