ARTICLE · 23 SEPTEMBER 1997
Financial Statement Requirements In Colombia
ColombiaAccounting and Audit
Reporting Requirements
The Superintendency of Corporations, the Superintendency of Securities, the Superintendency of Banks, the Tax and Customs Administration, and other Colombian government agencies issue rules and statements on accounting principles.
Colombian generally accepted accounting principles (GAAP) are contained in decrees. GAAP must be followed when financial statements are produced for any entity involved in income-producing activities in Colombia. These financial statements are expected to give a true and accurate view of the financial status of the entity, irrespective of tax requirements.
Also, standard formats must be complied with when recording any operation, according to the Unique Plan of Accounts (Plan enico de Cuentas).
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