CORPORACIÓN UNIVERSITARIA MINUTO DE DIOS

FINANZAS PÚBLICAS

WHAT ARE ACCOUNTING INFORMATION

STANDARDS IN COLOMBIA ?

Maria Paula Bernal Barrera

Cristian Camilo González Rodríguez
Omar Arbey Velandia Niño
Manuel Guillermo Peña Guerrero
ACCOUNTING INFORMATION STANDARDS

● Accounting reporting standards consist of

a set of rules that govern the presentation
of financial statements.
● These are constituted on the basis of
IFRS, and issued by the International
Accounting Standards Board (IASB)
 WHAT ARE ACCOUNTING INFORMATION
STANDARDS IN COLOMBIA ?
● Primarily regulated by the Superintendence of Companies (Superintendencia de
Sociedades) and the Central Board of Accountants (Junta Central de
Contadores). The main accounting standards used in Colombia are the IFRS
(International Financial Reporting Standards)

● There are Standards for Assurance Engagements (Normas de Aseguramiento de

la Información or NAA) that govern audit and review of financial statements

● Tt's important to note that these standards may change over time
ACCOUNTING INFORMATION STANDARDS IN
COLOMBIA
● In Colombia, Law 1314 of 2009 establishes the
accounting principles that entities must observe and
apply.
● The Single Regulatory Decree 2420 of 2015 organizes
and regulates the regulatory norms issued in Law 1314
of 2009.
 The Rules Governing Accounting
● In Colombia, the rules governing accounting are Law
145/60, Law 43/90, Decree 410/71, and Decrees 2649 and
2650 of 19931.

● According to Article 6 of Law 43 of 1990, the generally

accepted accounting principles or standards in Colombia are
the set of basic concepts and rules that must be observed
when recording and reporting accounting on the affairs and
activities of natural or legal persons