Comptabilitat a Colòmbia

Accounting Rules

Tax Year

The fiscal year begins on 1 January and ends on 31 December.

Accounting Standards

Colombian GAAP. Since the application of the 'Law of Convergence' in 2014, the IFRS are also applied.

Accounting Regulation Bodies

Contaduria

Accounting Reports

The accounting structure should include:
- The balance sheet: Assets (current assets, liquid assets, bad debt allowance, salaries, other, income tax, inventories, expenses incurred, Total current assets), equipment (machinery property, Depreciation), and other assets
- The income statement: Revenues, Gross profit, Operating costs, Operating earnings, Total operating costs, Earnings before income taxes, Net income
- The operational balances
- The annexes.

Publication Requirements

The Colombian Commerce Code does not detail the requirements for accounting and the certification of accounts. It is generally found in practice that companies maintain up-to-date ledgers and inventories also annually prepare the documents necessary for a financial analysis (balance sheet, income statement, operational balances and annex).

Professional Accountancy Bodies

INCP , National Institute of Expert Public Accountants.

Certification and Auditing

In Colombia, all companies, along with the subsidiaries of foreign companies, are required to seek a statutory auditor to conduct an annual audit of the financial health of their organisation. The auditors must be certified public accountants and must ensure the Government the accuracy of the published accounting information. When signing the financial statements, they certify that they have been informed of all the required information.
You can contact an external auditor: PricewaterhouseCoopers, Deloitte, KPMG, Ernst & Young.

Accounting News