Press Bulletin Nro.29


Circular Letter 007 of 2013

Process of convergence towards the technical regulatory framework for the preparers of financial information of the Group 2

Bogotá D.C June 05, 2013

By Circular Letter 007 in May of 2013, the Superintendence of the Solidary Economy, giving instructions to the legal representatives, members of the Board of Directors and reviewers tax of the savings and credit cooperatives and multiactive or integrals with section of credit and savings on the need to make a plan that allows them to make the process of convergence to International Financial Reporting Standards IFRS for PyMEs.

For this purpose, requested the dispatch of a work plan that includes activities to develop, schedule and progress, which should be sent by June 30 of this year.

What is intended with this is that the councils of each cooperative begin the run-up taking into account activities as the design of a preliminary plan, allocate the economic resources to do so, organize working groups and start training at all levels, determine the potential impacts and initiate a plan of accounting debugging, in order to ensure that in 2014 it can be make the final stage of preparing properly.

Moreover, in the Circular Letter, the Superintendence reports that it has not certified or endorsed any consultant to provide advisory. It requests that the work plan be performed internally by the staff of each cooperative and that in case of require external consultations, consultations are held as deemed to establish its qualifications and professional experience.

The detail of the Circular Letter 007 is available on the web portal of the Superintendence, “normativa” menu.

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