Bogota, Feb. 6, 2013

Through external Circular No 001 from last l 22 of January, the Superintendence of the Solidarity Economy, establishes minimum criteria to be followed in the presentation of information on the development of the process of convergence that must be performed each supervised, in accordance with provisions in the Law 1314 of 2009 and the provisions contained in the Decrees 2706 and 2784 of December 2012.

In that sense the circular establishes that institutions adopt an implementation plan for purposes to comply with the provisions of mentioned decrees and ensure that organizations performs an adequate preparations for the application of international standards of financial reporting NIIF and the regulatory framework for micro-enterprises.

Also indicates that the convergence to the new provisions in accounting in Colombia requires a change at all levels, from there the importance that from administration councils, directives boards or who acting in their stead, to initiate a process of awareness, resulting strategies and adopt decisions in the field of financial accounting policy. For this the recommendation is define and approve an action plan that involves all areas of the organization, provide the necessary financial resources and establish tools of control.

To verify compliance with the commitments and dates set in the implementation plan of each organization, the information must be sent to the Superintendence, at the latest 28 February of 2013. The progress of the implementation plan must be sent at the latest on 30 September of 2013.

APPLICATION SCHEDULE

Period of compulsory preparation 1 January to 31 December 2013

Statement of financial situation of opening 1 January 2014

Transition period 1 January to 31 December 2014

First implementation period 1 January to 31 December 2015

Reporting date 31 December 2015

Moreover, with the previsions contained in the External Circular 001 of January of 2013, Enrique Valencia Montoya Superintendent of the solidarity economy, recommended to the guarded that “Is they want to hire consultants on the topic of NIIF, they should be sure that they have a broad domain in the topic and with experience in the implementation in another enterprises”. Likewise the Superintendent informs to the guarded that this Superintendence is not recommending natural persons or legal that offering this kind of service.

The External Circular 002 is available on the regulations (Normatividad) menu of the internet portal, link Cartas circulares

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