The Supersociedades extended the deadlines for companies to submit their 2019 financial statements, due to the contingency situation in the country as a consequence of COVID-19. In this editorial we relate the new deadlines, as well as the information and those obliged to report. The Superintendence of Companies -Supersociedades- issued on March 17, 2020 External … Read more
It is appropriate for entities to consider the impact of the pandemic on accounting conclusions and related disclosures. Entities may need to assess whether the impact of COVID-19 has led to impairment of any assets. In its IFRS in Focus section, Deloitte publishes the report Accounting considerations related to Coronavirus disease 2019, the purpose of … Read more
Through Decree 419 of March 18, 2020, the Ministry of Finance regulated the criteria for the recognition and payment of compensation in favor of the most vulnerable population. This program would start in April, as a measure to mitigate the economic vulnerability of households affected by COVID-19. After having published a draft decree through which … Read more
Decrees 401 and 435 of 2020 made changes to file and pay taxes. Dian announced that the filing of exogenous information for the taxable year 2019 will be postponed. Supersociedades modified calendar for filing financial statements of companies as of December 31, 2019. On Tuesday, March 17, 2020, the President of Colombia, Iván Duque, decreed … Read more
The Ministry of Labor adopted measures to mitigate the economic impact of the sanitary emergency on workers’ income, authorizing the partial withdrawal of severance payments and reinforcing the mechanism for the protection of the unemployed. It also establishes provisions related to the granting of vacations. In view of the state of emergency currently faced by … Read more
Asset impairment and impairment of the going concern assumption are two of the most adverse consequences of COVID-19 on entities’ financial reporting. Entities may have to amend the figures in their 2019 financial statements or include disclosures in this regard. Impairment of assets With the objective of performing year-end impairment tests, or those currently required … Read more
If the 2020 income is decreasing, articles 808 to 810 of the ET and Dian Circular 044 of June 2009 contemplate the possibility that taxpayers who, at the close of 2019 were in the ordinary regime, may decrease their advance payment to the taxable year 2020 tax. These days, the vast majority of taxpayers of … Read more
The private sector should develop and implement risk management practices with contingency plans. Risks in all operations and the supply chain should be understood. Is the government able to make key decisions and plan for business and financial scenarios? The report reveals that the consequences of the pandemic include an increased need to support public … Read more
The recommendation is that companies define financial administration, cash management and working capital policies; review cash flows related to advance payments, withholdings and provisions; and estimate the impact on financial reporting. The effects of the COVID-19 pandemic and its impact on business activity are uncertain and even complex to estimate. The changing and unpredictable nature … Read more
Decree Law 560 of 2020 explains a series of special transitional measures regarding corporate insolvency. The measures will be in force for two years and are based on four pillars, which are explained below. Among the most recent measures taken by the national government is the issuance of Decree Law 560 of April 15, 2020, … Read more
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