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
In this editorial we will review 7 main impacts of COVID-19 on financial reporting. The review of deferred taxes, the evaluation of the going concern assumption and exchange differences are some of the topics that should be given more attention. Exchange differences As a consequence of COVID-19, the Colombian peso has devaluated against other currencies, … Read more
External Circular 100-000010 of May 26, 2020 of the Supersociedades extended for the fifth time the deadlines for filing the 2019 financial statements. The report must now be made from June 3 to June 30, 2020. See here the calendar with the new deadlines. “the Supersociedades has been forced to modify again the deadlines for … Read more
Micro-companies, unlike SMEs and large companies, must prepare abbreviated financial statements and are therefore obliged to submit fewer reports. Here we tell you how the mandatory set of financial statements for micro-companies is composed. Micro-companies in Colombia are classified in convergence group 3 and for this reason are not obliged to apply the International Financial … Read more
The process of preparing the ESFA should have been carried out at the end of December 31, 2015, in the case of SMEs. In this editorial we mention some consequences of the convergence to International Standards, and what information an entity must disclose about the adjustments in the ESFA. Based on CTCP Concept 145 of … Read more
Through Circular 201-000004 of November 10, 2017, the SuperSociedades set the deadlines and conditions under which Group 1 and 2 companies must send it their basic financial statements for 2017; the XBRL EXPRESS software will continue to be used for this process. Last November 10, 2017, the Superintendence of Companies issued the single Circular number … Read more
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