Through General Management Resolution No. 010-2011-EF/94.01.2, important clarifications have been established regarding the presentation of financial information for entities under the supervision of the Superintendency of the Securities Market (SMV).
Regulatory Context
The transition toward International Financial Reporting Standards (IFRS) in Peru has marked a milestone in the standardization of accounting information. In this context, references to Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) must be understood under the new current regulatory framework.
Key Points of the Resolution
According to the issued provisions, the following aspects must be considered:
- IFRS Adoption: Entities under supervision must ensure that their financial statements faithfully reflect the application of the current IFRS issued by the International Accounting Standards Board (IASB).
- Validity of GAAP: It is clarified that, for legal and technical purposes, when reference is made to GAAP, it shall be understood that these encompass the IFRS officially recognized in the country.
- Management Responsibility: It is the responsibility of the entity’s administration to ensure that financial information is prepared with transparency and in accordance with the adopted international standards.
Impact on Companies
This regulatory framework seeks to improve the quality and comparability of financial statements in the Peruvian securities market, facilitating decision-making for investors and supervisors. Strict compliance with these mentions is vital to avoid observations by regulatory bodies.
