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Decree 1611 of 2022 amending the «Technical Annex 2022, of the International Financial Reporting Standards, Group 1» contained in Decree 2420 of 2015

OCH Blog Decree 611

Este contenido es producido por OCH Group, Independent Member de GGI en Colombia.

The Ministry of Commerce, Industry and Tourism, through its constitutional and legal powers, published Decree 1611 of 2022 in which it presents and makes available a series of modifications to current regulations of international standards for entities qualified as Group 1. Basically, this decree comes into force in order to modify three current international accounting standards (IAS) and one international financial reporting standard (IFRS). The standards that are amended are the following: a) IAS 1 - Presentation of financial statements, b) IAS 8 - Accounting policies, changes in accounting estimates and errors, c) IAS 12 - Income taxes and IFRS 16 - Leases. The amendments described above are effective as from January 1, 2024.

Author: Yovan Alfredo Saavedra Cabrejo

 

The aforementioned Decree 1611 brings with it a series of modifications, specifically for the technical regulatory framework for financial information in entities classified as Group 1 Full IFRS. Basically, the related changes have to do with the International Accounting Standards (IAS 1, 8 and 12), as well as the International Financial Reporting Standard – IFRS 16:

 

  • IAS 1 Presentation of Financial Statements: a) Modification of the word «significant» to «significant or materially significant», b) Clarifies the accounting policies to be disclosed in the notes to the financial statements, c) Does not allow management to decide which accounting policies to disclose and refers to the disclosure of policies related to significant or material transactions, etc.

 

  • IAS 8 – Accounting policies, changes in accounting estimates and errors: a) Defines and complements the concept of accounting estimate, b) Clarifies the use of an accounting estimate and the difference with an accounting policy, etc.

 

  • IAS 12 – Income Taxes: Changes are made to the way companies account for deferred tax on lease transactions and decommissioning obligations.

 

  • IFRS 16 – Leases: Provides that the practical expedient for lessees who have had their rent reduced as a direct result of the Covid-19 pandemic is extended to June 30, 2022. However, that aspect is no longer within the time space.

 

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