In Colombia, accounting principles and practices are generally in line with international standards. The Colombian Institute of Accountants and Accountants (ICAC) is responsible for regulating the accounting profession in the country and issuing guidance on accounting standards and practices.
The Colombian financial reporting framework is based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The ICAC has also issued a number of pronouncements that provide additional guidance on specific aspects of financial reporting in Colombia.
In addition to the IFRS and ICAC guidance, Colombian companies are also subject to certain specific accounting and financial reporting requirements set by the Colombian Securities and Exchange Commission (CNMV), which is responsible for regulating the securities market in the country.
If you have any specific questions about accounting in Colombia, feel free to ask!