IFRS for SMEs in Guatemala

Guatemala's College of Auditors and Public Accountants has agreed to adopt the International Financial Reporting Standards (IFRS) for small and medium sized enterprises (SMEs).

Friday, July 23, 2010


On 13 July, 2010, Guatemala's official government newspaper published the agreement that brings into being the standard. The agreement is found in official note number JD 140042010 from the board of the Guatemalan Institute of Auditors and Public Accountants (IGCPA).

By implication, the description of an SME is now that defined in the corresponding IFRS standard for SMEs, which are companies that have no public accountability obligation. Any financial statements they publish are for general information.

More on this topic

Panama adopts international standards

August 2008

Panama adopted the International Financial Reporting Standards (NIIF in Spanish) and ordered its publication and use in the preparation of income tax returns.

Resolution No. 201-1369 requires that the preparation of income tax returns for the period that starts in 2008 be based on accounting records that use a system based on the International Financial Reporting Standards for all those companies that have annual sales of $501 thousand to $1 million.

IFRS Regulations In Effect in Nicaragua

July 2011

Since June 30th the country has been applying the International Financial Reporting Standards (IFRS) for the preparation of financial statements.

The new rules allow companies to submit their accounting information in a simpler, more expeditious manner in line with international regulations.

Guatemala Tax Calendar for November 2011

November 2011

Repayment schedule for tax liabilities for November 2011, and Tax Memorandum.

Tax Calendar October 2011

The repayments shown for this month correspond to the liabilities for October 2011.

Tuesday 15 Employee ISR Deductions (Income Tax Law Article 63) SAT-No. 1054 SAT-No. 1055

El Salvador to hold Latin American accountancy summit

May 2008

The second CReCER conference on accountancy for growth in Latin America and the Caribbean is to be held in San Salvador from June 11 to 13.

One of the main topics of debate will be the application of international accounting norms.
The conference is being sponsored by the World Bank, the Inter-American Development Bank and the International Federation of Accountants.

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