Honduras: Law Requires Financial Institutions to Publish Financial Statements

The amendment passed by Congress requires banks and financial institutions to publish in newspapers their financial information.

Monday, December 6, 2010

"With the amendment, article 32 says that "the supervised institutions are required to publish, in accordance with standards established by the Commission, their balance sheets and profit and loss statements at the end of each year with their accompanying notes and auditor's opinion,” states the article in Proceso Digital´s website.

The amendment states that publication must be made in all written media.

More on this topic

More Fiscal Control Over Large Taxpayers

November 2013

New guidelines from the Costa Rican Treasury Office will allow greater access to the most relevant data of companies who paid more than $500,000 in taxes in the past three years.

Large taxpayers now have the obligation to submit to the Directorate General of Taxation information on their financial status in unconsolidated digital format.

Requirements to Audit Financial Statements

October 2011

In Costa Rica companies classified as Large National Taxpayers or Regional Companies must provide audited financial statements.

In an article in Elfinancierocr.com, Francisco Villalobos, director general of taxation, analyzes the resolution establishing the "obligation to submit audited financial statements by large taxpayers and territorial big business."

Revenues Down in Costa Rican Private Banks

February 2011

Nine of the eleven private banks operating in the market generated fewer profits in 2010 than in 2009.

The data published by the Superintendence of Financial Institutions (SUGEF), dos not provide information on Bansol, which began operations in November 2010.

"Private banks were mainly affected by the 9% drop of the dollar in 2010, as most of their assets are in that currency," reported the article in Nacion.com, "Since financial statements are done in Colones, transferring their assets from Dollars into Colones results in a lower valuation due to lost value in the price of the currency."

Honduras Passes Anti-Tobacco Bill

June 2010

The Congress of Honduras passed a bill prohibiting smoking in indoor public and private areas.

“Smoking will be allowed in open areas, but only if done 15 meters from any non-smoker persons”, reported Proceso Digital.

The new law will come into force once published in the official government newspaper, and includes specific fines and sanctions.

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