Panama adopts international standards

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

Wednesday, August 6, 2008

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.

More on this topic

Panamanian Slip Up Over Financial Transparency

August 2016

Regardless of who is right about the motives, the resignations from an international committee set up to review practices in Panama's financial industry, and the ensuing squabbling, has only aggravated the bad perception of these practices.

EDITORIAL

The presence of the Nobel laureate Joseph Stiglitz and the notorious Swiss criminologist Mark Pieth along with Panamanian and regional personalities, in a commission to review the practices of the local financial industry, had the obvious good intention of communicating to the world Panama's also good intentions of reversing the country's image as a tax haven.

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.

IFRS for SMEs in Guatemala

July 2010

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).

On 13 July, 2010, Guatemala's official government newspaper published the agreement that brings into being the standard.

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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