Answered By: Peter Z McKay Last Updated: Oct 29, 2014 Views: 742
"Colombia--This is one of the most interesting countries. Colombian GAAP is included in Decree No. 2649, issued in 1993. The government establishes Colombian GAAP, but there's a body called Consejo Tecnico de la Contaduria Publica that has functions including the research of new accounting and auditing standards. Their pronouncements aren't mandatory for accountants. Colombian GAAP is more focused and based on U.S. GAAP than IFRS."
Source: "XBRL and IFRS in Latin America," AllBusiness (D&B), 2/1/2005 http://www.allbusiness.com/accounting/methods-standards/353370-1.html [Accessed: 2/3/2010]