On August 21, El Consejo Técnico de la Contaduría Pública, through Opinion No. 0225 of 2026, addressed inquiries regarding some of the disqualifications applicable to statutory auditors.
The Technical Council of Public Accountancy (CTCP) clarified that family-relationship disqualifications applicable to the individual serving as statutory auditor do not automatically extend to other members of the engagement team. However, the statutory audit team must assess whether such relationships create threats to independence or objectivity and, where appropriate, implement the necessary safeguards in accordance with the applicable Code of Ethics.
Review the criteria outlined by the CTCP for assessing potential threats to independence within statutory audit teams.
For further details, please refer to the following document: See Document
On August 21, El Consejo Técnico de la Contaduría Pública, through Opinion No. 0226 of 2026, determined the classification of interest on severance pay in relation to its recognition, in accordance with IFRS 18.
The Technical Council of Public Accountancy (CTCP) clarified that, under IFRS 18, statutory interest on severance payments would be classified within the operating category of the statement of profit or loss, based on its nature as an employee benefit governed by IAS 19 rather than its legal designation as “interest.” The CTCP also noted that IFRS 18 has not yet been incorporated into Colombia’s technical accounting framework; therefore, this analysis is technical in nature and does not currently have legal effect in the country.
Learn about the CTCP’s analysis and the criteria considered for the future application of IFRS 18 in Colombia.
For further details, please refer to the following document: See Document
In September 2026, el Ministerio de Comercio, Industria y Turismo (MINCIT) presented draft decrees aimed at updating Decree 2420 of 2015 with respect to Financial Reporting Standards for Group 1 entities and Assurance Standards.
Among other changes, the proposals contemplate the incorporation of IFRS 18, amendments to IFRS 9 and IFRS 7, and the update and compilation of standards on auditing, quality management, related services, and professional ethics. Regarding IFRS 18, the draft provides for mandatory application from January 1, 2028, while permitting voluntary, comprehensive early application.
Learn about the main proposed changes and proactively assess their potential impact on financial reporting and assurance processes.
For further details, please refer to the following documents: See Document
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