1. On June 9th, 2023, the Technical Council of Public Accounting (CTCP - its acronym in Spanish) publishes a bill that regulates the exercise of the public accountant profession.

The Technical Council of Public Accounting published the bill, which regulates the exercise of the public accountant´s profession, the code of ethics, and other provisions are issued.

The document will be studied by the Ministry of Commerce, Industry and Tourism for its subsequent filing as a bill before the Congress of the Republic of Colombia, divided into three titles and 55 articles.

See: https://jadelrio.com/storage/Boletines/Colombia/Flash%2035/1.Proyecto-de-reforma-a-la-profesion-contable-CTCP.pdf  

On June 16th, 2023, the Public Accounting Technical Council (CTCP - its acronym in Spanish) referred to the accounting treatment that should be given to an asset fully depreciated but still in use.

Through Concept 0321 of June 16th, 2023, the Technical Council of Public Accounting (CTCP - its acronym in Spanish) indicates the revision of the estimates of practical life, depreciation method, and residual value of fully depreciated assets that are in use to evaluate that those estimates were adequate, it also presents other circumstances that must be disclosed in the Financial Statements at the end of each period.

See: https://jadelrio.com/storage/Boletines/Colombia/Flash%2035/1.1%20Concepto-0321-de-2023-CTCP.pdf  

2. On June 26th, the International Sustainability Standards Board (ISSB - its acronym in Spanish) issued its first two sustainability disclosure standards: IFRS S1 and IFRS S2.

The main objective of both standards is to require the disclosure of information to entities about the risks and opportunities related to sustainability in the world's capital markets; disclosures should be helpful to users of general-purpose financial information. 

- IFRS S1 – General requirements to disclose financial information about its sustainability-related.

- IFRS S2 – information about an entity’s climate-related risks and opportunities.

See: https://www.ifrs.org/news-and-events/news/2023/06/issb-issues-ifrs-s1-ifrs-s2/

3. The Directorate of National Taxes and Customs (DIAN - its acronym in Spanish), through Concept 100192467-1963 of June 12th, 2023, resolves the concern about how currency the electronic invoice should be made.

Through concept 100192467-1963, the DIAN mentions the various pronouncements that have been issued regarding the concern in which currency to make the electronic invoice and clarifies that although there is no express prohibition to invoice in other currencies, the money must be used. Legal in Colombia, for which, in all cases, it is necessary to carry out the conversion.

See: https://jadelrio.com/Boletines/Colombia/Flash35/3.Concepto-100192467-1963-de-2023-DIAN.pdf 

The content of this newsletter is merely informative, that´s why it cannot be used under any circumstances as advice on the matter described in it. If you need advice on any of the aspects discussed, our team of professionals will be willing to assist you. contacto@jadelrio.com