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International Financial Reporting Standards (IFRS) Adoption in Bolivia

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Current Status of IFRS Adoption

The adoption status of International Financial Reporting Standards (IFRS) in Bolivia can be summarized as follows:

Key Developments and Resolutions

  • The Authority for Fiscal and Social Control of Businesses (AEMP), an entity of the Ministry of Finance, has adopted IFRS for application in the jurisdiction.
  • In 2012, the National Technical Board of Auditors and Accountants (CTNAC) issued Resolution 002/2012 adopting IFRS as issued by the International Accounting Standards Board (IASB).
  • In 2021, the AEMP approved Bolivian Accounting standards issued by CTNAC through an official Administrative Resolution.

Notable Exceptions

However, it is worth noting that:

  • The CTNAC has not adopted IFRS for Small- and Medium-sized Entities (SMEs), instead requiring Bolivian Generally Accepted Accounting Principles (Bolivian GAAP) that are not aligned with IFRS.