Do reporting standards for NFPs exist?
What financial reporting standards are currently applied in the preparation of the financial statements of NFPs?
It depends of the group to which the NFPO belongs.
If it belongs to Group 3, it means it is a micro size entity (assets < USD 120.000, income < USD1.430.000 and less than 10 employees), applies a national standard; if it is part of Group 2, it applies IFRS for SME and if it belongs to Group 1, applies full IFRS. Group 1 is formed for big entities with some special requirements related to international origin of its income or international destiny of its expenses and investment relationships with other entities belonging to Group 1, and public interest entities.
Big entities for these purposes in Colombia are those with assets more than USD 7.170.000 or more than 200 employees.
Do specific financial reporting standards exist for NFPs in the jurisdiction?
Where can the financial reporting requirements for NFPs be found?
Accounting regulation is issued through presidential decrees.
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