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    Country by Country Financial Reporting and Auditing Framework

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    Peru - Roncal, D’Angelo y Asociados (prepared December 2014)

    Preparation of and Filing of Statutory Financial Statements

    The National Accounting Council (CNC) and the Superintendency of the Securities Market (SMV) rule the accounting practice in Peru.


    In July 2014, the CNC officially approved the 2014 version of the International Financial Reporting Standards.


    Since 2011, the entities supervised by the SMV (listed at the Lima Stock Market) are obliged to file, throughout the first months of the following year, their audited financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the Council of International Accounting Standards Board (IASB) in force internationally, except for those entities supervised by the Superintendency of Banking, Insurance and Private Pension Funds Administrators (SBS).


    Entities regulated by the SBS must prepare and present its financial statements in accordance with the Accounting Manual for Companies of the Financial System approved by the SBS, which establishes that, regarding all the matters not covered in that Manual, such entities should follow the IFRS rules.


    Law 29720 of June 25, 2011 establishes that corporations or entities different than those under the supervision of the SMV (private sector entities) whose annual revenues from the sale of goods or services, or their total assets, are equal or exceed 3,000 Tax Units (approximately USD 4 million) are required to file with the SMV their audited financial statements prepared in full compliance with the IFRS adopted by the IASB in force internationally. The regulations issued by the SMV have established the gradual implementation of that Law until 2015.


    Financial Reporting Framework

    The Lima Institute of Chartered Accountants (CCPL), member of the International Federation of Accountants (IFAC) through the Board of Deans of the Institutes of Chartered Accountants of Peru, undertook the commitment of translating into Spanish, publishing and divulging for its use in Peru, the professional standards issued by the International Auditing and Assurance Standards Boards (IAASB). In December 2011, the CCPL published the Spanish translation of the 2010 edition of the "Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements" issued by the IAASB, which is in force in Peru.


    Audit and Tax Requirements for Corporations and LLPs Registered in Peru

    In Peru, the closing date of the financial statements for all companies is December 31.


    During the first three months of the year, companies must file with the tax authority (SUNAT) the financial information corresponding to the previous year, including the determination of the taxable income and the applicable income tax, if any. The filing is made electronically using a standard program developed by SUNAT. The filing of audited financial statements is not required.


    Audit Regulation


    External Monitoring

    It has not been established yet in Peru, the monitoring of the audit firms by the entities representing the accounting profession. However, the SMV is entitled to review the work done by the audit firms that report on the financial statements of the supervised entities (listed on the Lima Stock Market).


    Internal Monitoring

    The firm considers and evaluates, on an ongoing basis, that its quality control policies and procedures are relevant and operating effectively. The results of the evaluations are used to develop and further enhance the quality of the audit processes within the firm.


    Contact Us
    David Chitty - Audit
    London, United Kingdom
    +44 20.7842.7292

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