Audit & Assurance

14 June 2017

IFRS 16 Leases - Impact of implementation compared with existing standards

IFRS 16 Leases - Impact of implementation compared with existing standards

The new standard IFRS 16 for lease accounting was released on 13 January 2016 by IASB together with the US standard FASB. The history of the development of IFRS 16 goes back to 2006. The new regulations replace the previous standard IAS 17, the related interpretations IFRIC 4, SIC 15 and SIC 27.

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15 February 2017

TOWARDS MINIMUM AUDIT RISK

TOWARDS MINIMUM AUDIT RISK

With the new information available in a highly automated world, the audit will place its greatest focus on risk, failing to conduct sampling testing to analyze up to 100% of the data. Everything suggests that companies will have better and faster quality reports, even in real time.

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2 May 2016

New European regulation in the Auditing sector: amendments

New European regulation in the Auditing sector: amendments

The main amendments included in the new rules in Directive (2006/43/EC) will come into force on 17 June 2016.

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18 April 2016

The two sides of the "Panama Papers"

The two sides of the "Panama Papers"

Some of the questions any citizen would ask on seeing the recent press uproar surrounding the so-called “Panama papers" are: What benefit does having a company in Panama involve? What is a tax haven? Is Panama a tax haven?

A tax haven is a territory with low or zero taxation, and which also implements the preservation of banking secrecy which does not allow the beneficial clients of banks accounts and companies to be identified, facilitating money laundering.

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11 April 2016

New European standards in the Auditing sector

New European standards in the Auditing sector

As a result of the financial crisis in recent years, it became clear that certain financial aspects, as well as the supervision thereof, were not functioning as was expected.

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15 December 2015

The advantages of collaboration through alliances

The advantages of collaboration through alliances

There are many challenges affecting accountants and accounting practices. Technology, globalization, regulation, and attracting and retaining talent are some of the more significant challenges that small- and medium-sized practices (SMPs) are having to address. A Forbes article, "The Biggest Concerns Of Small Accounting Firms," cited the results of a survey of managing partners from 301 of the smallest SMPs.

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3 November 2015

Accountants and public interest

Accountants and public interest

Accountants and managers of financial information are professionals within national and international organizations whose statutes and strict codes of ethics point out the public interest of their functions. In Spanish accountants' case, gathered into the Institute of Chartered Accountants of Spain, we are part of the International Federation of Accountants (IFAC), composed by almost three million professionals worldwide.


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8 September 2015

ISAs in Colombia

ISAs in Colombia

Nowadays the world is dabbling in a globalized economy with continuous change, for that reason the Congress issued Law 1419 in 2009, with the aim of standardizing the criteria for the presentation of financial information and facilitating their analysis and understanding.


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