Main Differences Tax under IFRS Framework in Colombia

Martha Cecilia Álvarez Osorio, Lina María Muñoz Osorio, Diana Sirley Tabares Higuita, Nora Elvira Hernández Montoya


With the implementation of the International Financial Reporting Standards (IFRS), the product of the convergence process towards international standards in Colombia, differences between the accounting and financial information and the tax base or fiscal information, as it is known, must be presented. The consequences of said differences will be reflected in the deferred tax and in a new approach to the presentation of financial and accounting information for decision-making within companies in the country, which reasonably reflects the economic situation to the Federal Government. Through this bibliographic-type research, it can be concluded that, during the period of transition in the process of implementing the IFRS in Colombia, several systems of information must be managed at the same time, one under the Generally Accepted Accounting Principles in Colombia (COLGAAP, according to its initials in Spanish), another under the IFRS, and a final system according to the legal parameters of the Tax Statute. Once the implementation of the IFRS begins, at least the latter two will be required to be kept, which will result in an increase in the differences between them. It will thus be necessary to explain the evolution of the business and the changes in figures, as well as their effects on the applicable measurements and policies.

Palabras clave

IFRS; COLGAAP; deferred tax; differences

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Harvard Deusto Business Research, 2012-2017

ISSN: 2254-6235