Colombian GAAP definition

Colombian GAAP means generally accepted accounting principles as prescribed by the Superintendency of Finance for banks licensed to operate in Colombia, consistently applied, as in effect on the Issue Date.
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Colombian GAAP means generally accepted accounting principles in Colombia as applicable to CorpBanca Colombia and its Subsidiaries (including pursuant to the Circular Básica Contable y Financiera and Decree 2649 of 1993, as such accounting principles may be applied or interpreted by the Colombian Financial Superintendency (Superintendencia Financiera de Colombia) to banks or other financial institutions licensed in Colombia or such other replacement accounting principles as the Colombian Financial Superintendency from time to time as officially interpreted or applied to such banks).
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Colombian GAAP means generally accepted accounting principles in Colombia, as in effect from time to time, as in effect from time to time.
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Examples of Colombian GAAP in a sentence

  • However, in practice, the regulators have issued many accounting rules that contradict the requirements of the Colombian GAAP, giving rise to problems for preparers and users of financial statements.

  • The President of Colombia issued Decree 2649 of 1993, which mandated Colombian GAAP as the accounting standards for all enterprises in Colombia.

  • The Technical Council has not updated Colombian GAAP to reflect changes in U.S. GAAP and IAS since 1993.

  • For example, several accounting standard areas, which are presented in detail over many pages under U.S. GAAP or IAS, are shortened to only basic provisions but no substantive directions in brief paragraphs under the Colombian GAAP.

  • Some companies did not prepare consolidated financial statements in accordance with the requirements of the securities market regulator and the Colombian GAAP.

  • Some companies did not show the provision for bad debts on the income statement and balance sheet, as required under Colombian GAAP and the accounting rules of the securities market regulator.• Inventories.

  • As required by the Colombian regulator, we registered an additional goodwill (known as “crédito mercantil” under Colombian GAAP) to reflect reserves that were held by Helm Bank as part of its equity and that was not transferrable to CorpBanca Colombia.

  • The Council developed a set of accounting principles that they termed Colombian GAAP.

  • Moreover, because the Colombian GAAP only briefly covers some complicated accounting issues, different parties interpret accounting and reporting requirements in different ways, exacerbating the large gap between Colombian GAAP and IAS.

  • Unfortunately, the tax accounting rules are generally not consistent with the Colombian GAAP or with internationally accepted accounting principles.


More Definitions of Colombian GAAP

Colombian GAAP means generally accepted accounting principles as prescribed by Law 1314 of 2009 and the SFC for banks licensed to operate in Colombia, consistently applied, as in effect from time to time.
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Colombian GAAP means generally accepted accounting principles in Colombia as applicable to CorpBanca Colombia and its Subsidiaries (including pursuant to the Circular Básica Contable y Financiera and Decree 2649 of 1993, as such accounting principles may
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Colombian GAAP means accounting principles generally accepted in the Republic of Colombia.
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Related to Colombian GAAP

  • GAAP means generally accepted accounting principles in the United States of America.

  • U.S. GAAP means United States generally accepted accounting principles, as in effect from time to time, consistently applied.

  • IFRS means International Financial Reporting Standards.

  • Fixed GAAP Date means the Issue Date; provided that at any time after the Issue Date, the Company may by written notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed GAAP Date shall be such date for all periods beginning on and after the date specified in such notice.

  • SAP means the SAP entity that has entered into this Agreement, as well its Affiliates.

  • Accounting Principles means the international financial reporting standards (IFRS) within the meaning of Regulation 1606/2002/EC (or as otherwise adopted or amended from time to time).

  • Fixed GAAP Terms means (a) the definitions of the terms “Capitalized Lease Obligation,” “Consolidated Interest Expense,” “Consolidated Net Income,” “Consolidated Net Tangible Assets,” “Consolidated Total Assets,” “Consolidated Senior Secured Net Debt Ratio,” “Consolidated Total Net Debt Ratio,” “Consolidated Total Indebtedness,” “Consolidated EBITDA” and “Indebtedness,” (b) all defined terms in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions, and (c) any other term or provision of this Indenture or the Notes that, at the Issuer’s election, may be specified by the Issuer by written notice to the Trustee from time to time; provided that the Issuer may elect to remove any term from constituting a Fixed GAAP Term.

  • Accounting Policies means GAAP, applied in a manner consistent with the accounting policies, principles, practices and methodologies used in the preparation of the Audited Balance Sheet.

  • HKFRS Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants

  • Generally Accepted Accounting Principles means the standards for accounting and preparation of financial statements established by the Federal Accounting Standards Advisory Board (or its successor agency) or any successor standards adopted pursuant to relevant SEC rule.