29th October 2020
The International Accounting Bulletin (IAB) has once again featured a number of our global accountancy network members in its September edition.
Update on tax and regulatory reform in Chile
Viviana Rojas from our Chile firm, MGI Hernán Espejo y Asociados Ltda, commented on a new law published in February that modifies the calculation of estimated monthly provisional payments for business income, and a new invoice payment law that states all invoices issued after 1 April 2020 must be paid within a maximum of 30 calendar days from receipt.
Viviana explained: “Aside from tax reform, the most significant developments have been related to the adoption of international accounting rules – mainly NIIF 9, NIIF 15, NIIF 16 and IFRIC 23… from a local regulatory perspective it would be important to mention the restructuring of the former Superintendencia de Bancos e Instituciones Financieras [Superintendency of Banks and Financial Institutions] into the Comisión para el Mercado Financiero [Commission for the Financial Market].”
Colombia’s accounting standards are strengthened
Nancy Bermudez Caraballo from our firm in Colombia, MGI Páez Asociados, also commented on new processes that continue to improve the standard of accounting in Colombia, explaining that “the implementation of financial reporting standards in the country has opened up new markets, strengthened foreign investment and helped Colombia meet the requirements to join the OECD.”
Further member comments from Colombia
Hector Fabio Mejia, from another of our Colombia firms, MGI VIA Consultoría S.A.S also featured in the discussion around accounting standards and the benefits they bring to the marketplace. He comments: “It is important to clarify that developments in the accounting services industry do not necessarily imply digitising, and that firms can also innovate by offering new services as differentiators in the market.”
MGI Worldwide with CPAAI continues to thrive in the Latin America region
The IAB has published its rankings for the Latin America region and we are thrilled that MGI Worldwide with CPAAI is listed in the top accounting associations across all countries where our member firms have an active presence.
In Chile, thanks to our two member firms, MGI Worldwide with CPAAI ranks in 5th position in terms of total fee income/growth and in relation to staff data. Whilst in Colombia, our four member firms hold the coveted first position for the top international accountancy associations in the country. Well done Colombia!
We have seven member firms representing our accountancy association in Brazil, where we are ranking an impressive 2nd in terms of fee income and staff data; and the news is also good in Panama, where our two member firms hold 4th position for fee income and 3rd place in terms of staff numbers.
A huge congratulations to our MGI with CPAAI member firms in Chile, Colombia, Brazil and Panama!
We would like to offer our congratulations to our member firms in these four countries and we also encourage you to refer to the September edition of the IAB to read in full what our members had to say.
To read September’s edition of the IAB, as well as past issues, log in to the Member Area of the website and click on Key International Organisations at the bottom of the left-hand menu.
MGI Latin America is part of MGI Worldwide with CPAAI, a top 20 ranked global accounting network and association with almost 10,000 professionals, accountants and tax experts in some 460 locations in almost 100 countries around the world.