GLENIF — Grupo Latinoamericano de Emisores de Normas de Información Financiera

GLASS PARTICIPATES IN THE IFASS MEETING

GLASS is actively participating in the first in-person meeting of the International Forum of Accounting Standard Setters (IFASS), which is being held in Naples, Italy, on March 12, 13, and 14, 2025. On the second day of this important meeting, GLASS President Hernán Casinelli spoke on two panels. First, he gave a detailed presentation of GLASS ‘s activities and the main topics on the ongoing technical agenda. This panel also included representatives from standard setters from Italy, the United Kingdom, and Zimbabwe. Second, he participated in a roundtable discussion, sharing reflections on what it means to “consistently apply IFRS” in our region and the various actions that GLASS is taking to contribute to the consistent application of standards in the region. This roundtable discussion was shared by the new co-chair, Katharine Christopoulos, and Jenifer Minke-Gurard of the IASB. Also participating in person was Ana Tercia Rodrigues, representative of the CFC (Brazil), recently appointed member of the GLASS board. IFASS is a group of national accounting standard-setters from around the world, providing a platform for issuers to discuss current issues and developments in international financial reporting. The IASB also participates in these meetings as another standard-setter and uses IFASS to conduct outreach activities.

IASB issues the third edition of the IFRS for SMEs Accounting Standard

The International Accounting Standards Board (IASB) has today issued the third edition of the IFRS for SMEs Accounting Standard. This Standard aims to balance the information needs of users of SMEs’ financial statements with the resources available to SMEs. For more information about this publication click here    https://www.ifrs.org/news-and-events/news/2025/02/iasb-issues-major-update-smes-accounting-standard

GLASS elects new authorities for the 2024-2026 term

CFC Communication In an important series of assemblies held last Tuesday (6), the Group of Latin American Accounting Standard Setters (GLASS) elected new leaders for the upcoming two-year term. During the extraordinary assembly, Hernán Casinelli, representative of the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), was chosen as the new President of the Group. In the annual ordinary assembly, Norelly Pinto, representative of the Federación de Colegios de Contadores Públicos de Venezuela (FCCPV), was elected as Vice President, both serving from 2024 to 2026. The current President, José Luiz Carvalho, concluded his 2022-2024 term with words of gratitude, highlighting the achievements of his administration and congratulating the newly elected members. Carvalho also emphasized the continuity of key issues with the reelection of Brazil, Peru, and Colombia as permanent directors and Uruguay as an alternate director, strengthening the role of these countries in advancing accounting and sustainability standards in Latin America. The active participation of nearly all Glenif member countries in the assemblies reaffirms the collective commitment of Latin American countries to foster solid and collaborative governance for the accounting sector, underscoring the importance of joint efforts in developing standards that benefit the region.

Glenif Present at the 21st Brazilian Accounting Congress

Last week, the president of the Group of Latin American Accounting Standard Setters (GLASS), participated in the 21st Accounting Congress, an event that brought together over 6,000 professionals from the accounting field, including accountants, academics, and leaders of organizations in the sector. The congress, which had the theme “BEING ACCOUNTING – HUMAN, DIGITAL, AND ETHICAL,” addressed various aspects of the profession. During his presentation, the president shared the panel with other key figures in the accounting world, such as Asmâa Resmouki, president of the International Federation of Accountants (IFAC), Paula Franco, president of the Ordem dos Contabilistas Certificados (OCC) y Zulmir Breda, member of the Comité de Integración Latino Europa-América (CILEA). They highlighted the relevance of international accounting entities, such as the IFRS Foundation, IFAC, OCC, and CILEA. He emphasized that the adoption of international standards is crucial to ensuring the comparability and transparency of financial information, especially in a context of increasing globalization of markets. The president also addressed the challenges faced by accounting entities in Brazil relation to the implementation of the new financial and sustainability reporting standards, highlighting the need for a joint effort among regulatory bodies, professionals, and educational institutions. He mentioned initiatives by Glenif aimed at training accountants, which seek not only to ensure compliance but also to promote excellence in accounting practice through courses and webinars. Glenif’s participation in the congress demonstrates the entity’s commitment to promoting the evolution of accounting in Latin America, aligning with best global practices and contributing to the strengthening of the profession.

Meeting of the GLENIF Assurance Permanent Working Group

On August 13th, the meeting of the GLENIF Permanent Working Group on Assurance was held. The meeting began with a welcome from the supervisor, followed by the appointment of the group’s coordinator and vice-coordinator, who will lead the next phases of work. Important topics from the IAASB agenda were reviewed, addressing crucial issues for adapting international standards to the region’s realities. Additionally, regional priorities and the next steps to be taken were discussed. Meeting´s record of the GLENIF Assurance Permanent Working Group

18th Meeting of the GLENIF Board of Directors

On August 16, 2024, the 18th Meeting of the Glenif (Latin American Group of Financial Reporting Standards Issuers) Board of Directors was held. During this important meeting, the creation of three new Technical Working Groups (GTT) was discussed, which will focus on key areas for the development and adaptation of financial standards in the region. GTT 118 will address “Traducción a una Moneda de Presentación Hiperinflacionaria”. GTT 119 will deal with “Modificaciones a la NIIF 19 Subsidiarias sin obligación pública de rendir cuentas – Información a revelar”. Finally, GTT 120 will focus on “Incertidumbres relacionadas con el clima y otras incertidumbres en los estados financieros”. In addition to discussing these new working groups, the Coordinators presented their respective work plans, outliningthe strategies and goals that will guide these teams’ activities in the coming months. This meeting reflects Glenif’s ongoing commitment to improving and adapting financial reporting standards to address the specific challenges and needs of the Latin American region. Record of the 18th Meeting of the Glenif Board of Directors