The Group of Latin American Accounting Standard Setters (GLASS), participated in the 6th International Seminar on International Financial Reporting Standards (IFRS) and the IFRS for SMEs, held from June 25 to 27, 2016 in Buenos Aires, Argentina.
The seminar was organized by the Argentine Federation of Economic Science Professional Boards (FACPCE) and addressed topics of interest in Latin America regarding full IFRS and the IFRS for SMEs.
Various members of the Board of GLASS participated in panel discussions, including President Felipe Pérez Cervantes from Mexico, Vice President Eduardo Pocetti from Brazil, as well as Winston Fernández from Uruguay, Jorge Gil from Argentina, Daniel Sarmiento from Colombia and Ángel Salazar from Peru. Additionally, Amaro Gomes, IASB Board Member, also participated.
During the event, GLASS held a meeting of its Board and also concluded the General Assembly Meeting that began in Punta Cana, Dominican Republic on September 18, 2015; the latter was held with the simultaneous physical and remote participation of 10 of the 17 members of the GLASS Board.
Some special invited guests attended the meetings, including: José Luis Arnoletto, President of FACPE; Juarez Domingues Carneiro, ex-president and advisor of GLASS; Pablo San Martin, Director of SMS for Latin America; and Amaro Gomes, IASB Board Member.
During his participation in the Board meeting, Amaro Gomes summarized the recent activities and projects on the agenda of the IASB. The active Technical Working Groups (TWG) of GLASS were discussed, including TWG 52 Trustees’ Review of Structure and Effectiveness of the IFRS and TWG 53 Definition of a Business and Accounting for Previously Held Interests, for which comment letters will be sent to the IASB in September and October of 2016, respectively.
The Board discussed various topics of great interest in Latin America. Two key topics worth mentioning are the recognition of the effects of high inflation in financial statements, without having to wait until hyperinflation, and the interest in having the IASB develop standards for non-profit entities. Both topics are of great importance for Latin America.