Regulatory Alerts2023-03-26
Agreement No. 2-2024 of March 26, 2024 Modifying Article One of Agreement No. 2 of February 28, 2000
The Board of Directors of Panama's Superintendency of the Securities Market issued Agreement No. 2-2024 to amend Article One of Agreement No. 2 of February 28, 2000, mandating that all registered issuers and reporting entities prepare financial statements in accordance with International Financial Reporting Standards (IFRS). The amendment introduces a transitional paragraph granting a grandfathering exception, allowing entities currently using US GAAP to continue reporting under those principles for as long as their registration with the Superintendency remains active. This modification aligns Panama's securities market disclosure requirements with Law 280 of December 30, 2021, streamlining accounting standards while preserving continuity for existing filers.