Circular No. 080-2026-SMV/11.1: New IFRS 2026 Standards for General Regime Issuers and Alternative Securities Market Issuers

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" Av. Paseo de la Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe

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San Isidro, March 12, 2026

CIRCULAR NO. 080-2026-SMV/11.1

Gentlemen

Issuers of the General Regime
Issuers of the Alternative Securities Market

Present:-

Ref.: File No. 2026009907

I address you regarding your obligations to prepare and present financial statements with full compliance with the International Financial Reporting Standards (IFRS) currently in force internationally, in accordance with Article 4, numeral 4.12 of the Standards on Preparation, Presentation and Dissemination of Financial Statements, Annual Reports and Management Reports applicable to entities supervised by the Superintendency of the Securities Market, approved by SMV Resolution No. 013-2023-SMV/01.

In this regard, it is appropriate to remind you that, since January 1, 2026, the modifications issued by the International Accounting Standards Board (IASB, in English) — detailed in Annex 1 — to IFRS 9 "Financial Instruments", IFRS 7 "Financial Instruments: Disclosures", IFRS 1 "First-time Adoption of International Financial Reporting Standards", IFRS 10 "Consolidated Financial Statements", and IAS 7 "Statement of Cash Flows", are in force, which incorporate: i) relevant clarifications regarding the classification and measurement of financial instruments; ii) new guidelines applicable to contracts related to electricity dependent on nature; iii) improvements that could impact the recognition, measurement, presentation and disclosure of specific operations; as applicable.

Furthermore, it should be noted that the IASB has issued IFRS 18 "Presentation and Disclosures in Financial Statements", IFRS 19 "Non-public Accountability Subsidiaries: Disclosures", and the amendment to IAS 21 "The Effects of Changes in Foreign Exchange Rates", as detailed in Annex 2; whose entry into force will occur from January 1, 2027. In this sense, you are urged to take the necessary actions to allow you to carry out a timely diagnosis of the potential accounting and financial impacts, and an adequate implementation of them, as appropriate according to the nature of your operations.

Additionally, in the notes to the financial statements, information regarding changes in accounting policies, derived from the application of the aforementioned normative modifications that entered into force on January 1, 2026, as well as the expected impacts (known or reasonably estimated) from the future application of the modifications and new IFRS standards that will enter into force from January 1, 2027, must be disclosed; information required by IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", paragraphs 28, 30 and 31.

Finally, it is appropriate to specify that this Circular is issued with an advisory character and aims to reiterate to you the obligations established regarding the normative issued by the IASB that has entered into force on January 1, 2026 and those that will enter into force on January 1, 2027, so that your represented entities comply fully with the obligations of preparation and presentation of information that are exigible to them, avoiding the responsibilities and administrative measures that may arise from non-compliance.

Without further particulars, I remain at your disposal.

Sincerely,

Alix Godos
General Superintendent
General Superintendent of Conduct Supervision

1 The International Financial Reporting Standards (IFRS) are the Standards and Interpretations issued by the IASB. These Standards comprise:
(a) International Financial Reporting Standards; (b) International Accounting Standards; (c) IFRIC Interpretations; and, (d) SIC Interpretations.

2 "Article 4.- Applicable Standard
4.1. The obligated subjects must prepare their financial statements with full compliance with the IFRS and, where applicable, the Financial Information Regulation and the Manual for the Preparation of Financial Information." (Underline added)

3 According to the document titled "Modifications to the Classification and Measurement of Financial Instruments – Modifications to IFRS 9 and IFRS 7", approved by the IASB in May 2024, applicable to periods beginning on or after January 1, 2026.

4 According to the document titled "Contracts related to electricity dependent on nature – Modifications to IFRS 7 and IFRS 9", approved by the IASB in December 2024, applicable to periods beginning on or after January 1, 2026.

5 According to the document titled "Annual Improvements to IFRS Accounting Standards – Volume 11", approved by the IASB in July 2024, applicable to periods beginning on or after January 1, 2026.

6 Disclosures applicable to a subsidiary that does not have a public accountability obligation (see IFRS 19, paragraph 11) and whose parent, whether ultimate or intermediate, prepares consolidated financial statements that comply with IFRS.

7 IAS 8, paragraph 28: "When first-time application of an IFRS has an effect on the current period or any prior period — unless it is impracticable to determine the amount of the adjustment — or might have an effect on future periods, the entity shall disclose:
(a) the title of the IFRS;
(b) where applicable, that the change in accounting policy has been made in accordance with its transitional provisions; (c) the nature of the change in accounting policy; (d) where applicable, a description of the transitional provision; (e) where applicable, the transitional provision that might have an effect on future periods; (f) for the current period and for each prior period presented, to the extent practicable, the amount of the adjustment:
(i) for each line item of the financial statement that is affected; and (ii) if IAS 33 Earnings Per Share is applicable to the entity, for basic and diluted earnings per share; (...)."

8 IAS 8, paragraph 30: "When an entity has not applied a new IFRS that has been issued but does not yet have effect, the entity shall disclose: (a) this fact; and (b) relevant information, known or reasonably estimated, to assess the possible impact that the application of the new IFRS will have on the entity's financial statements in the period in which it is applied for the first time."

9 IAS 8, paragraph 31: "To comply with paragraph 30, the entity shall disclose: (a) the title of the new IFRS; (b) the nature of the change or changes in accounting policy imminent; (c) the date on which application of the IFRS is mandatory; (d) the date from which it is planned to apply the IFRS for the first time; and (e) one or both of the following information: (i) an explanation of the expected impact, derived from the initial application of the IFRS, on the entity's financial statements; or (ii) if the impact is unknown or cannot be reasonably estimated, a statement to that effect."

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" Av. Paseo de la Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" Av. Paseo de the Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" Av. Paseo of the Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe

ANNEX 1
STANDARDS IN FORCE FROM JANUARY 1, 2026

Modified Accounting Standards | Subject | Main Amendments --- | --- | --- IFRS 9 "Financial Instruments" IFRS 7 "Financial Instruments: Disclosures" | Modifications to the Classification and Measurement of Financial Instruments |

It is clarified that a financial liability is derecognized on the settlement date.
An accounting policy option is incorporated to derecognize financial liabilities settled through electronic payment systems before the settlement date, provided certain criteria are met.
Guidance is provided to evaluate whether the contractual cash flows of financial assets that could arise from contractual conditions related to environmental, social, corporate governance, and other similar contingent characteristics, are consistent with a basic loan agreement.
It is specified when a financial asset is considered to have "non-recourse" characteristics, clarifying its treatment and the characteristics of contractually linked instruments.
New disclosure requirements are incorporated regarding contractual clauses that could modify contractual cash flows, and investments in equity instruments classified at fair value through other comprehensive income.

10 The modification to IFRS 9, in its paragraph B4.1.16A, defines "non-recourse" assets as those assets that grant the entity the ultimate right to receive cash flows generated by a specific asset or set of assets.

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" Av. Paseo of the Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe

IFRS 1 "First-time Adoption of International Financial Reporting Standards" IFRS 7 "Financial Instruments: Disclosures" IFRS 9 "Financial Instruments" IFRS 10 "Consolidated Financial Statements" IAS 7 "Statement of Cash Flows" | Annual Improvements to IFRS Accounting Standards – Volume 11 | Annual improvements are included aimed at clarifying terms and cross-references with other IFRSs.

IFRS 7 "Financial Instruments: Disclosures"
IFRS 9 "Financial Instruments" | Contracts related to electricity dependent on nature |

It clarifies the characteristics of contracts related to electricity dependent on nature, as well as the requirements to evaluate their intended use by the entity and incorporates the requirements to determine if the entity is a net buyer of electricity.
Guidance is provided to apply hedge accounting when contracts related to electricity dependent on nature are designated as hedging instruments and incorporates new disclosure requirements regarding such contracts.

11 The modification to IFRS 9, in its paragraph B2.7, defines an entity as a "net buyer of electricity" if it buys enough electricity to compensate for the sales of any electricity not used in the same market in which it sold the electricity.

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of Hope and Strengthening of Democracy" Av. Paseo of the Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe

ANNEX 2
STANDARDS IN FORCE FROM JANUARY 1, 2027

Accounting Standards	Type	Subject
IFRS 18 "Presentation and Disclosures in Financial Statements"	New Standard	Establishes the principles of presentation and disclosure in financial statements to provide relevant information that faithfully represents assets, liabilities, equity, income and expenses. IFRS 19 "Non-public Accountability Subsidiaries: Disclosures"

12 IFRS 19, paragraph 11: "An entity has a public accountability obligation when:
(a) its debt or equity instruments are traded in a public market or are in the process of issuing these instruments to be traded in a public market (whether a national or foreign stock exchange, or an over-the-counter market, including local or regional markets), or; (b) it holds assets in a fiduciary capacity for a broad group of third parties as one of its main businesses (...)."

Circular No. 080-2026-SMV/11.1: New IFRS 2026 Standards for General Regime Issuers and Alternative Securities Market Issuers

Lineage: In force

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