Regulatory Alerts2023-12-27
Agreement 12-2023 of December 27, 2023 Modifying Provisions of Agreements No. 2 of February 28, 2000 and No. 8-2000 of May 22, 2000
The Board of Directors of the Panama Securities Market Superintendence issued Agreement 12-2023 to align financial reporting regulations with International Financial Reporting Standards (IFRS) mandated by Law 280 of 2021. The agreement modifies previous agreements to require registered entities to prepare financial statements in accordance with IFRS issued by the IASB and mandates that interim financial statements be endorsed by an authorized public accountant, regardless of independence. Additionally, the regulation updates definitions, sets the effective date for financial reporting to June 30, 2000, and specifies that all amounts must be expressed in Balboas or US Dollars.
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