Within 2015 the majority of the Colombian associations and/or branches of foreign companies in the country must comply with the main obligations from the areas of: corporate, finance, (even those arising from the IFRS) exchange regime and industrial property.

Whenever the Colombian association and/or foreign branch is subject to inspection, control or monitoring on behalf of an entity different to the superintendence of corporations and/or the regulation of any specific governmental entity (Aerocivil, regulation commission, national agency of hydrocarbons, mining national agency, among others) the obligations applicable must be verified on behalf of the corresponding entity.

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Appendix 1 - IFRS Groups

By External Circular 200-000010 of 2014, the Superintendent of Companies established deadlines for entities classified in Groups 1 and 2 of the process of implementation of International Financial Reporting Standards (IFRS) to report their financial statements under this new standards framework. For better understanding, the conditions and characteristics of each of the Groups for the purpose of compliance in the implementation of this accounting system are set forth below:    

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