The Accounting Regulatory Council, a body attached to the Ministry of Economy and Finance (MEF), has approved the Peruvian financial reporting standard (NPIF) for microenterprises. In this way, a simplified accrual accounting framework is established for these organizations and It will be valid as of January 1, 2025, according to resolution 001-2024-EF/30 published in El Peruano.
Considering that microenterprises (whose annual income is up to 150 tax units (UIT)) represent an important segment of the country’s economy, the Accounting Standards Council developed the NPIF. This standard was approved in a virtual session on December 20, 2023, in compliance with Legislative Decree 1438, which establishes that private sector entities prepare and present financial statements, in accordance with international financial reporting standards (IFRS).
The purpose of this regulation is to establish a simplified accrual accounting framework, which require the generation of basic accounting information for recognition, measurement, presentation and disclosure of transactions and other economic facts. that are important in the financial statements that provide transparent and timely information for the decision making of the users of said information.
The implementation of the NPIF requires adequate dissemination to allow companies to adapt to the new regulations, which will allow them to have real information on their financial and economic situation, the resolution states.
For the financial statements?
The objective of financial statements is to provide information about the financial situation and financial performance of the microenterprise, which is useful for making economic decisions by users, according to the NPIF. Also They show the results of the management carried out by administrators with the resources entrusted to them.
Every microenterprise within the scope of the NPIF must prepare the following financial statements:
- Statement of Financial Position
- Statement of income
- Statement of changes in Equity
- Statement of cash flows
Source: Larepublica
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