The Colombian Government informed to those companies classified within Group 2 (SMEs) that they should prepare their financial information in order to be prepared for adopting International Accounting Standards in 2016. Which means that the financial statements should be carried out under this regulation to January 1, 2015, being the year of transition for the IFRS convergence process.

Submission of the Opening Balance Sheet for Group 2 SMEs

According to Decree 2784 of 2012 which define as the transition period the previous year to the implementation of the new regulatory framework in which they must keep accounts under the current legal framework and simultaneously with international standards (IFRS), in order to draw up financial information that can be used for comparative purposes. The following information must be included:

►► Statement of Financial Position
►► Statement of Profit & Losses by expenditure function
►► Statement of Profit & Losses by net tax components
►► PDF file which includes a summary of significant accounting policies defined by the organization.

Therefore those companies classified within group 2 (Decree 3022 of 2013 which was amended by Decree 2129 of 2014) should make the ESFA (Statement of Opening Balance Sheet)

with cutoff date January 1st of 2015, on the following dates taking into account the last 2 digits of the NIT:
From 01 to 25: July 7th of 2015
From 26 to 50: July 8th of 2015
From 51 to 75: July 9th of 2015
From 76 to 00: July 10th of 2015

Companies classified as Group 2

►► Companies which have over 30,000 SMLMV* on assets and more than 200 employees
►► Companies which have between 500 and 30,000 SMLMV* total assets or have between 11 and 200 employees and they are not securities issuers or public interest entities
►► Micro-enterprises which have no more than 500 SMLMV* on assets or 10 employees and whose annual gross income is equal or greater than 6,000 SMMLV. Such gross
incomes should be the ones immediately preceding the reporting period.

Group 2 will apply IFRS standards for SMEs and they will be audited based on Standards Information Assurance (NAI) and Other Financial Reporting Standards (ONI).
* SMLV 2015 equals 644 350 Colombian pesos