Background

The Peruvian Accounting Standards Council, known as Consejo Normativo de Contabilidad (CNC), is structured as a collegiate body composed of representatives from key public, regulatory, professional, academic, and private-sector institutions. The CNC is chaired by the Director General of Public Accounting of the Ministry of Economy and Finance (MEF) and includes one principal representative, each appointed for a three-year term, renewable once, from the following institutions:

● Central Reserve Bank of Peru (BCRP)

● Superintendence of the Securities Market (SMV)

● Superintendence of Banking, Insurance and Private Pension Funds (SBS)

● National Superintendence of Customs and Tax Administration (SUNAT)

● National Institute of Statistics and Informatics (INEI)

● Board of Deans of the Colleges of Public Accountants of Peru (JDCCPP)

● Deans of Accounting careers of Peruvian universities

● CONFIEP – National Confederation of Private Business Institutions

CNC is responsible for issuing and updating the accounting framework applicable to private sector, as well as evaluating and approving the adoption of International Financial Reporting Standards (IFRS).

Accounting Standards

Peru has adopted IFRS Accounting Standards issued until 2024. Domestic companies whose securities trade in a public market and other large private companies are required to use IFRS. SME´s apply a simplified accounting framework which was released in 2024. Banks, insurance companies, and pension funds must comply with accounting standards approved by the Superintendence of Banking, Insurance and Private Pension Funds (SBS).

Sustainability Disclosure Standards

Peru expects to approve IFRS S1 and S2 before the first half of 2026. Currently, the Ministry of Finance is performing a joint project with the United Nations Conference on Trade and Development (UNCTAD) in order to establish a National Sustainability Framework.