|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||Required. Chile has already adopted IFRS Standards. The CCCH is the accounting standard setter in Chile. The CCCH has adopted IFRS Standards as the national accounting standards of Chile.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||Required.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
Chile has already adopted IFRS Standards.
The CCCH is the accounting standard setter in Chile. The CCCH has adopted IFRS Standards as the national accounting standards of Chile. Further information may be found below.
Companies registered with the SVS
Under Chilean Company Law, public corporations (500 or more shareholders or 10% of the equity shares are held by 100 or more shareholders) and debt securities issuers are regulated by the Superintendence of Securities and Insurance (Superintendencia de Valores y Seguros or SVS) and are registered in the Securities Registry. On the other hand, reporting entities, which refer to companies that do not issue securities, and which by legal disposition are overseen by the SVS, are registered in the Registry of Informants.
For companies registered with the SVS, IFRS Standards were phased in as follows:
Corporations registered with SVS send their audited financial statements to SVS, which posts them on the SVS website.
Banks and other financial institutions
Banks and other financial institutions are regulated by the Superintendent of Banks and Financial Institutions (SBIF) rather than the SVS. They must follow the accounting rules issued by the SBIF.
The SBIF adopted IFRS starting 31 December 2009. In adopting IFRS Standards, the SBIF made two significant modifications as follows (plus several minor ones):
These modifications are highlighted in the financial statements. The financial statements of banks and other financial institutions are described as complying with the standards issued by SBIF, not IFRS Standards.
Private companies not registered with the SVS
This includes most SMEs. Chile has adopted the IFRS for SMEs Standard effective in 2013.
IFRS Standards as issued by the Board, ie standards and amendments are adopted/endorsed as and when issued by the Board. As noted earlier, the regulator of banks and financial institutions has made several modifications to IFRS, which are disclosed in the financial statements, and those financial statements are not described as conforming to IFRS Standards.
After Chile initially adopted IFRS Standards effective in 2009, it endorsed new and amended IFRS Standards by issuance of a series of Technical Bulletins ) (numbers 79 to 84) by the CCCH. On 19 December 2013, the CCCH issued Technical Bulletin No. 85 Adoption of International Financial Reporting Standards issued by the IASB. Technical Bulletin No. 85 simply adopted IFRS Standards as the national accounting standards of Chile, eliminating the need for further Technical Bulletins. Therefore, Technical Bulletin No. 85 repealed Technical Bulletins numbers 79 to 84, which had adopted individual groups of IFRS Standards. Also, Technical Bulletin No. 85 repealed Technical Bulletins numbers 1 to 78B, which had established the former accounting principles generally accepted in Chile (prior to IFRS Standards).
None with respect to reporting entities that are not banks or financial institutions. The SBIF, which regulates banks and financial institutions, has made two significant modifications that affect banks and financial institutions as follows (plus several minor ones):
Those modifications are disclosed in the financial statements, and those financial statements are not described as conforming to IFRS Standards.