The organization announced the decision to incorporate International Financial Reporting Standards IFRS in its financial statements.
Fabio Villegas Ramirez, CEO of AviancaTaca Holding explained why: "The adoption of International Financial Reporting Standards will facilitate analysis of the economic performance of the company, while at the same time allowing it to finance projects and locate investment in the international arena."
In line with this goal, the Company has started the process to select an external auditing firm that will accompany AviancaTaca Holding in the implementation of these accounting standards. The process involves four internationally renowned auditing firms.
Once the selection process is concluded, the Company will submit the process for the approval of the regulatory authorities in Colombia, allowing it to publish its financial information under the IFRS international standards.
2012, year of transition While working on the technical details required to convert the financial statements of AviancaTaca Holding to IFRS international accounting standards, the organization will continue to publish its financial statements using the official standards governing accounting in Colombia (ColGaap).
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