The business world is constantly evolving, and with it, the standards governing accounting and finance are also changing. By 2025, new updates to the International Financial Reporting Standards (IFRS) are expected, which will directly impact the way companies report their financial position. These changes seek to improve the transparency, comparability, and quality of financial information globally.
In this context, having specialized accounting and tax advice in Lima is crucial. Companies that do not prepare adequately could face penalties, miscalculations, or loss of confidence from investors and regulatory entities.
What are IFRS and why are they important?
The International Financial Reporting Standards (IFRS) are a set of accounting principles issued by the International Accounting Standards Board (IASB) and used in more than 140 countries, including Peru. These standards enable companies to prepare clear, accurate, and standardized financial statements, facilitating their analysis by third parties.
With the new IFRS coming into effect in 2025, it is essential that companies in Peru, especially private ones, understand the technical adjustments and how they affect their balance sheets, income, liabilities, and equity.
Most relevant changes for 2025
Among the main changes proposed by the IASB for IFRS 2025 are:
- Recognition of deferred income: Greater precision is sought in the accounting recognition of certain contracts and services.
- Updates to the presentation of financial statements: Changes in the formats for presenting and categorizing income and expenses to improve user understanding.
- Specific standards for digital assets and cryptocurrencies: Given the increase in the use of these assets, clearer guidelines on their recognition and measurement will be established.
- Revision of the accounting treatment of operating and finance leases.
The correct implementation of these standards may require significant changes to internal systems, policies, and processes. For this reason, many companies are turning to accounting audit, financial audit, and internal audit services to ensure full compliance.
How to prepare for IFRS 2025?
Adapting to these standards is no easy task and must begin with a comprehensive review of each company’s accounting system. To do so, we recommend:
- Training the financial team.
- Hiring a firm with experience in accounting and financial auditing.
- Seeking personalized tax and accounting advice.
- Simulating the new financial statements based on IFRS 2025.
Leading companies such as VAG Global, recognized for offering Tax Consulting Lima, provide specialized accounting and tax advisory services in Peru, as well as external auditing services and accounting and business advisory services in Peru at a monthly price, tailored to the needs of each business.
Why seek professional advice?
The support of experts not only allows you to apply the new IFRS correctly, but also to optimize tax and legal compliance. A fairly priced accounting advisory service, accompanied by accounting and tax services, facilitates sound decision-making and avoids unnecessary risks.
The best tax advisory service in Lima will allow you to keep your financial statements and tax returns in line with regulatory updates. In addition, with the support of tax lawyers in Lima and corporate legal services, the legal structure of the company is strengthened.
Role of corporate and tax lawyers
In the face of new accounting requirements, lawyers for companies accounting services play a strategic role, especially those specializing in business law in Lima. Through the corporate lawyer service Peru, it is possible to:
- Redesign contracts in light of the new IFRS.
- Provide comprehensive tax advice in Lima that covers accounting and legal aspects.
- Support audit or review processes by SUNAT.
- Assess the legal impact of mergers, acquisitions, or corporate restructuring.
Having a lawyer specializing in business law and a team of accountants specializing in taxes in Lima ensures the proper integration of accounting and legal matters.
How much does it cost to implement these changes?
The costs of accounting services for private companies can vary depending on the complexity of the business, the size of the organization, and the current state of accounting compliance. However, in general, the price of an external audit is much lower than the cost of facing penalties for non-compliance.
Companies such as VAG Global offer comprehensive advisory and tax return packages for companies in Peru, tailored to your monthly budget and with additional benefits such as ongoing legal advice.
Conclusion
2025 will mark an important milestone for accounting in Peru and around the world. Adapting to the New IFRS Accounting Standards is not an option, but an obligation that can become a competitive advantage if managed properly. Relying on professionals in accounting and tax consulting, legal services for companies, and tax auditing is the best strategy for complying with international standards and ensuring the sustained growth of your company.
For more information, write to us at: contacto@vag-global.com or call +511 436 4612. We are ready to help you prepare for the accounting future of 2025.