Panama
Methodology
Last updated: 07/2018
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Member Organizations
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Legal and Regulatory Environment
In Panama, the Companies Law of 1927 establishes the types of legal companies while the Code of Commerce of 1916 and subsequent amendments obliges companies to keep books of accounts and provides the basic legal...
The accountancy profession in Panama is regulated by the Law No. 57 of 1978 on the Accounting Profession. The Law recognizes the Technical Board of Accounting (JTC), an agency under the Ministry of Commerce and...
There are no independent audit oversight arrangements in Panama. According to the Law No. 57 of 1978 on the Accounting Profession the only requirements for becoming a Panamanian Certified Public Accountant (CPA) and...
The Colegio de Contadores Públicos Autorizados de Panamá (CCPAP) has been promoting a legislative reform for the accountancy profession and working with the government and holding discussions with stakeholders. The...
Adoption of International Standards
There is no legal foundation for the establishment and implementation of quality assurance (QA) reviews for all audits of financial statements. In the absence of legal requirements, the Colegio de Contadores Públicos...
The accountancy profession in Panama is regulated by the Law No. 57 of 1978 on the Accounting Profession. The Law recognizes the Technical Board of Accounting (JTC), an agency under the Ministry of Commerce and...
The Law No. 57 of 1978 on the Accounting Profession empowers the Technical Board of Accounting, an agency under the Ministry of Commerce and Industries, to set auditing standards for audits of all companies, aside from...
The Law No. 57 of 1978 on the Accounting Profession empowers the Technical Board of Accounting (JTC), an agency under the Ministry of Commerce and Industries, to adopt ethical requirements for the accountancy profession...
In accordance with the Law No. 32 of 1984, the National Comptroller Office (CGR) of Panama is responsible for setting public sector accounting standards. The CGR has adopted IPSAS through the Decree No. 288 of 2014...
The Law No. 57 of 1978 on the Accounting Profession empowers the Technical Board of Accounting (JTC), an agency under the Ministry of Commerce and Industries, to establish and implement investigative and disciplinary...
The Technical Board of Accounting, an agency under the Ministry of Commerce and Industries, is responsible for setting accounting standards for all companies, aside from certain regulated companies, in accordance with...
Relevant OrganizationsAlliance for Quality (ALCAPA)Association of Authorized Public Accountants (ACONTAP)Association of Women Authorized Public Accountants (AMUCOPA)Colegio de Contadores Públicos Autorizados de Panamá...
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