Argentina

The statutory framework for corporate accounting and financial reporting in Argentina is established primarily by the Civil and Commercial Code of the Nation and Law No. 19,550 on Commercial Companies, as amended. These laws set out the general legal requirements for maintaining accounting records, preparing financial statements, corporate reporting, and, for certain entities, external audit. The earlier reference to the Code of Commerce is no longer appropriate, as the Civil and Commercial Code replaced it.

Argentina’s corporate financial reporting framework is decentralized. Under Law No. 20,488 of 1973, regulation of professional practice is exercised through the provincial professional councils within their respective jurisdictions. In practice, the provincial councils generally adopt the technical standards issued by the Federación Argentina de Consejos Profesionales de Ciencias Económicas. Within that framework, the Consejo Elaborador de Normas de Contabilidad y Auditoría develops proposed accounting and auditing standards for approval through the national professional standard-setting process and subsequent adoption by the provincial councils.

For financial reporting, the Federación Argentina de Consejos Profesionales de Ciencias Económicas issued Technical Resolution No. 26, originally approved in 2009 and subsequently amended, adopting IFRS Accounting Standards and the IFRS for SMEs Accounting Standard. The resolution became effective for annual financial statements for periods beginning on or after January 1, 2012. In Argentina, IFRS Accounting Standards are required for companies whose securities are publicly traded and that are regulated by the Comisión Nacional de Valores, subject to specified exceptions. Other entities may apply the IFRS for SMEs Accounting Standard or Argentine professional accounting standards, depending on the type of entity and the applicable jurisdictional and regulatory requirements.

Financial sector regulators establish specific accounting requirements for entities under their supervision. The Comisión Nacional de Valores adopted the use of IFRS Accounting Standards for entities within its scope through Resolution No. 562 of 2009, as supplemented by Resolution No. 576 of 2010. The Banco Central de la República Argentina requires financial institutions to prepare financial statements using an IFRS-based accounting framework beginning with financial years starting on January 1, 2018, although that framework includes an exception to the impairment requirements in IFRS 9 for certain government debt instruments. Insurance companies remain subject to accounting requirements established by the Superintendencia de Seguros de la Nación rather than full IFRS Accounting Standards.

With respect to auditing, Argentina applies a differentiated framework. The Federación Argentina de Consejos Profesionales de Ciencias Económicas issued Technical Resolution No. 32, originally approved in 2012 and subsequently amended, adopting the International Standards on Auditing issued by the International Auditing and Assurance Standards Board for application through the professional framework adopted by the provincial councils. For entities regulated by the Comisión Nacional de Valores, annual financial statements must include an audit report signed by an independent public accountant registered with the regulator. Auditors of entities supervised by the Banco Central de la República Argentina and the Superintendencia de Seguros de la Nación are also subject to additional sector-specific regulatory requirements.

The regulation of the accountancy profession in Argentina is decentralized, reflecting the country’s federal structure. Law No. 20,488 of 1973 establishes the general framework for the exercise of the professions related to economic sciences and recognizes that regulation of professional practice, including registration and local oversight, falls within the jurisdiction of the provincial professional councils. The Federación Argentina de Consejos Profesionales de Ciencias Económicas is the national voluntary professional accountancy organization that brings together the 24 provincial professional councils and coordinates technical standard-setting and other matters of common interest at the national level.

To practice as a contador público in Argentina, an individual must hold a university degree in public accountancy and register with the relevant provincial professional council. The legal framework under Law No. 20,488 links the right to exercise the profession to possession of the relevant university qualification and registration in the respective jurisdiction. In practice, the provincial professional councils maintain the professional registers and oversee the exercise of the profession within their territories.

The provincial professional councils are the legally recognized regulatory bodies for their members. They are responsible for matters related to registration and control of professional practice in their jurisdictions. In practice, the provincial councils generally adopt the technical standards developed through the Federación Argentina de Consejos Profesionales de Ciencias Económicas, including accounting and auditing standards, ethical requirements, and other professional guidance, in order for those standards to become applicable in each jurisdiction.

The Federación Argentina de Consejos Profesionales de Ciencias Económicas operates as the coordinating national body of this federated system rather than as a licensing authority. It supports harmonization across the jurisdictions and develops technical pronouncements through national standard-setting arrangements for subsequent adoption by the provincial professional councils.

Auditors of regulated entities are subject to additional sector-specific requirements. In the securities sector, annual financial statements of entities under the supervision of the Comisión Nacional de Valores must be signed by an independent public accountant registered in the regulator’s External Auditors Register, with signature legalization by the respective professional council. In the banking sector, external audits of financial institutions must be performed by registered public accountants eligible for inscription in the register maintained by the Banco Central de la República Argentina. In the insurance sector, auditors of insurance companies must be enrolled in the External Auditors Register of the Superintendencia de Seguros de la Nación.

These sectoral regulators also establish additional rules applicable to auditors operating in their respective sectors, including registration requirements, audit-related obligations, and supervisory or evaluation arrangements. Accordingly, while entry into the profession and general professional regulation are primarily exercised through the provincial professional councils, auditors serving regulated entities are also subject to oversight by the relevant financial sector regulator.

There is no single independent public audit oversight authority in Argentina with jurisdiction over all statutory auditors. Oversight of auditors is decentralized and differentiated by sector.

Auditors providing services to entities regulated by the Banco Central de la República Argentina, the Comisión Nacional de Valores, and the Superintendencia de Seguros de la Nación are subject to additional public oversight and sector-specific regulation by the respective regulator. These regulators maintain registers of eligible external auditors, establish sector-specific audit and reporting requirements, and conduct supervisory and quality control review activities within their respective sectors. In particular, the Comisión Nacional de Valores operates a quality control system for external auditors of listed entities, while the Banco Central de la República Argentina and the Superintendencia de Seguros de la Nación impose additional registration, independence, and review requirements for auditors of regulated financial institutions and insurance companies.

For auditors outside the scope of the financial sector regulators, oversight remains within the decentralized professional regulatory framework. These auditors are regulated by the provincial professional councils within their respective jurisdictions, with technical coordination and standard-setting support provided by the Federación Argentina de Consejos Profesionales de Ciencias Económicas, as described in the Regulation section.

The Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPE)

The Federación Argentina de Consejos Profesionales de Ciencias Económicas is the national voluntary professional accountancy organization in Argentina and serves as the coordinating body of a federated system composed of the 24 provincial professional councils. It was established under Law No. 20,488 of 1973 as the national federation representing the professional councils of the provinces and the Autonomous City of Buenos Aires. The federation represents professionals in the economic sciences, including public accountants, economists, business administrators, and actuaries.

Within Argentina’s decentralized regulatory framework, the provincial professional councils are the legally recognized bodies responsible for registration and regulation of professional practice in their respective jurisdictions. The Federación Argentina de Consejos Profesionales de Ciencias Económicas acts as the national coordinating and technical standard-setting body. In practice, it develops accounting, auditing, and ethical standards and other professional guidance for subsequent adoption by the provincial councils, at which point they become applicable in the relevant jurisdictions.

The Federación Argentina de Consejos Profesionales de Ciencias Económicas administers the Consejo Elaborador de Normas de Contabilidad y Auditoría, which is the technical body responsible for drafting proposed technical resolutions, circulars, and other professional pronouncements relating to accounting, auditing, and quality management standards. These proposals are developed through technical commissions and working groups composed of professional volunteers and subject matter experts and are then submitted for approval through the federation’s governance processes before adoption by the provincial councils.

In addition to its technical standard-setting role, the federation supports coordination among the provincial councils on matters such as continuing professional development, technical implementation support, translation and dissemination of international standards, and representation of the Argentine profession in regional and international forums. Regulatory functions such as licensing, registration, investigation and discipline, and professional oversight continue to rest primarily with the provincial councils and, where applicable, financial sector regulators.

The Federación Argentina de Consejos Profesionales de Ciencias Económicas is a member of the Interamerican Accounting Association, the Group of Latin American Accounting Standard Setters, and IFAC. It also continues to participate in regional and international standard-setting and professional cooperation initiatives.

Only certain entities in Argentina are subject to statutory audit requirements under sectoral or applicable professional frameworks. These include listed entities, financial institutions, and other entities required to present audited financial statements under applicable laws, regulations, or professional standards.

The financial sector regulators, namely the Banco Central de la República Argentina, the Comisión Nacional de Valores, and the Superintendencia de Seguros de la Nación, are authorized to establish requirements for auditors operating in their respective sectors. In the securities sector, the Comisión Nacional de Valores requires external auditors and audit firms serving entities under its supervision to maintain a quality control system and subjects them to inspection and enforcement. In the banking sector, the Banco Central de la República Argentina maintains a register of eligible auditors, establishes minimum external audit requirements, and periodically verifies compliance by external auditors. However, based on the available public information, it remains unclear whether the quality assurance arrangements of the sector regulators fully incorporate all SMO 1 best practices. The position of the Superintendencia de Seguros de la Nación regarding a comprehensive quality assurance review system for auditors of insurance entities is also not clear.

At the professional standard-setting level, the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPE), through Circular No. 7, adopted Norma Internacional de Gestión de la Calidad 1, Norma Internacional de Gestión de la Calidad 2, and revised ISA 220, effective from December 15, 2022, through amendments to Technical Resolutions No. 32, 33, 34, and 35. Accordingly, the quality management standards themselves appear to be adopted within the FACPCE framework.

Under Law No. 20,488 of 1973, the provincial professional councils retain legal authority within their jurisdictions over professional regulation. However, no evidence was identified of a unified, mandatory quality assurance review system operating across the provincial councils for all other audits outside the scope of the financial sector regulators. Accordingly, although the quality management standards have been adopted, a comprehensive QA review system aligned with SMO 1 for all mandatory audits has not been clearly established.

Current Status: Partially Adopted

In Argentina, responsibility for initial and continuing professional development is shared among universities, the provincial professional councils, and sector regulators for specific segments of the profession. Law No. 20,488 of 1973 establishes the legal framework for the exercise of the profession and links professional practice to possession of the relevant university degree and registration with the professional council of the jurisdiction in which the individual practices. In order to practice as a contador público, an individual must hold a university qualification and register with the relevant provincial professional council.

The university degree remains the principal entry requirement for the profession. The legal and institutional framework therefore reflects some elements of the International Education Standards, particularly higher education and practical formation embedded within university study. However, the available legal sources do not indicate that all elements of the International Education Standards in effect as of the time of the assessment have been formally adopted at the jurisdiction level for all aspiring and professional accountants. In particular, it is not evident from the public sources that a full learning-outcomes approach, final professional assessment requirements, and all continuing professional development requirements equivalent to the current International Education Standards are mandated across the profession.

Auditors serving regulated entities are subject to additional requirements established by the relevant financial sector regulators. For example, the Comisión Nacional de Valores requires external auditors to be entered in its External Auditors Register and requires evidence of at least three years of auditing experience. The Banco Central de la República Argentina also requires external auditors of financial institutions to be registered in the Superintendency’s Registry of Auditors. These requirements strengthen professional entry conditions for certain regulated audit segments, but they apply only to those serving regulated entities and do not constitute full jurisdiction-wide adoption of the International Education Standards.

At the national professional level, the Federación Argentina de Consejos Profesionales de Ciencias Económicas has established the Sistema Federal de Actualización Profesional, which provides a federal framework for continuing professional development. However, the system is generally described as a coordinated professional development framework within the federated profession rather than evidence of full formal adoption of all continuing professional development requirements of the International Education Standards for all professional accountants in the jurisdiction.

Accordingly, only some elements of the International Education Standards appear to be reflected in the Argentine framework, including university-level education, registration with the relevant provincial council, and additional experience requirements for certain regulated auditors. Further clarification would still be needed to demonstrate full alignment with all requirements of the International Education Standards in effect as of the time of the assessment.

Current Status: Partially Adopted

Statutory audit requirements in Argentina are differentiated by sector and regulatory framework. The Comisión Nacional de Valores, the Banco Central de la República Argentina, and the Superintendencia de Seguros de la Nación are empowered to establish sector-specific audit requirements for entities under their supervision.

For entities regulated by the Comisión Nacional de Valores, the applicable auditing standards are the International Standards on Auditing (ISA) as adopted through the professional standard-setting framework of the Federación Argentina de Consejos Profesionales de Ciencias Económicas. At the national professional level, the federation, through Technical Resolution No. 32, adopts the ISA issued by the International Auditing and Assurance Standards Board (IAASB) by reference, with ongoing updates incorporated through technical resolutions and adoption circulars.

However, auditors providing services to entities regulated by the Banco Central de la República Argentina, including banks and pension-related financial entities, and to insurance companies supervised by the Superintendencia de Seguros de la Nación, are subject to sector-specific audit requirements and additional national regulatory standards rather than full application of the International Standards on Auditing in all cases.

Accordingly, while ISA are adopted and applied for listed entities and other audits falling within the FACPCE framework, they are not applied to all mandatory audits across the jurisdiction. Argentina is therefore assessed as Partially Adopted.

Current Status: Partially Adopted

Ethical requirements for professional accountants in Argentina operate within a decentralized framework. Under Law No. 20,488 of 1973, the provincial professional councils regulate professional practice within their respective jurisdictions and maintain local ethical requirements applicable to their members.

At the national professional level, the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPE) issued Technical Resolution No. 34, which adopts by reference the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants. The current consolidated text reflects amendments through Technical Resolution No. 61 and establishes an ongoing mechanism for incorporating future pronouncements through adoption circulars.

However, mandatory application of Technical Resolution No. 34 is principally linked to professionals performing services under Technical Resolutions No. 32, 33, and 35, including auditors of listed entities and professionals within the FACPCE technical framework. Professionals serving banks, pension-related entities, and insurance companies may also be subject to sector-specific ethical and independence requirements established by the relevant regulators.

Accordingly, while the International Code of Ethics for Professional Accountants (including International Independence Standards) has been adopted by reference and is applicable to a significant segment of the profession, it is not demonstrably applied in its entirety to all professional accountants in the jurisdiction. Argentina is therefore assessed as Partially Adopted.

Current Status: Partially Adopted

Law No. 24,156 of 1992 on Financial Administration and Control Systems of the National Public Sector empowers the Contaduría General de la Nación to establish public sector accounting standards and prepare the General Account of the National Administration. Argentina applies national public sector accounting standards on an accrual basis rather than the International Public Sector Accounting Standards (IPSAS).

According to the IFAC and Chartered Institute of Public Finance and Accountancy International Public Sector Financial Accountability Index, Argentina’s central government financial reporting framework is based on accrual-basis national standards rather than IPSAS.

Recent public financial management assessments also indicate that the Contaduría General de la Nación has undertaken studies on the impact of convergence with the International Public Sector Accounting Standards and has included IPSAS-related workstreams in its annual operating plans. A 2019 impact study referenced in the PEFA assessment noted that this work was being supported by international cooperation agencies and was expected to inform future reforms toward closer alignment with IPSAS.

However, accrual-basis International Public Sector Accounting Standards in their entirety have not been adopted for application by public sector entities in Argentina as of the time of the assessment. Accordingly, Argentina continues to be assessed as Partially Adopted, reflecting the use of accrual-basis national standards and ongoing convergence efforts, rather than full IPSAS adoption.

Current Status: Partially Adopted

The legal framework for investigative and disciplinary processes in Argentina is established under Law No. 20,488 of 1973, which grants each provincial Consejo Profesional de Ciencias Económicas authority within its respective jurisdiction to regulate professional conduct and apply disciplinary sanctions to registered professionals. The law expressly requires the professional councils to ensure compliance with ethical principles and authorizes them to apply disciplinary measures for violations of the applicable ethical codes and professional rules.

Under Article 21 of Law No. 20,488, the provincial professional councils are empowered to apply disciplinary corrections for violations of ethical rules. Article 22 sets out the sanctions available, which include warning, private reprimand, public reprimand, suspension from practice for up to one year, and cancellation of professional registration. Decisions relating to suspension and cancellation are subject to appeal before the competent judicial tribunal in the relevant jurisdiction under Article 23.

Accordingly, investigative and disciplinary processes in Argentina operate through a decentralized framework, with each provincial professional council maintaining its own disciplinary committees, ethics tribunals, or equivalent bodies. For example, the Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires maintains a Tribunal de Ética Profesional within its institutional framework.

While the existence of disciplinary authority, sanctions, and judicial appeal rights is clearly established, it remains unclear whether all provincial systems fully incorporate all the requirements and best practices of SMO 6, including both complaints-based and information-based initiation mechanisms, formal linkage with quality assurance review findings, public interest transparency measures, and consistent procedures across all jurisdictions. Accordingly, Argentina continues to be assessed as Partially Adopted.

Current Status: Partially Adopted

Argentina’s financial reporting framework is decentralized. Under Law No. 20,488 of 1973, the provincial professional councils regulate professional practice within their respective jurisdictions. In practice, the provincial councils generally adopt the accounting standards issued by the Federación Argentina de Consejos Profesionales de Ciencias Económicas. Through its Consejo Elaborador de Normas de Contabilidad y de Auditoría, the federation develops technical standards for subsequent approval and adoption. Technical Resolution No. 26 adopts IFRS Accounting Standards and the IFRS for Small and Medium-sized Entities Accounting Standard by reference and establishes an ongoing mechanism for incorporating new and amended standards through adoption circulars.

For companies whose securities are publicly traded and that are regulated by the Comisión Nacional de Valores, IFRS Accounting Standards are required for both consolidated and separate financial statements. The Comisión Nacional de Valores adopted this requirement through General Resolution No. 576 of 2010, following the issuance of Technical Resolution No. 26. The IFRS Foundation jurisdiction profile states that Argentina has adopted IFRS Accounting Standards for all companies regulated by the Comisión Nacional de Valores, except for certain categories.

However, IFRS Accounting Standards are not required for all domestic publicly accountable entities. Listed banks are required to apply the accounting framework established by the Banco Central de la República Argentina, which is substantially converged with IFRS Accounting Standards but includes an exception relating to expected credit losses under IFRS 9 for certain government exposures. Listed insurance companies must apply the accounting regulations enforced by the Superintendencia de Seguros de la Nación rather than IFRS Accounting Standards. In addition, certain listed small and medium-sized entities under the special regime, listed cooperatives and mutuals, and listed non-profit organizations apply Argentine accounting standards or sector-specific frameworks instead of IFRS Accounting Standards.

For companies whose securities do not trade in a public market, all provinces permit, but do not require, the use of IFRS Accounting Standards. Such entities may alternatively apply the IFRS for Small and Medium-sized Entities Accounting Standard or Argentine accounting standards developed by the Consejo Elaborador de Normas de Contabilidad y de Auditoría and issued by the Federación Argentina de Consejos Profesionales de Ciencias Económicas. The IFRS Foundation also notes that new and amended IFRS Accounting Standards are adopted in Argentina as issued by the International Accounting Standards Board, subject to a short delay to allow for Spanish translation and the local circular adoption process.

Accordingly, Argentina continues to be assessed as Partially Adopted, because IFRS Accounting Standards in effect as of the time of the assessment are not required for all domestic publicly accountable entities.

Current Status: Partially Adopted

Relevant Organizations

• Banco Central de la República de Argentina
• Comisión Nacional de Valores República de Argentina (CNV)
• Contaduría General de la Nación
• Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE)
• Superintendencia de Seguros de la Nación

Relevant Legislation

• Law No. 19,550 on Commercial Companies (Ley General de Sociedades)
• Law No. 20,488 of 1973 (Normas referentes al ejercicio de las profesiones relacionadas con las ciencias económicas)
• Law No. 24,156 of 1992 (Administración Financiera y de los Sistemas de Control del Sector Público Nacional)
• Civil and Commercial Code of the Nation
• Comisión Nacional de Valores General Resolution No. 576/2010
• Federación Argentina de Consejos Profesionales de Ciencias Económicas Technical Resolutions

Relevant Publications

• Federación Argentina de Consejos Profesionales de Ciencias Económicas, SMO Action Plan, 2023
• IFRS Foundation, IFRS Standards—Jurisdiction Profile: Argentina, updated December 27, 2023
• World Bank, Report on the Observance of Standards and Codes: Accounting and Auditing, Argentina, 2007.