Peru

The financial reporting framework in Peru is established by the Código de Comercio of 1902 and the General Companies Law of 1997, which require entities to maintain accounting records and prepare financial statements in accordance with generally accepted accounting principles in Peru.

Law No. 24680 of 1987, as amended by Legislative Decree No. 1525 of 2022, designates the Accounting Standards Council (CNC) as the national standard-setting body for private sector accounting. The CNC operates under the Directorate General of Public Accounting (DGCP) within the Ministry of Economy and Finance. The DGCP has adopted International Financial Reporting Standards and the International Financial Reporting Standard for Small and Medium-sized Entities by reference as issued by the International Accounting Standards Board, with updates incorporated through resolutions.

A differential reporting framework applies across entity types. Entities whose securities are admitted to trading on a public market are regulated by the Superintendence of Securities Markets (SMV) and are required to prepare financial statements in accordance with International Financial Reporting Standards as issued. Financial institutions, insurance companies, and pension funds are supervised by the Superintendence of Banking, Insurance, and Private Pension Fund Administrators (SBS), which establishes sector-specific accounting requirements that incorporate International Financial Reporting Standards as a supplementary framework.

Statutory audit requirements and auditing standard-setting authority are established under Law No. 28951 of 2007, which delegates responsibility to the departmental associations of public accountants. In practice, these associations adopt standards issued by the Board of Deans of Associations of Public Accountants of Peru (JDCCPP), which functions as the national coordinating body for the profession.

The accountancy profession in Peru is regulated under Law No. 28951 of 2007. The regulatory model is primarily profession-based and decentralized. Public accountants are regulated through the departmental associations of public accountants, each of which is a public law institution with authority in its respective region. The deans of these associations comprise the Board of Deans of Associations of Public Accountants of Peru (JDCCPP), which serves as the highest representative body of the profession at the national level.

Entry into the profession as a public accountant is based on possession of a university degree in accounting issued by a recognized university, and compulsory membership in the relevant departmental association is required for professional practice. The departmental associations are responsible for organizing and maintaining member registries, including registers by specialty, and for issuing the professional rules applicable to their members.

The regulatory framework distinguishes between public accountants and independent auditors. In practice, departmental associations maintain separate registers for independent auditors and audit firms and establish additional eligibility requirements for registration as an independent auditor. Current departmental association regulations indicate that these requirements generally include a minimum period of professional experience and, in many cases, a professional competence assessment and or specialized audit training.

Law No. 28951 assigns the departmental associations responsibility for key regulatory functions, including maintaining professional and audit firm registries, issuing ethical requirements, supervising the quality of services provided by members, and operating investigation and disciplinary arrangements through their institutional bodies. The same law also recognizes the JDCCPP as the national representative body of the profession and assigns it a national role in matters relating to professional formation and certification.

Under Law No. 28951, certification and recertification of public accountants at the national level is carried out by the JDCCPP. This system operates alongside the mandatory regional licensing framework and provides a national professional credential. The current JDCCPP regulation provides that certification is based on a national professional competence examination by specialty, while recertification requires evidence of continued professional development or equivalent professional updating activities within a four-year period.

In addition, auditors serving entities under financial sector supervision are subject to supplementary regulatory requirements. The Superintendence of Securities Markets (SMV) has authority to oversee audit firms engaged by entities under its supervision and may issue additional requirements and request information to verify compliance. Auditors serving supervised financial institutions are also subject to requirements established by the Superintendence of Banking, Insurance, and Private Pension Fund Administrators (SBS). Accordingly, the profession operates under a shared framework in which departmental associations and the JDCCPP retain the core professional regulatory role, while sector regulators exercise additional oversight in regulated markets.

There is no single independent public audit oversight authority in Peru with responsibility for the profession as a whole. Oversight and supervision of auditors and audit firms continue to be exercised through a combination of professional regulation and sector-specific supervisory arrangements.

At the profession-wide level, regulation of auditors and audit firms is carried out through the departmental associations of public accountants under Law No. 28951 of 2007, with coordination at the national level through the Board of Deans of Associations of Public Accountants of Peru. These bodies are responsible for core professional regulatory functions, including registration and disciplinary arrangements, as described in the Regulation of the Accountancy Profession section.

Additional oversight applies in regulated sectors. The Superintendence of Securities Markets oversees auditors and audit firms providing services to entities under its supervision, including through registration and supervisory powers. The Superintendence of Banking, Insurance, and Private Pension Fund Administrators also maintains regulatory authority over external auditors and audit firms serving supervised financial institutions and pension entities.

Peru does not appear in the current membership directory of the International Forum of Independent Audit Regulators.

The Board of Deans of Associationof Public Accountants of Peru (JDCCPP)

The Board of Deans of Associations of Public Accountants of Peru (JDCCPP) was established by Law No. 25892 of 1992 as a compulsory umbrella organization representing the departmental associations of public accountants in Peru.

The JDCCPP serves as the principal representative body of the accountancy profession at the national and international levels. Its membership comprises the deans of the departmental associations of public accountants, which are established by law in each department.

The JDCCPP plays a central role in supporting the development and coordination of the profession. Its responsibilities include advising on accounting education, administering certification and recertification of public accountants at the national level, and issuing technical guidance and standards through its national technical commissions.

While Law No. 28951 of 2007 assigns regulatory authority to the departmental associations of public accountants, in practice these associations adopt the standards and guidance issued by the JDCCPP for mandatory application within their respective jurisdictions.

In addition to its national role, the JDCCPP is a member of the International Federation of Accountants and participates in regional and international professional organizations.

The quality assurance (QA) framework in Peru is established under Law No. 28951 of 2007, which assigns the departmental associations of public accountants responsibility for supervising the quality of services provided by their members. In practice, the Board of Deans of Associations of Public Accountants of Peru (JDCCPP) coordinates the profession at the national level, while additional supervisory arrangements apply for auditors serving entities regulated by the Superintendence of Securities Markets (SMV) and the Superintendence of Banking, Insurance, and Private Pension Fund Administrators (SBS).

No specific rules had been issued by JDCCPP or any departmental association regarding a QA review system, although sector regulators maintain review and registration arrangements for auditors in regulated markets. Accordingly, the jurisdiction-level framework is only partially aligned with the relevant SMO 1 requirements.

With respect to quality management standards, JDCCPP approved the 2021 edition of the international quality management standards for application in Peru effective April 1, 2024, including International Standard on Quality Management 1 and International Standard on Quality Management 2. Their adoption strengthens the technical framework but does not, on its own, demonstrate that a comprehensive QA review system is operational for all mandatory audits. Accordingly, QA in Peru continues to be assessed as Partially Adopted.

Current Status: Partially Adopted

The initial and continuing professional development framework in Peru is established through a combination of law, university education requirements, departmental association rules, and national professional standards. Under Law No. 28951 of 2007, entry to the profession as a public accountant requires a university degree in accounting and registration with the relevant departmental association. Additional requirements apply for registration as an independent auditor, but continuing professional development is not mandated at the jurisdiction level for all professional accountants.

The Board of Deans of Associations of Public Accountants of Peru (JDCCPP) adopted the 2019 International Education Standards (IES) through Resolution No. 004-2021-JDCCPP/AG. The resolution indicates phased application of the 2019 standards for new members, certification by competencies, and recertification. JDCCPP’s more recent publications continue to reference the 2019 IES, including the 2021 revisions, as the applicable benchmark.

JDCCPP also administers a national certification and recertification system for public accountants. Its regulations require a competence examination for certification and continuing professional development activities for recertification over a four-year period. However, this framework applies through JDCCPP’s national certification system and does not replace the jurisdiction-level requirements for all aspiring and professional accountants, which remain less comprehensive than the IES in effect as of the time of the assessment.

Accordingly, important gaps remain in applying entry, assessment, and continuing professional development requirements comprehensively to all professional accountants. The jurisdiction-level framework is therefore only partially aligned with revised 2019 IES.

Current Status: Partially Adopted

Law No. 28951 of 2007 assigns authority for auditing standards to the departmental associations of public accountants. In practice, these associations adopt the standards approved at the national level by the Board of Deans of Associations of Public Accountants of Peru (JDCCPP) for application in their respective jurisdictions.

The JDCCPP’s current regulatory timetable, approved through Resolution No. 005-2024-JDCCPP/AG, requires application of the 2021 edition of the international auditing pronouncements in Spanish, including the International Standards on Auditing, for engagements beginning on or after April 1, 2024. Because the 2021 edition remains in force rather than the latest standards in effect at the time of the assessment, Peru has not yet adopted the full current set of International Standards on Auditing.

However, JDCCPP has approved the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, based on the 2023 standard, with an effective date for periods beginning on or after December 15, 2025.

Current Status: Partially Adopted

Law No. 28951 of 2007 assigns responsibility for establishing ethical requirements to the departmental associations of public accountants. In practice, these associations adopt the standards approved at the national level by the Board of Deans of Associations of Public Accountants of Peru (JDCCPP) for mandatory application within their respective jurisdictions.

The JDCCPP has adopted the 2021 edition of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) through Resolution No. 005-2024-JDCCPP/AG, with effective application beginning April 1, 2024.

Since the 2021 edition remains in force rather than the latest standards in effect at the time of the assessment, the jurisdiction is assessed at Partially Adopted.

Current Status: Partially Adopted

According to Law No. 28708 of 2006, as amended by Legislative Decree No. 1525 of 2022, the Directorate General of Public Accounting (DGCP) under the Ministry of Economy and Finance is responsible for establishing public sector accounting standards in Peru.

The DGCP has adopted accrual-based International Public Sector Accounting Standards (IPSAS) for application by public sector entities and has established a process to incorporate updated IPSAS through the issuance of resolutions. Publicly available information, including the IFAC/CIPFA International Public Sector Financial Accountability Index and DGCP publications, indicates that IPSAS have been adopted and are applied as the basis for public sector financial reporting, with periodic updates to reflect new and revised standards.

Accordingly, accrual-based IPSAS have been adopted for application in the public sector, and the jurisdiction-level framework is aligned with the requirements of SMO 5. IPSAS in Peru are therefore assessed as Adopted.

Current Status: Adopted

Law No. 28951 of 2007 establishes the legal framework for investigation and discipline (I&D) in Peru and assigns responsibility to the departmental associations of public accountants. The law requires each association to establish an Ethics Committee to investigate complaints and an Honor Tribunal to adjudicate cases and hear appeals.

In practice, the Board of Deans of Associations of Public Accountants of Peru (JDCCPP) develops national I&D procedures through its technical commissions, which are subsequently adopted by the departmental associations for application within their jurisdictions. The JDCCPP adopted the requirements of the Statement of Membership Obligations 6 through Resolution No. 004-2021-JDCCPP/AG and has undertaken a self-assessment of its I&D system against these requirements.

Available information indicates that an I&D system is established and operational for professional accountants; however, gaps remain in achieving full alignment with the requirements of SMO 6. These include the absence of a formal process for independent review of complaints, limited public availability of disciplinary outcomes, and the lack of regular monitoring of the effectiveness of the system.

Accordingly, the jurisdiction-level framework is only partially aligned with the requirements of SMO 6, and the investigation and discipline system in Peru is assessed as Partially Adopted.

Current Status: Partially Adopted

Law No. 28708 of 2006, as amended by Legislative Decree No. 1525 of 2022, designates the Accounting Standards Council (CNC), operating under the Directorate General of Public Accounting (DGCP) within the Ministry of Economy and Finance, as the body responsible for approving accounting standards for private sector entities. The CNC has adopted International Financial Reporting Standards (IFRS) and the International Financial Reporting Standard for Small and Medium-sized Entities by reference as issued by the International Accounting Standards Board, with updates incorporated through resolutions.

A differential reporting framework applies in regulated sectors. The Superintendence of Securities Markets (SMV) requires IFRS for listed entities other than financial institutions, while the Superintendence of Banking, Insurance, and Private Pension Fund Administrators (SBS) establishes financial reporting requirements for financial institutions based on IFRS endorsed by the CNC.

Accordingly, IFRS Accounting Standards are required for domestic publicly accountable entities and are applied as the basis for general purpose financial statements. The jurisdiction-level framework is aligned with the requirements of SMO 7, and IFRS in Peru are assessed as Adopted.

Current Status: Adopted

Relevant Organizations

• Consejo Normativo de Contabilidad (CNC)
• Junta de Decanos de Colegios de Contadores Públicos del Perú (JDCCPP)
• Superintendencia de Banca, Seguros y Administradoras de Fondos de Pensiones (SBS)
• Superintendencia del Mercado de Valores (SMV)

Relevant Legislation

• Ley General del Sistema Nacional de Contabilidad (Ley No. 28708)Ley General de Sociedades (Ley No. 26887)
• Ley No. 28951 (Ley de Profesionalización del Contador Público)
• Ley No. 29720 (Ley que promueve las emisiones de valores mobiliarios y fortalece el mercado de capitales)
• Ley No. 26702 (Ley General del Sistema Financiero y del Sistema de Seguros)
• Resolución CNC No. 045-2010-EF/94 (adopción de la NIIF para las PYMES)
• Resolución CNC No. 059-2015-EF/30 (oficialización de las NIIF)

Relevant Publications

• Consejo Normativo de Contabilidad (CNC), Normas Internacionales de Información Financiera oficializadas en el Perú
• Superintendencia de Banca, Seguros y Administradoras de Fondos de Pensiones (SBS), Manual de Contabilidad para Empresas del Sistema Financiero
• Superintendencia del Mercado de Valores (SMV), Normativa contable aplicable a emisores del mercado de valores