According to ruling 31252 of 2016, the tax authority of Colombia (DIAN) pronounced on the obligation for taxpayers to keep accounting records. Commerce Code article 19 provides that individuals and companies considered to be merchants are obliged to keep accounting records of their financial transactions.
Once the IFRS enter into force in Colombia, taxpayers obliged to keep accounting records must prepare their financial statements and accounts in accordance with the accounting principles and regulations. Mandatory records are required where any dissimilarity between IFRS and the fiscal basis are recorded, or a logbook for registering daily business transactions in which economic facts must be recorded and duly supported by documents, and internal or external receipts.
