The Superintendencia Financiera de Colombia has opened the second phase of its clean-up of the Basic Accounting and Financial Circular (Circular Básica Contable y Financiera, CBCF), inviting experts, academics and the public to comment on proposed changes. As part of the authority’s broader normative optimisation work launched in 2024, the CBCF would be reissued under a new name, the Circular on Risks, Prudential Matters and Financial Information (Circular Básica de Riesgos, Asuntos Prudenciales e Información Financiera, CBRAPIF), with a redesigned structure. Under the proposal, the CBRAPIF would be organised into four parts covering (i) risks, (ii) prudential matters and legal controls, (iii) financial information and (iv) other topics, with chapters and sections beneath each part and a unique paragraph numbering system to support cross-referencing and future updates. The clean-up applies criteria including obsolescence, lack of clarity, unnecessary burdens, duplication and technical adjustments, and will be complemented by further instructions in areas such as IFRS 17 and technical reserves, IFRS 9, the Environmental and Social Risk Management System (SARAS) and FNG solvency. To support review, the authority has provided an equivalence table mapping existing CBCF instructions to the new CBRAPIF structure and identifying new chapters, alongside a change-tracking file for chapters that remain. Comments must be submitted by 9 June 2025 using the dedicated Excel template and referencing filing number 2024070477.

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