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What is the Plan Contable General Empresarial and why is it important for businesses in Peru?
The Plan Contable General Empresarial (PCGE) is the official accounting framework for private sector entities in Peru. It was issued by the Consejo Normativo de Contabilidad (CNC), the body responsible for studying, analyzing and issuing accounting standards in accordance with the International Financial Reporting Standards (IFRS).
Plan Contable General Empresarial.pdf
Download https://shurll.com/2wGJUA
The PCGE aims to provide a consistent and comprehensive structure of codes for recording and reporting economic events that occur in a business, as well as to facilitate the preparation and presentation of financial statements that reflect a true and fair view of the entity's financial position, performance and cash flows.
The PCGE consists of four chapters: generalities, classification and catalog of accounts, description and accounting dynamics, and basis of conclusions. It also includes two annexes with terms and definitions used and a list of IFRS effective at national and international level.
The PCGE is updated periodically by the CNC to reflect changes in the IFRS or in the economic environment. The latest version of the PCGE was modified in 2019 and is effective from January 1, 2020.
The PCGE is not intended to establish control measures or accounting policies for the entities. These are determined by the management of each entity according to the risks they face, the transactions they carry out and the characteristics that are specific to them. However, the PCGE provides guidance on some fundamental aspects of accounting, such as recognition, measurement, presentation and disclosure criteria, as well as the relationship between the PCGE and the tax legislation.
The PCGE is an essential tool for businesses in Peru to ensure compliance with the accounting standards, to provide reliable and comparable information to users of financial statements, such as investors, creditors, regulators and tax authorities, and to support decision making and accountability.
For more information on the PCGE, you can download the PDF files from the following sources:
Ministerio de Econom|a-!a y Finanzas (MEF): Plan Contable General Empresarial [^1^]
Ministerio de Econom|a-!a y Finanzas (MEF): Plan Contable General Empresarial Modificado 2019 [^2^]
Instituto de Contabilidad y Auditor|a-!a de Cuentas (ICAC): Plan General de Contabilidad (Actualizado A|a-#o 2021) [^3^]
The PCGE is organized into 10 elements that correspond to the main components of the financial statements. Each element is divided into accounts and subaccounts that have a four-digit code. The first digit indicates the element, the second digit indicates the group, the third digit indicates the account and the fourth digit indicates the subaccount. For example, the code 1011 corresponds to the subaccount "Cash in national currency" within the account "Cash" within the group "Efectivo y equivalentes de efectivo" within the element "Activo disponible y exigible".
The PCGE also provides a description and accounting dynamics for each account and subaccount, explaining their nature, content, valuation criteria, presentation and disclosure requirements, as well as examples of typical transactions and journal entries. The PCGE also includes cross-references to the relevant IFRS or interpretations that apply to each account or subaccount.
The PCGE is applicable to all entities that are required or choose to prepare their financial statements under IFRS. However, some entities may need to adapt or complement the PCGE according to their specific activities or circumstances. For example, financial institutions, insurance companies, mining companies, agricultural entities, non-profit organizations and public sector entities may have additional or different accounting requirements than those established by the PCGE. In these cases, the entities should follow the specific regulations issued by their respective supervisory or regulatory bodies.
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