Tomado de La República
Bogotá. La agencia subió la calificación de la deuda externa de Colombia a "Baa3" con perspectiva estable, desde "Ba1" con lo que el país recibe el grado de inversión de una segunda calificadora internacional.De acuerdo con los analistas del mercado, la ratificación del grado de inversión por otra agencia llevará a que varios fondos de inversión extranjeros incluyan a Colombia en sus planes de inversión, debido a la seguridad que este factor le da a la economía nacional.Entre las razones de Moody´s para subir la nota se encuentra la capacidad de Colombia para enfrentar riesgos internos y externos, así como la mejora en la situación de seguridad en los últimos años.Se trata de la segunda agencia calificadora después de Standrad & Poor´s en volver a otorgar el grado de inversión a Colombia, que perdió ese codiciado status a finales de la década de 1990 en medio de una profunda crisis económica. La agencia estadounidense aumentó su calificación el pasado 16 de marzo y luego de este alza de Moody´s se espera que en tan solo un par de semanas máximo, Fitch Ratings haga lo mismo con su calificación.La calificación le permite además al país endeudarse en los mercados internacionales a tasas más bajas.
martes, 31 de mayo de 2011
jueves, 19 de mayo de 2011
Experiencia replicable
Ya son seis días de estadía en Irlanda del sur. Específicamente en Dublin. Motivo del viaje, compartir experiencias con profesionales certificados en IFRS de todo el mundo.
Afortunadamente para mí, pero con muchas ganas de encontrar varios colombianos, era el único en una reunión de tres días en los que debatimos la adoción global de IFRS y como siempre para hablar de temas técnicos específicos. En esta oportunidad, los nuevos cambios y lo que se avecina en materia contable internacional, Hablo particularmente de IFRS 10, 11, 12 y 13. Ya tendré tiempo de contarles cuáles son los cambios, y además cuáles son lass normas antes mencionadas, pero para mayor información y para obligarlos a leer un poco en la página del iasb.org pueden bajarlas ratis, claro está en español.
Thank God for the opportunity to share this kind of deep knowledge to every body else abroad.
Afortunadamente para mí, pero con muchas ganas de encontrar varios colombianos, era el único en una reunión de tres días en los que debatimos la adoción global de IFRS y como siempre para hablar de temas técnicos específicos. En esta oportunidad, los nuevos cambios y lo que se avecina en materia contable internacional, Hablo particularmente de IFRS 10, 11, 12 y 13. Ya tendré tiempo de contarles cuáles son los cambios, y además cuáles son lass normas antes mencionadas, pero para mayor información y para obligarlos a leer un poco en la página del iasb.org pueden bajarlas ratis, claro está en español.
Thank God for the opportunity to share this kind of deep knowledge to every body else abroad.
domingo, 15 de mayo de 2011
Entra México a Mila
La BVC quien lidera MILA (Mercado Integrado Latinoamericano) anunció la inminente entrada de México.
Como es sabido, Chile, Perú y Colombia, conforman MILA. Con la entrada de México, se incrementan las transacciones en el mercado de capitales latinoamericano.
La pregunta es si hablamos el mismo lenguaje financiero (IFRS). Por lo menos Perú y Chile sí. Colombia y México, están en proceso.
Será que los tomadores de decisiones saben que es IFRS, o peor aún los Gobernantes de estas naciones y sus ejecutivos o si saben de IFRS sabrán cuál será el impacto de converger a IFRS?
A estudiar IFRS señores
Como es sabido, Chile, Perú y Colombia, conforman MILA. Con la entrada de México, se incrementan las transacciones en el mercado de capitales latinoamericano.
La pregunta es si hablamos el mismo lenguaje financiero (IFRS). Por lo menos Perú y Chile sí. Colombia y México, están en proceso.
Será que los tomadores de decisiones saben que es IFRS, o peor aún los Gobernantes de estas naciones y sus ejecutivos o si saben de IFRS sabrán cuál será el impacto de converger a IFRS?
A estudiar IFRS señores
miércoles, 11 de mayo de 2011
Revisión al MGC
En el Plan Nacional de Desarrollo, se incluyó, en el artículo 204, una actualización al tema de la convergencia a IFRS. Adjunto les estoy enviando el link a la Gaceta del Congreso donde se hace la modificación al Plan Nacional de Desarrollo (artí 241 página 62) la cual hace referencia al artículo 204 del PND original.
Vale la pena anotar que este cambio no es oficial, pero según me comentaron, es más que probable que sea aprobado.
Este cambio consiste en que se suspenden los requerimientos de la Superservicios Públicos en concordancia con el Modelo General de Contabilidad que estaba en convergencia con IFRS. Así las cosas, nuestros clientes deberán ceñirse por las recomendaciones del Consejo Técnico de Contaduría Pública (CTCP) y no por lo que indique la Superservicios.
El tema en cuestión, está en línea con lo que hemos venido recomendado a nuestros clientes sujetos a la vigilancia y control por parte de la Superintendencia de Servicios Públicos Domiciliarios. Nuestra recomendación siempre había sido cumplir plenamente con IFRS y en consecuentemente cumplir con el MGC.
http://servoaspr.imprenta.gov.co:7778/gacetap/gaceta.pdf?v_numero=210&v_anog=2011
Vale la pena anotar que este cambio no es oficial, pero según me comentaron, es más que probable que sea aprobado.
Este cambio consiste en que se suspenden los requerimientos de la Superservicios Públicos en concordancia con el Modelo General de Contabilidad que estaba en convergencia con IFRS. Así las cosas, nuestros clientes deberán ceñirse por las recomendaciones del Consejo Técnico de Contaduría Pública (CTCP) y no por lo que indique la Superservicios.
El tema en cuestión, está en línea con lo que hemos venido recomendado a nuestros clientes sujetos a la vigilancia y control por parte de la Superintendencia de Servicios Públicos Domiciliarios. Nuestra recomendación siempre había sido cumplir plenamente con IFRS y en consecuentemente cumplir con el MGC.
http://servoaspr.imprenta.gov.co:7778/gacetap/gaceta.pdf?v_numero=210&v_anog=2011
Changing Colombia
Les comparto este buen artículo,
http://blogs.ft.com/beyond-brics/2011/05/06/changing-colombia-pt-1-from-tibet-to-civet/
Changing Colombia, part 1: from Tibet to CivetMay 6, 2011 4:29 pm by beyondbrics 0By Alejandro Gaviria of the University of the AndesColombia has long been an atypical country, at least in Latin American terms. During the second half of the 20th century, it never experienced an economic meltdown or a rash of populist policies, let alone hyperinflation or the coup d’etats that almost defined the rest of the region. Colombia rode the usual business cycles that any commodity-producing country endures. But, in general, it was an oasis of economic quietude in a cauldron of volatility. Colombia’s gradualism was the exception that proved the instability of the Latin American rule.True, the economy never grew fast. It advanced – but at a slow and steady pace. There were no big crises – and also no moments of rapid expansion. Between 1965 and 1995, there were ten years in which Argentina’s economy shrank. Over the same period the Colombian economy never suffered a single recession. During good times, it grew slightly more than 4 per cent; during bad times, slightly less. Over time, 4 per cent growth came to seem the country’s immutable economic rule.The counterpart to this stability was isolation. Alfonso Lopez Michelson, a former president, once called Colombia “the Tibet of South America”. How else could it be? Its main urban centres were high in the Andes – close to the stars but far from the sea. Businesses showed little interest in foreign markets. All exports other than coffee and oil were called, without irony, “minor”. Poor roads only made the natural barriers of Colombia’s varied geography more immense. Protectionism was the norm, the almost unquestioned policy consensus. Colombia seemed to wash its hands of the world. And vice-versa: the world did not much care about Colombia either.This parochial equilibrium collapsed in the 1990s. The drug-trafficking business caused an eruption of urban violence. In rural areas, it converted peasant insurgencies into powerful and well-armed rebel forces. It also corrupted the country’s institutions. Economic reforms – or at least Colombia’s version of them – produced a substantial rise in government spending, but this only made the economy vulnerable to external shocks.By the end of the 1990s, Colombia was suffering its worst economic crisis in almost a century. Unemployment reached 20 per cent. Guerillas had turned kidnapping into an industry. The middle classes fled the country. Some outsiders, and some Colombians too, believed the country was a “failed state”. South America’s Tibet had become the Sudan of the Andes.And so the new century found Colombia gripped by troubles. There were around 3,000 kidnappings every year. Investment plumbed new lows. Around 60 per cent of the population were deemed officially poor. The long years of stability and uninterrupted, if slow, growth were over. “Colombia has reached a fork in the road,” wrote the Italian economist Alberto Alesina in 2002. “One path leads to civil war, chaos, and economic collapse. The other to peace, reforms and economic progress.”It is only with hindsight that one can see how Colombia avoided the first path to ruin. In part, it was thanks to former president Álvaro Uribe’s successful security drive. In part, it was a consequence of the extraordinary economic expansion the world enjoyed between 2003 and 2008.Over that period, Colombian investment grew to 28 per cent of gross domestic product from 12 per cent. Foreign investment rose from risibly low levels to more than $10bn a year. The fiscal deficit almost halved to less than 4 per cent of GDP. The stock market soared. This March the country recouped its investment grade status with an upgrade from Standard & Poor’s.Last year, Michael Geoghegan, the president of HSBC, even included Colombia in a grouping of countries that he saw as the new stars of the world economy: the Civets – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. In less than a decade, Colombia had changed from being a South American Sudan to a land of promise.President Juan Manuel Santos has been among the country’s greatest enthusiasts. “Colombia’s moment has come!” he announced at his inauguration last year. “Prosperity for all,” promises his government’s official development plan. Yet it is still too early to celebrate.Most economic forecasts estimate the economy will grow little more than 4 per cent a year, the same as always, for the next few years. When it comes to social inequality, Colombia now tops Latin American charts. Violence has become a general public concern, again. The country remains among the world’s largest exporters of cocaine.Colombia is also yet to overcome its isolation. It still costs less to ship a container from Shanghai to Cartagena, than from Cartagena to Bogotá. Most Colombian businesses remain protectionist at heart. In Peru, a South Korean free trade treaty is seen as a necessity. In Colombia it is viewed as a threat. Exports remain only 15 per cent of GDP – the same as 20 years ago. Colombia may be a Civet – but it also remains a Tibet.Colombia has avoided the path to chaos. Santos is now clear about where he wants the country to go next, even if he is less sure about precisely how to get there. The country has set its aspirations for the next few decades: to overcome, once and for all, its long history of economic mediocrity, growing inequality and endemic violence. But the road to prosperity remains long, and hard. The challenges are huge.Alejandro Gaviria is Dean of the School of Economics at the University of the Andes and a former deputy director of Colombia’s National Planning Department. This is the first of a two-part series.
http://blogs.ft.com/beyond-brics/2011/05/06/changing-colombia-pt-1-from-tibet-to-civet/
Changing Colombia, part 1: from Tibet to CivetMay 6, 2011 4:29 pm by beyondbrics 0By Alejandro Gaviria of the University of the AndesColombia has long been an atypical country, at least in Latin American terms. During the second half of the 20th century, it never experienced an economic meltdown or a rash of populist policies, let alone hyperinflation or the coup d’etats that almost defined the rest of the region. Colombia rode the usual business cycles that any commodity-producing country endures. But, in general, it was an oasis of economic quietude in a cauldron of volatility. Colombia’s gradualism was the exception that proved the instability of the Latin American rule.True, the economy never grew fast. It advanced – but at a slow and steady pace. There were no big crises – and also no moments of rapid expansion. Between 1965 and 1995, there were ten years in which Argentina’s economy shrank. Over the same period the Colombian economy never suffered a single recession. During good times, it grew slightly more than 4 per cent; during bad times, slightly less. Over time, 4 per cent growth came to seem the country’s immutable economic rule.The counterpart to this stability was isolation. Alfonso Lopez Michelson, a former president, once called Colombia “the Tibet of South America”. How else could it be? Its main urban centres were high in the Andes – close to the stars but far from the sea. Businesses showed little interest in foreign markets. All exports other than coffee and oil were called, without irony, “minor”. Poor roads only made the natural barriers of Colombia’s varied geography more immense. Protectionism was the norm, the almost unquestioned policy consensus. Colombia seemed to wash its hands of the world. And vice-versa: the world did not much care about Colombia either.This parochial equilibrium collapsed in the 1990s. The drug-trafficking business caused an eruption of urban violence. In rural areas, it converted peasant insurgencies into powerful and well-armed rebel forces. It also corrupted the country’s institutions. Economic reforms – or at least Colombia’s version of them – produced a substantial rise in government spending, but this only made the economy vulnerable to external shocks.By the end of the 1990s, Colombia was suffering its worst economic crisis in almost a century. Unemployment reached 20 per cent. Guerillas had turned kidnapping into an industry. The middle classes fled the country. Some outsiders, and some Colombians too, believed the country was a “failed state”. South America’s Tibet had become the Sudan of the Andes.And so the new century found Colombia gripped by troubles. There were around 3,000 kidnappings every year. Investment plumbed new lows. Around 60 per cent of the population were deemed officially poor. The long years of stability and uninterrupted, if slow, growth were over. “Colombia has reached a fork in the road,” wrote the Italian economist Alberto Alesina in 2002. “One path leads to civil war, chaos, and economic collapse. The other to peace, reforms and economic progress.”It is only with hindsight that one can see how Colombia avoided the first path to ruin. In part, it was thanks to former president Álvaro Uribe’s successful security drive. In part, it was a consequence of the extraordinary economic expansion the world enjoyed between 2003 and 2008.Over that period, Colombian investment grew to 28 per cent of gross domestic product from 12 per cent. Foreign investment rose from risibly low levels to more than $10bn a year. The fiscal deficit almost halved to less than 4 per cent of GDP. The stock market soared. This March the country recouped its investment grade status with an upgrade from Standard & Poor’s.Last year, Michael Geoghegan, the president of HSBC, even included Colombia in a grouping of countries that he saw as the new stars of the world economy: the Civets – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. In less than a decade, Colombia had changed from being a South American Sudan to a land of promise.President Juan Manuel Santos has been among the country’s greatest enthusiasts. “Colombia’s moment has come!” he announced at his inauguration last year. “Prosperity for all,” promises his government’s official development plan. Yet it is still too early to celebrate.Most economic forecasts estimate the economy will grow little more than 4 per cent a year, the same as always, for the next few years. When it comes to social inequality, Colombia now tops Latin American charts. Violence has become a general public concern, again. The country remains among the world’s largest exporters of cocaine.Colombia is also yet to overcome its isolation. It still costs less to ship a container from Shanghai to Cartagena, than from Cartagena to Bogotá. Most Colombian businesses remain protectionist at heart. In Peru, a South Korean free trade treaty is seen as a necessity. In Colombia it is viewed as a threat. Exports remain only 15 per cent of GDP – the same as 20 years ago. Colombia may be a Civet – but it also remains a Tibet.Colombia has avoided the path to chaos. Santos is now clear about where he wants the country to go next, even if he is less sure about precisely how to get there. The country has set its aspirations for the next few decades: to overcome, once and for all, its long history of economic mediocrity, growing inequality and endemic violence. But the road to prosperity remains long, and hard. The challenges are huge.Alejandro Gaviria is Dean of the School of Economics at the University of the Andes and a former deputy director of Colombia’s National Planning Department. This is the first of a two-part series.
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