Specialized consulting on IFRS adoption aligned with XBRL taxonomies for the Chilean banking industry, a pioneer in Latin America since 2009.

Project overview

• Year of implementation: 2007-2009
• Client / regulator: Superintendency of Banks and Financial Institutions (SBIF), now the Financial Market Commission (CMF)
• Country: Chile

BPENNOVA's role

Specialized consulting on IFRS adoption aligned with XBRL taxonomies, design of new financial statement formats and knowledge transfer for the full implementation of the standard in the Chilean banking industry.

Results and impact

Chile became a Latin American pioneer in XBRL adoption, with full application of IFRS + XBRL since 2009 across the entire banking industry. This established the regional standard for comparable, transparent and high-quality financial reporting in the banking sector.

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