Screenshot: 

The adoption of International Financial Reporting Standards (IFRSs), formerly known as International Accounting Standards (IASs), started in Peru in 1994, as noted in the 2004 World Bank's assessment of accounting and auditing practices in the country. Through several resolutions issued between 1994 and 1998, the Peruvian standard setting authority, the Accounting Standards Board of Peru (CNC), officially adopted IFRSs in effect as of December 2002 to be applied by all Peruvian non-financial listed and non-listed companies. Financial institutions regulated by the Superintendency of Banks, Insurance and Pension (SBS) must follow norms established by the SBS, which as Rubiño in his 2007 report points out, differ from IFRSs. The World Bank assessment asserted that the adoption process slowed down due to the CNC's inadequate resources and frequent changes in the international standards. It also noted that there are shortcomings regarding the enforcement of financial reporting standards. However, according to the information provided on the website of the National Public Accounting Department (DNCP), in 2005 Peru adopted all IFRSs that were issued as a result of the Improvements Project completed by the International Accounting Standards Board (IASB) in 2004. The effective date of the new standards was set for January 1, 2006. Subsequently, the CNC Resolution 040-2008-EF/94 adopted for application in Peru IFRS 7, IFRS 8 and IAS 39 (revised 2006) issued by the IASB after 2005. The effective date of the new standards was set for January 1, 2009. Although the website does not provide information regarding the adoption of amendments to IFRSs introduced by the IASB in 2008, several publications on the issue suggest that the Peruvian authorities are committed to the full adoption of international standards.

The adoption of International Standards on Auditing (ISAs) started in Peru as early as 1993, notes the World Bank in its 2004 assessment of accounting and auditing environment in Peru. By 1998, all existing ISAs were adopted for application in Peru, although at the time of the World Bank assessment subsequent revisions introduced to ISAs had not been incorporated into the Peruvian requirements. The World Bank also pointed out to the shortcomings related to the enforcement of ISAs. In fact, the report argues that regulatory agencies have insufficient funds to control the implementation of auditing standards. As a result, the World Bank recommended that Peru create an independent oversight board for the audit profession so as to enforce auditing standards and regulate the auditing profession. According to a 2006 Falconí report, in December 2004, the 2004 Edition of the International Handbook of International Auditing, Assurance, and Ethics Pronouncements was adopted in Peru. In 2007, the Council of Heads of Associations of Public Accountants of Peru published a self-assessment as a part of the International Federation of Accountants' (IFAC) Member Body Compliance Program, wherein they stated that the most recent (2006) Edition of the IFAC Handbook will take effect in Peru effective January 1, 2007. However, as of December 2008, there is insufficient publicly available information concerning the adoption of that Edition.