Perceptions of the Impact of the Accounting Reform in the Public Accountancy Profession in Colombia

This paper provides an analysis derived from a survey made in April 2015; the survey was answered by 1,096 Colombian public accountants. The aim of the survey was to identify the accountants´perception about the impact of the accounting reform on the profession. Colombian accountants who answered the survey are mostly graduates of private universities (65%); 82% practice as accountants; 52% work in the public sector; 49% win less than four times the monthly minimum wage. Even though, Colombia has not had an extensive discussion about the requirements to be a public accountant, 64% of the respondents agree with the establishment of a CPA exam. While 80% of the professionals do not approve the existence of two sets of regulatory schemes (financial accounting, and tax accounting), they are deeply divided about whether or not all Colombian companies must carry out their financial accounting under the International Financial Reporting Standards (IFRS) framework.