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Corporate Law. General Resolution No. 4/15.

Now all entities subject to the control of the General Inspection of Corporations may register in their books of account technical revaluations of fixed assets and the like.

By Magdalena Pologna.

On March 2, 2015, General Resolution No. 4/15, issued by the General Inspection of Corporations (GIC), was published in the Argentine Official Bulletin. This Resolution extends to all the entities subject to the GIC’s control the authorization to register technical revaluations of fixed assets or the like in the shareholders’ / owners’ equity account.

This Resolution amends former Resolutions No. 7/2005 and 11/2012 issued by the GIC, establishing the conditions and requirements to register technical revaluations in the books of account. It also establishes the obligation to give prior notice thereof to the GIC, at least 30 days before the fiscal year end.

Further, it takes the January 1, 2012 date established by General Resolution No. 11/2012, and authorizes that the revaluation be made in respect of financial statements for fiscal years commenced on such date, always provided that the assets subject to revaluation are part of the company’s assets account at the time the prior notice mentioned above is given. In this sense, it establishes April 30, 2015 as the deadline to give prior notice of revaluations related to financial statements ended between January 1, 2012 and March 31, 2015. 

Through these amendments, this Resolution seeks to make the same alternatives to present accounting information available to all the entities subject to the GIC’s control, which was not the case heretofore as companies controlled by, controlling, or related to, or subsidiaries of, listed companies were in fact authorized to register technical revaluations in their books of account.