In October 2011, the Consejo Tecnico de la Contaduría Publica de Colombia (CTCP, Technical Council of Public Accountants in Colombia) published a proposal paper “Propuesta de normas de contabilidad e informacion financiera para la convergencia hacia Estandares Internacionales” (Proposed standards of accounting and financial reporting for convergence with International Standards). The proposal paper represents another step toward Colombian convergence with IFRS.