The ceremony continues to take place annually between April and July, and awards are given to films produced during the previous year.

The award itself is a platinum figure with the shape of a woman offering the world with Latin America's map on the center, it was created by designer Javier Mariscal.

The inaugural ceremony took place on 5 April 2014 at the Anayasi theatre in Panama City.

The Awards were created as a window to show and promote Ibero-America´s cinematography around the world.

The awards are currently delivered in 22 competitive-categories, 16 for film and 6 for television, with a maximum of four candidates for each category since the VI Edition (having been 7 candidates for the Best Film Award on the I Edition).