|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required for listed companies and financial institutions.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Required.|
|The IFRS for SMEs Standard is under consideration|
Role of the organisation
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
The Board of the Colegio has formally adopted both full IFRS Standards and the IFRS for SMEs Standard. Here are links to the Colegio’s resolutions:
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
The Colegio adopted IAS Standards as the required standards in Costa Rica effective in 2002, with a transition date from 2000. In 2005 the Colegio reaffirmed the adoption in the name of IFRS Standards. The Colegio’s action applied to all companies, including publicly traded companies.
Adoption of full IFRS Standards: https://www.ccpa.or.cr/normativa-vigente/circulares-derogadas/
This Colegio regulation – Circular 21-2918 adopts IAS and IFRS issued through November 2005 and, further, states that new and amended IFRS issued in the future are automatically approved.
Adoption of IFRS for SMEs Standard: https://www.ccpa.or.cr/normativa-vigente/circulares-derogadas/
In 2003, in line with the adoption of IFRS Standards by the Colegio, the Consejo Nacional de Supervisión del Sistema (CONASSIF), the national securities regulator, similarly adopted IFRS Standards starting in 2003. Companies regulated by the CONASSIF include companies whose shares trade in public markets, financial institutions, pension operators, insurance companies, and companies managing investment funds.
CONASSIF adopted IFRS Standards by Resolution No. 34–2002, which may be found here: https://www.sugef.fi.cr/normativa/normativa_vigente/documentos/SUGEF%2034-02%20(v8%20Ene%202015).pdf
Further, in line with the adoption of IFRS Standards by the Colegio, from 2001 the Directorate General of Tax Administration of the Ministry of Finance in Costa Rica has required the measurement of taxable income in conformity with IFRS Standards. Recently taxpayers have been reminded that they must comply with this regulation.
The Directorate General Tax Administration adopted IFRS Standards by Resolution No. 52–01, on which there is information here: https://www.hacienda.go.cr/contenido/13284-categoria-informativa
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?