|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|
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:
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