Universidad San Marcos

Licenciatura en contabilidad.

Asignatura:

Seminario de normas de información financiera.

Estudiante

Jessica Oviedo Sanchez.

Docente

María del Pilar Ugalde Herrera.

I cuatrimestre 2023

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Tabla de contenido

Introduction.............................................................................................................................3

Process of financial reporting standards in Costa Rica........................................................4

Advancing IFRS in Costa Rica...............................................................................................6

Conclusion................................................................................................................................8

Bibliograhpy............................................................................................................................9

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 Introduction

This written work aims is to analyze and investigate the process of financial reporting

standards in Costa Rica. In addition to the elaboration of a conceptual map that allows us to identify

the evolution and history of the IFRS progress in Costa Rica.

It has been times of constant change with the advances of IFRS which forces organizations to

adopt these standards, in order to control and improve accounting information and interpretation

and dissemination of them.

The ultimate objective of the adoption of IFRS is to achieve greater accounting

criteria, as well as clarity and veracity of the information presented in the financial statements

under international standards.

It is important to know that these standards have been adopted in Costa Rica for more

than 10 years and that Costa Rica was the pioneer country in the implementation of them at

the level of Latin

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 Process of financial reporting standards in Costa Rica

With the course of time Costa Rica has been involved in the adoption of financial reporting

standards and many public accountants have been forced to know about them and implement

them in organizations in order to present financial statements according to these standards, it is

important to emphasize that over time they have been updated or other standards had born which

must also be put in practice.

It should be noted that International Financial Reporting Standards were not designed to be

applied or implemented in non-profit companies, whether private or public.

Within the sector that has been obliged to adopt international financial reporting standards is the

financial sector, due to its importance in the country's economy as well as the stock market and

financial with investors.

On August 19, 1947, the Board of Directors of Public Accountants College of Costa Rica agreed

to ratify the adoption of the International Financial Reporting Standards.

For the year 1973 a specialized committee was created to dictate accounting standards in

international application, the objective of this committee was to unify criteria and observations to

achieve quality and transparency in the preparation of accounting information.

By the year 1995, a comprehensive revision of International Accounting Standards is carried out

and International Financial Reporting Standards is proposed. But it was not until 1999 that Costa

Rica adopted these measures partially, for their proper application.

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In 2001, Costa Rica fully adopted international financial reporting standards by the College of

Public Accountants.

According to an exact circular No. 06-2005 prepared by the College of Accountants, it indicates

that:

“First: That the Board of Directors at its session No. 18-99 of January 5, 1999 made a partial

adoption of the International Accounting Standards, published in Gazette No. 197 of October 7,

1999, and in session No. 27-2001 of August 27, 2001, published in Gazette No. 167 of August

31, 2001, fully adopted International Accounting Standards, now known as International

Financial Reporting Standards (IFRS), with the purpose of promoting quality, comparability,

clarity and transparency in the preparation of companies' financial statements." (Circular No. 06-

2005, Gazette No. 167 of August 31, 2001)”

During the process of adopting the standards, there have been many difficulties in companies due

to lack of knowledge and training, from this need training is born and universities incorporate

within their curricula in careers to make these standards known to students.

It should be emphasized, that any modification of the rules will be considered automatically

adopted to the regulations applicable in Costa Rica.

Adapting IFRS involves hard work and commitment on the part of the employees of the

organizations, since it is a new way of working that allows to detect risks and better internal

controls or implement new controls that allow a significant improvement in the organizations.

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 Advancing IFRS in Costa Rica

1930 PCGA begins to apply.

The basic accounting postulates are established.

1938

The Board of Directors of the College of Public Accountants ratifies the adoption
1947 of the NIFF.

1973 The IASC was created.

The first NICs were published.

1975

A review of the NIC is made and the NIIF are proposed.

1995

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1999 A partial adoption takes place in Costa Rica.

In 2000 a time is given for the total implementation that would be from 2000 to
2000 2005.

The full adoption of IFRS is given in Costa Rica.

2001

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 Conclusion

With this essay and timeline it is possible to better understand the entire process that was carried

out to obtain the implementation of NIFF in Costa Rica. In addition to being able to see over the

years the important changes that were presented in the rules and the adaptations or modifications

that had to be made.

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 Bibliograhpy

Figueroa, M. (2007). Aplicaciones prácticas de las NIIF. Tecnológica de Costa Rica .

(Estándares Normas Internacionales de Información Financiera, 2015)