IFRS for SMEs: Financial Statements for Companies in Costa Rica
IFRS for SMEs (NIIF para PYMES) is the framework Costa Rican companies without public accountability use to prepare financial statements, and the one banks and other institutions usually ask for. We support the whole process, from gap analysis to financial statements with notes, in an organized and documented way.
What is included
- Gap analysis against your current accounting
- Documented accounting policies
- Opening balance conversion and reprocessing of transactions
- Comparative financial statements with notes
- Team training and closing calendar
When it applies
If your books are kept only to file taxes, if a bank asked for IFRS-based statements, or if you are about to take on investment or sell the business, it is time to sort out the accounting framework. Implementation time depends on how organized your records are and on your fixed-asset register.
After implementation we can keep your monthly books under the same framework through our accounting outsourcing service.
Frequently asked questions
What changes compared with traditional accounting?
Mainly revenue recognition, depreciation based on each asset's real useful life, provisions and the level of disclosure in the notes. It is normal for equity to change on implementation.
Should I use full IFRS or IFRS for SMEs?
Most small and medium-sized entities without public accountability use IFRS for SMEs. We confirm it for your case.
Can you keep my monthly books under IFRS?
Yes. See our accounting outsourcing service: monthly bookkeeping, reconciliations and financial statements.