The end of the fiscal year in Sept. 30, and the Colegio de Contadores Públicos is urging business operators and individuals with their own income source to prepare for new standards.
The colegio pointed out that accounting here should conform to the International Financial Reporting Standard. Among other requirements, these standards specify accrual accounting instead of cash accounting.
These standards are worldwide and are the product of the IFRS Foundation and the International Accounting Standards Board.
One purpose is so that investors can understand fully the financial reporting of publicly listed companies. Costa Rica has adopted them for all taxpaying entities.
The colegio warned that Costa Rican tax authorities might not recognize accounting books if the standards are not followed.
The colegio has put on one all-day seminar in accounting methods for business operators, and more are likely. However, the rules and policies should be well known to any accredited accountant.