Implementation of the IFRS Accounting Standards
We accompany your company in adopting the IFRS standards in an orderly, timely and stress-free manner, from the initial diagnosis to the first financial statements prepared under the IFRS standards.
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Tidying up the house: key to growth
Pay the taxes determined by law, no more and no less.
Creative solutions
Thinking "out of the box" is part of our identity.
Ready for the three visits
We help you to prepare your company for the visit of the authorities, the visit of a potential buyer and for an orderly succession.
What you receive
Adopting the IFRS Accounting Standards issued by the IASB is much more than changing the format of financial statements. It involves reviewing accounting policies, processes and information systems, quantifying adjustments and preparing comparative financial statements that withstand the analysis of banks, investors, auditors and authorities.
Schedule your 30-minute consultation, free of charge →Diagnosis of gaps
An assessment of the gaps between its current policies and the IFRS standards.
A trained in-house team
An internally trained team that retains the knowledge within the company.
Work plan
A work plan with responsibilities and deadlines for changes in processes, policies, and systems.
Financial statements under IFRS
The structure of the financial statements and their notes in accordance with the IFRS, with comparative figures.
Accompanying until the first closure
Technical support until the first closure under IFRS.
Standards covered by the training
The program adapts to the activity and needs of each company.
- NIC 2 · Inventories
- NIC 12 · Tax on profits
- NIC 16 · Properties, plant and equipment
- NIC 21 · Effects of variations in exchange rates
- NIC 37 · Provisions, contingent liabilities and assets
- NIC 38 · Intangible assets
- IFRS 16 · Leases
- IFRS 18 · Presentation and information to be disclosed
Consultation with Our Attorneys
ICS Consultores stands out for offering comprehensive legal advice and customized solutions in Costa Rica. Our team of expert lawyers is ready to help you with all your legal needs, from litigation and contracts to conflict resolution. Trust us to provide you with a high quality legal service tailored to your needs.
Our methodology
Diagnosis
We analyze their financial statements and identify the gaps between their current accounting bases and the IFRS Accounting Standards.
Training
We train your company's work team on the standards that most impact their operations.
Quantification
We define and assign the activities to quantify each gap, communicate them to your team, and review the information that they prepare.
Presentation
We reviewed the comparative pro forma financial statements and assisted your team in preparing the first financial statements under IFRS.
Why ICS?
A collaborative effort: the management appoints an internal team that prepares the information and implements the changes; ICS provides the technical expertise, methodology, and review at each stage. This way, implementation progresses at the pace of the business and the knowledge remains within the company.
Over 30 years of experience
For more than three decades, we have advised companies in Costa Rica and the region on accounting, tax, legal, and corporate matters. This integrated perspective allows us to anticipate the impact of each IFRS adjustment on taxes, contracts, and the decisions of their business.
Members of Allinial Global
ICS is part of Allinial Global, an international association of independent accounting and consulting firms, ranked among the top ten in the world. This network gives us access to technical knowledge, methodologies, and support from colleagues in the major markets.
Boutique service
Direct attention to partners, specialized teams, and tailored solutions for each client. We know your company, respond promptly, and support every decision.
Why now?
Two changes come into effect on January 1, 2027. Companies that plan their transition today arrive at the close with validated figures, a trained team, and no last-minute adjustments.
Contact usIFRS 18 replaces NIC 1
IFRS 18, Presentation and Disclosure of Information in Financial Statements, applies to annual periods starting on January 1, 2027, with comparative information from the previous year.
Major taxpayers, forced to adopt IFRS
Resolution MH-DGT-RES-0015-2026 states that large taxpayers must keep their accounts in accordance with IFRS; other taxpayers may choose to use IFRS for SMEs or IFRS for large companies.
The fiscal criterion prevails
Accounting treatment under IFRS does not determine the tax obligation: tax reconciliation is reinforced as an obligatory mechanism to align accounting profit with the taxable base.
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Talk to an ICS specialist
✓ 30 years of experience
✓ Specialists in Costa Rican companies
Free Initial Consultation
Duration: 30 minutes
ICS Consultants
Other Services
Corporate Law
Company constitution, mergers and acquisitions, reorganizations, corporate maintenance, succession and final beneficiaries, with legal, tax and audit teams under one roof.
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Continuous Tax Consulting
Your external tax team is always available. Continuous tax, accounting and legal advice for companies in Costa Rica, at a fixed monthly fee. Pay the taxes that the law requires: no more, no less.
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Strategic Fiscal Diagnosis
We identify hidden tax risks and savings opportunities before the IRS does
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Since when does IFRS 18 apply?
For the annual periods that begin from January 1, 2027, with comparative information from the previous year. More details in our article about IFRS 18.
Is my company required to keep accounting records under IFRS?
According to Resolution MH-DGT-RES-0015-2026, large taxpayers must keep their accounts in accordance with IFRS; others may choose to use IFRS for SMEs or IFRS for the Agropecuario Special Regime. The Simplified Taxation Regime and the Special Agropecuario Regime are excluded. See the analysis of the resolution in ICS Reports.
Who does the work: ICS or my team?
It is a collaborative effort. Their internal team prepares the information and makes the changes; ICS provides the technical expertise, methodology, and review at each stage.
How did we start?
Schedule an initial meeting without any commitment. We will review your company's situation and propose a customized work plan. Write to us at info@ics.cr, Call +506 2519 9992 or download the Service sheet in PDF.