Only half of public companies comply with IFRS standards

( .- Only 6 public companies are 100% compliant with the International Financial Reporting Standards (IFRS). These companies represent 55% of the total.

This was announced by the Minister of Finance, Elian Villegas, during the session of the Governing Council on May 25.

The minutes of that session include a report from the Treasury to the President of the Republic, Carlos Alvarado, and his Cabinet, based on the financial statements that the companies delivered on December 31, 2020 to the National Accounts.

The companies that reported full compliance with IFRS were the Instituto Costarricense de Puertos del Pacífico (Incop), the Costa Rican Electricity Institute (ICE), the National Insurance Institute (INS), the Costa Rican Railway Institute (Incofer), the Costa Rican Petroleum Refinery (Recope) and the National System of Radio and Television (Sinart).

The Treasury reported to the Governing Council that they comply with IFRS 99% on Costa Rican Institute of Aqueducts and Sewers (AyA) and the Social Protection Board (JPS).

Costa Rica Post achieved an implementation of the international accounting standard by 97% at the end of 2020; while the National Production Council (CNP) reported 84% compliance.

Japdeva with the least compliance

The public company that presented the lowest percentage of compliance with IFRS was the Board of Port Administration and Development of the Atlantic Slope (Japdeva), with 63%.

As of this 2021, companies must submit their audited financial statements no later than April 30 to verify that the information is accurate.

The Treasury reported to the Governing Council that five public companies complied with this provision within the deadline, while six others did not.

The portfolio advised managers that public companies that do not comply with IFRS will not be considered in the consolidated financial statements until they comply with the standards.

The decision would affect the suitability of companies when opting for a loan Therefore, for this process, it is required that they apply all the IFRS.

The Treasury also put the leaders in court that if the companies they run do not comply with the regulations one hundred percent they can be disciplined.

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