Costa Rica: large taxpayers must keep their books under full IFRS from 1 January 2027, and accountants are asking the tax authority to clarify

Costa Rica: large taxpayers must keep their books under full IFRS from 1 January 2027, and accountants are asking the tax authority to clarify

30 September 2026 — A resolution of Costa Rica's Ministry of Finance (Hacienda), MHDGT-RES-0015-2026, requires companies classed as large taxpayers ("grandes contribuyentes") to keep their accounts and prepare their financial statements under full International Financial Reporting Standards (IFRS) from 1 January 2027. That is, as El Financiero noted on 30 September 2026, less than four months away. Companies in the general tax regime can, according to the same reporting, choose between full IFRS and IFRS for SMEs.

The accountants' objections

The Colegio de Contadores Públicos de Costa Rica, the professional body for public accountants, has asked Hacienda to clarify the reform. Its president, Francisco Ovares, told El Financiero that the tax authority has not answered its technical submissions. The objections it raises are:

• Public accountability: some large taxpayers, in commerce, construction and tourism, have no public accountability, so under the standards themselves full IFRS is not required of them.
• Audit cost: a full-IFRS audit "could cost between 30% and 40% more", about $15,000 to $20,000 extra per company.
• Other costs: more than $20,000 for specialist staff and changes to systems.
• Scale: full IFRS runs to about 2,000 pages across more than 50 standards, against a single 35-section document for IFRS for SMEs.

Bryan Mora of Deloitte told the paper that companies classed as SMEs by the Ministry of Economy (MEIC) could lose benefits under the change.

Why it matters for finance systems

Moving from IFRS for SMEs or local practice to full IFRS changes more than the audit. It can affect revenue recognition, leases, financial instruments and disclosures, and with them the configuration of accounting and ERP systems: charts of accounts, lease and asset modules, reporting templates, and the data needed for new notes.

Not yet independently verified. The text of resolution MHDGT-RES-0015-2026 has not yet been read on Hacienda’s own site: its scope, its classification of taxpayers and the 1 January 2027 date are taken from El Financiero and Delfino.cr, and reports of a legal challenge by the accountants have not been confirmed. We will update this when it can be confirmed, and remove this note.

What to do

• Confirm whether your company is classed as a large taxpayer, and which framework you use today.
• Ask your auditor for a gap assessment between your current reporting and full IFRS.
• Ask your accounting or ERP vendor what configuration or module changes full IFRS will need, and book the work before year end.
• Watch Hacienda's announcements for an answer to the accountants or any change of date.

Sources

• El Financiero (Costa Rica): Contadores urgen a Hacienda aclarar reforma — 30 September 2026
• Delfino.cr: Colegio de Contadores Públicos pide a Hacienda aclarar marco contable para grandes contribuyentes y pymes — 30 September 2026