| | Costa Rica: Update -- Application of Lease Contracts Accounting Standard Suspended, Audit Selection Criteria Announced, ... (Site not responding. Last check: 2007-10-15) |
 | | Resolution No. 52-01 (published in the official newspaper La Gaceta No. 239 on December 12, 2001), established that financial statements are to be prepared in accordance with the International Accounting Standards (IAS) for purposes of the interpretation of income tax issues. |
 | | Use of the new accounting standards was approved and adopted by the Costa Rican Professional Association of Public Accountants, and the resolution was scheduled to enter into force as of tax year 2001. |
 | | Because of concerns of a Costa Rican banking association (which considered IAS 17 to affect the development of banking activity), the government published Resolution No. 56 in La Gaceta No. 249 (December 28, 2001), to suspend the application of IAS 17 until the government conducts a hearing and has the opportunity to evaluate the concerns. |
| www.us.kpmg.com /microsite/TNF-Americas/2002/TNA02_02COSTARICA.html (546 words) |