Adapting to a competitive market is being costly for the Instituto Costarricense de Electricidad, which in 2011 accumulated losses of $40 million and a negative return of 2, 1%.
Already in 2011 the Instituto Costarricense de Electricidad (ICE) has had to "seek waivers or amendments with eight of its creditors", according to an article in Elfinancierocr.com, because it failed to maintain the necessary financial indicators to fill the banks with confidence.
In Costa Rica companies classified as Large National Taxpayers or Regional Companies must provide audited financial statements.
In an article in Elfinancierocr.com, Francisco Villalobos, director general of taxation, analyzes the resolution establishing the "obligation to submit audited financial statements by large taxpayers and territorial big business."
The amendment passed by Congress requires banks and financial institutions to publish in newspapers their financial information.
"With the amendment, article 32 says that "the supervised institutions are required to publish, in accordance with standards established by the Commission, their balance sheets and profit and loss statements at the end of each year with their accompanying notes and auditor's opinion,” states the article in Proceso Digital´s website.
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