Ecuador : Accounting and Auditing

Ecuador : Accounting and Auditing

This report provides an assessment of accounting, financial reporting and auditing practices within the corporate sector in Ecuador, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmark...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
en_US
Published: Washington, DC 2013
Subjects:
ACCOUNTABILITY
ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING PRINCIPLES
ACCOUNTING STANDARDS
AFFILIATES
AIC
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITORS
AUDITS
AUTONOMY
BALANCE SHEET
BANKING SECTOR
BANKING SUPERVISION
BANKS
BONDS
CAPITAL MARKETS
CAPITALIZATION
COMMON STOCK
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATION
CORPORATE INCOME TAX
CREDIT UNIONS
DEBT
ECONOMIC GROWTH
ECONOMIC INTEGRATION
ECONOMIC PERFORMANCE
ECONOMIC REFORM
ECONOMICS
ELECTRICITY
EMPLOYMENT
EXTERNAL AUDITORS
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL SERVICES
FISCAL REFORMS
GAAP
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
INSURANCE
INTERNAL CONTROLS
INTERNATIONAL ACCOUNTING STANDARDS
LATIN AMERICAN
LEGAL FRAMEWORK
LEGISLATION
LEGISLATIVE FRAMEWORK
LIQUIDITY
MANDATES
METROPOLITAN AREAS
PRIVATE BANKS
PRIVATE SECTOR
PRIVATIZATION
PROVISIONS
PUBLIC
PUBLIC SECTOR
RISK MANAGEMENT
SAVINGS
SECURITIES
STOCK EXCHANGES
SUBSIDIARIES
TAX
TAX COMPLIANCE
TAX LAW
TAX REVENUE
TECHNICAL ASSISTANCE
TELECOMMUNICATIONS
TRANSPARENCY
Online Access:http://documents.worldbank.org/curated/en/2004/03/6573719/ecuador-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/14550
Description
Summary:This report provides an assessment of accounting, financial reporting and auditing practices within the corporate sector in Ecuador, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and drawing on international experience and best practices in that field. The adoption of Ecuadorian Accounting Standards (Normas Ecuatorianas de Contabilidad, or NEC) and Ecuadorian Auditing Standards (Normas Ecuatorianas de Auditoría, or NEA) in 1999-2000 represented a significant step forward for the country in improving the quality of its standards. Nonetheless, further efforts are needed to improve those standards which leave out a number of critical areas. In that regard, full adoption of IFRS and ISA by public-interest entities is widely viewed among country stakeholders as the best solution for Ecuador, and this report endorses the accounting profession's recent initiative for such adoption.

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