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 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.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2004-03-18
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 https://hdl.handle.net/10986/14550
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