• World Bank ROSC Accounting and Auditing Report.

Update for February 2009
Update for September 2007

Adoption of IFRSs in Ecuador

Pursuant to Resolution No. 08.G.DSC (PDF 67k) issued by the Superintendent of Companies, Ecuador will require IFRSs for all companies, phased in as follows:

• Starting 1 January 2010: All companies subject to the regulations of the stock market and all external auditors must use IFRSs.
• Starting 1 January 2011: All companies with assets greater than US$ 4,000,000 at 31 December 2007; holding companies and consolidated groups; state-owned entities; and foreign-invested entities.
• Starting 1 January 2012: All other companies.

This requirement was published in the Official Register on 23 December 2009.

Requirements for Banks and Insurance Companies

The requirements of Resolution No. 08.G.DSC issued by the Superintendent of Companies (see above) do not apply to banks or insurance companies. In Ecuador, banks are regulated by the Superintendent of Banks and Insurance (Superintendencia de Bancos y Seguros). In September 2008, the Superintendent published Circular No. INJ-SN-2008-052 (PDF 12k) stating that banks must use accounting standards adopted by the Superintendent rather than IFRSs. There are differences between those standards and IFRSs.

Adoption of IFRSs in Ecuador

All companies in Ecuador are required to use International Financial Reporting Standards starting in 2008.

Note: Implementation of the above requirement was deferred in November 2008. See story above for new phase-in dates of IFRSs in Ecuador.