• World Bank ROSC Accounting and Auditing Report

Financial Reporting Framework in Ecuador

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.