World Bank2013-07-252013-07-252004-03-18https://hdl.handle.net/10986/14550This 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.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING STANDARDSAFFILIATESAICAUDITED FINANCIAL STATEMENTSAUDITINGAUDITORSAUDITSAUTONOMYBALANCE SHEETBANKING SECTORBANKING SUPERVISIONBANKSBONDSCAPITAL MARKETSCAPITALIZATIONCOMMON STOCKCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCORPORATE INCOME TAXCREDIT UNIONSDEBTECONOMIC GROWTHECONOMIC INTEGRATIONECONOMIC PERFORMANCEECONOMIC REFORMECONOMICSELECTRICITYEMPLOYMENTEXTERNAL AUDITORSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL SERVICESFISCAL REFORMSGAAPGENERALLY ACCEPTED ACCOUNTING PRINCIPLESINSURANCEINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSLATIN AMERICANLEGAL FRAMEWORKLEGISLATIONLEGISLATIVE FRAMEWORKLIQUIDITYMANDATESMETROPOLITAN AREASPRIVATE BANKSPRIVATE SECTORPRIVATIZATIONPROVISIONSPUBLICPUBLIC SECTORRISK MANAGEMENTSAVINGSSECURITIESSTOCK EXCHANGESSUBSIDIARIESTAXTAX COMPLIANCETAX LAWTAX REVENUETECHNICAL ASSISTANCETELECOMMUNICATIONSTRANSPARENCYWorld Bank10.1596/14550