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Skip to main content. This browser is no longer supported. Download Microsoft Edge More info. Contents Exit focus mode. Also, under SBS rules, banks may record losses on such investments directly through a reduction of equity, which is not permitted under IAS Also, banks are obliged to revalue their property every five years, and cannot make such revaluation in the meantime. IAS 40 offers a different treatment for the measurement of this type of asset, including a cost or a fair value model.

In most of the cases listed above, the SBS-prescribed accounting treatment sticks to the legal form of transactions and does not reflect their actual economic substance.

Combined with the significantly lower level of disclosure as compared to IFRS, this can cause in certain instances the financial statements to provide a somewhat misleading information. The review of a sample of financial statements issued by Ecuadorian corporate entities identified a number of cases of non-compliance with applicable accounting principles. The ROSC review of sample general-purpose financial statements covered 10 listed companies and 5 banks in Ecuador In many cases, the notes to the financial statements did not include the information on accounting policies required by NEC 1, especially regarding revenue recognition, borrowing costs, inventories, and financial instruments for banks.

Also, in spite of the significant changes in accounting policies introduction of NEC 18 to 27 occurred during the fiscal year ended December 31, , the explanatory notes did not include the corresponding disclosures required under NEC 5. These types of cost are not eligible for capitalization under IAS 38, Intangible assets. Furthermore, there is the case of a listed company whose financial statements for fiscal year 27 These financial statements covered the fiscal year ended December 31, and were made available to the World Bank staff team by the Quito Stock Exchange and the Superintendency of Companies.

In another instance, an auditor issued an opinion on the financial statements of an Ecuadorian-listed company with six qualifications for limitation of scope29 or disagreement with the accounting treatment applied. The environment within which the auditing process is developed is not conducive to full compliance with auditing standards.

Based on interviews conducted by the ROSC team in Ecuador with various audit firms, auditing practices tend to depart from the standard in several areas, including quality control, the use of sampling techniques, third-party confirmation, management representations, etc. Moreover, no implementation guidelines have been published with regards to the NEA.

Also, sanctions are rarely imposed against errant auditors, which weakens the incentive for quality. However, in the case of Ecuador, 29 i. The wording of audit reports in Ecuador is somewhat confusing in the description of applicable accounting principles. In the opinion paragraph, auditors make explicit reference to the GAAP used for preparing the financial statements upon which they render an opinion.

This raises a doubt as to what exactly Ecuadorian GAAP are considered to be by the auditing profession itself. There is a need to clarify the language of audit reports regarding accounting standards. Additionally, except for the one discussed immediately above, none of the cases of non- compliance with applicable accounting standard mentioned in paragraph 44 was revealed by the auditors in their reports on the financial statements.

Users of financial statements in Ecuador generally acknowledge the improvements brought by the introduction of NEC. However, many still consider the overall quality of the financial reporting to be insufficient Nonetheless, most of them still consider the reliability of financial statements issued by corporate entities to be fair or poor and the quality and adequacy of the financial information to be insufficient.

Further convergence of the standards toward IFRS is seen as a condition to achieve quality financial statements. Most of them suggested that NEC be further expanded to cover the areas for which no standard has been adopted and which are critical to the quality and usefulness of the financial statements. Effective enforcement is also a major concern for financial statement users. A majority of users of financial statements interviewed consider that, beyond the issue of the standards themselves, the current regulatory oversight structure does not ensure compliance with those standards, and should therefore be improved.

Findings As a result, the actual and perceived quality and reliability of the financial information in the private sector is relatively low.

Those interviews involved various Ecuadorian stakeholders, including banks, brokerage firms, investment funds, universities and experienced audit practitioners.

This limits the quality of the financial statements and does not enable them to be relied upon by international investors. As a result, except in the very rare cases of voluntary publication, only regulators and shareholders have access to that information.

Also, there is no obligation to prepare interim financial information, let alone financial statements reviewed by independent auditors. This lack of accessibility of required information gives the appearance of collusion between regulators, auditors and company management and seriously hinders the impact of the financial reporting process.

Ultimately, it creates an environment of opacity which is not favorable to the investment climate or for enterprises to obtain financing. However, there is little coordination between the regulators, especially with respect to the licensing and monitoring of auditors. This is also illustrated by the very limited number of sanctions taken against errant auditors.

Factors hampering a more effective enforcement include inadequate systems and a lack of focus in monitoring the accounting and auditing process; scarce resources and insufficiently trained personnel. Commendable efforts have been made to address these problems within the SBS, and these efforts should be continued.

Further, insufficient licensing requirements, the absence of quality control mechanisms, and rarely imposed sanctions are additional impediments to compliance with the standards. The policy recommendations presented hereafter are for the most part enabled by the current legislative framework including LMV and LGISF , as this was developed relatively recently, and it takes account of current practices and technology Legislative reforms may be needed in the longer term, and this matter should be further reviewed as part of other analytical studies, including possibly a Corporate Governance ROSC.

These recommendations will be presented to the country stakeholders on occasion of a workshop in Quito, before finalization of the report.

Moreover, since Ecuadorian law entitles them of a share of company earnings, improvement of accounting and auditing practices is also in their interest as it provides additional assurance that those earnings are properly assessed. Policy Recommendations However, as previously noted, the NEC left out significant types of 35 Also, attempts to reform existing legislations could bear certain constitutional implications, especially with respect to the role of the Superintendencies or the organization of the accounting profession.

IFRS should be mandated for all public-interest entities, i. While adopting IFRS would contribute to significantly streamline the standard-setting process, several steps will still have to be handled by Ecuadorian stakeholders themselves, such as: translating the standards issued by the IASB and related interpretations by IFRIC, promulgating the translated standards and interpretations, issuing guidelines for implementation of the standards, and ruling on specific cases upon request from companies, auditors or regulators.

Accordingly, at the initiative of the Government, an independent, self- regulated body should be established with delegated powers from the various institutions that are empowered with setting accounting standards under Ecuadorian law.

This body should have a diverse private sector membership, and a large representation of the public interest. The way it would operate will be defined during the Country Action Plan workshop The by-laws would also provide for timely issuance of the translated standards and responses to any queries on specific issues by preparers or auditors of financial statements. In that respect, establishing cooperation arrangements with sister standard-setting institutions in other countries could be mutually beneficial.

It is commonly acknowledged that legislation should set requirements for SMEs commensurate with their size, types of transactions, and a more limited range of stakeholders. In this perspective, the IASB has initiated a project to issue a standards dealing with Financial reporting by small and medium- sized entities. The IASB has recently announced that it would release a discussion document in the second quarter of General-purpose and regulatory financial statements fundamentally share the same objectives.

However, in fulfilling their responsibilities to ensure proper functioning of the sector under their purview, regulators normally issue prudential accounting rules on certain types of transaction that may not be compatible with GAAP.

Accordingly, the SBS should require banks, insurance companies to prepare a set of financial statements in accordance with IFRS and, separately, any additional financial information needed for regulatory purposes. Enhance financial transparency in the financial and corporate sectors by facilitating the availability to the public of financial statements and increasing their frequency. The Superintendency of Companies and the SBS should make the audited financial statements under their purview — especially those of listed companies, banks and insurance companies — available to the public, possibly by posting them on their websites.

Moreover, public-interest entities should be required to provide shareholders and the general public with half-year financial statements reviewed by independent auditors. Consequently, the principle of adopting international standards should not pose any difficulty to the auditing profession in Ecuador The Superintendency of Companies should therefore issue a resolution requiring the financial statements of listed companies and other entities under its purview to be audited in 41 Especially countries that officially recognize IFRS.

Here too, there would be clear benefits for Ecuador to cooperate with other Spanish-speaking countries to share the translation effort and achieve common standards at regional level.

Establish a public oversight body of the audit profession. Auditors have a distinctive responsibility toward the users of financial statements, including shareholders, regulators, and the public in general. Failure to fulfill that responsibility can have detrimental effects for those users and to capital markets or the financial sector as a whole, thereby damaging the investment climate and private sector competitiveness.

This would not only allow to draw synergies in the monitoring of auditors but also help regulators focus their resources on their own enforcement activities.

As in the case of the accounting standard-setter, the conditions under which the audit oversight board would carry-out its missions, will be set-out in the Country Action Plan. Expand your skills. Get new features first. Was this information helpful?

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