Adoption of international standards on financial reporting and its tax effects, case of Ecuador

Abstract

In a world of globalized information and where the only constant is change, it is preponderant to adapt and adjust to the changes that occur in the environment in order to mitigate the impacts in the best way. Currently, the International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB), are a benchmark for obtaining financial information that is comparable worldwide. The adoption of International Accounting Standards agreed by the Superintendency of Securities and Insurance Companies of Ecuador as a transition of the Ecuadorian Accounting Standards (NEC), involves the adoption of new ways to quantify and present financial information by legally constituted companies in Ecuador, the same ones that will have effects on business activity. It is transcendental and obligatory to study and evaluate such effects that cause the new norms that constitute of obligatory application. The present investigation is justified since it seeks to contribute knowledge of the normative reality of Ecuador, in the present analysis it is tried to determine through a hermeneutical essay, the incidence that the adoption of the international accounting norms will have in the Ecuadorian context from the optic fiscal.