|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||IFRS Standards are required for listed companies, large unlisted companies, and state-owned companies.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||Permitted.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
Ecuador has already adopted IFRS Standards for all or some companies.
IFRS Standards are mandatory for listed companies other than financial institutions and for other companies under the control/supervision of the Companies Supervisory Authority. Banks, insurance companies, and other financial institutions that are under the control/supervision of the Superintendency of Banks and Insurance Companies must use standards issued by that regulator.
For companies other than banks, insurance companies, and other financial institutions, Ecuador adopted IFRS Standards in a phased approach as outlined in Resolution No. 2008.11.20 08.G.DSC.010 issued by the Superintendent of Companies and published in Official Gazette No. 498 of 31 December 2008, as follows:
Required for the following classes of companies whose securities do not trade in a public market:
Permitted for other companies. Some companies may choose the IFRS for SMEs Standard.
The Superintendent of Companies permits the use of the IFRS for SMEs Standard by all companies that are not registered under the Securities Act and that meet the following conditions: