INTERNATIONAL ACCOUNTING STANDARDS, IN THE COMPANIES OF CANTON MILAGRO-ECUADOR NORMAS INTERNACIONALES DE CONTABILIDAD, EN LAS EMPRESAS DEL CANTÓN MILAGROECUADOR

David Richard Pincay-Sancan, Jazmin Elsa Sanchez-Astudillo, Jose Calle-Mejia, Dalva Icaza Rivera, Maria Aguayo-Delgado, Javier Martinez Ruiz, Guillermo Medina Acuria and Mario Zambrano Paladines,

Revista Global de Negocios, 2018, vol. 6, issue 4, 25-37

Abstract: This research analyzes the way in which companies of Milagro county, province of Guayas -Ecuador, use what is established in the Framework of the International Financial Reporting Standards (IFRS). Its relevance lies in the use of the Income Tax form as a guide for the preparation of the Financial Statements. We conducted open-question survey of 30 companies in the Milagro county. Results showed that accountants are supported and instructed through the structure provided by the Tax Administration and do not apply accrual accounting. In addition, the results showed that companies need guidelines and human talent training on the application of International Accounting Standards (IAS) for the preparation of Financial Statements. We conclude that to improve principle of accrual application, the government and companies should work with public universities in the region to improve accounting curricular in the Milagro county

Keywords: Accrued; Companies; IAS; IFRS; Accounting System; Conceptual Framework (search for similar items in EconPapers)
JEL-codes: A22 M4 M41 M48 M49 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ibf:rgnego:v:6:y:2018:i:4:p:25-37

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