Skip to main content
Ecuador
Search
Search Statutory Reporting (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 12 - February 2025 (CUD release)

  • Financial period: 12-Months (Annual)
  • Current compliance until: year end June 2025
  • Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)

Content update

This CUD release focuses on the legislative content changes for the period ending June 2025.

Legislative updates

Standards issued but not yet effective in 2025
  • Amendments to the classification and measurement of financial instruments amendments to IFRS 9 and IFRS 7:
     Clarify that a financial liability is derecognized on the settlement date; clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social, and governance and other similar contingent features.
  • IFRS 18 Presentation and Disclosure in Financial Statements:
     This standard set out requirements for the presentation and disclosure of information in general-purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income, and expenses.
  • IFRS 19 Subsidiaries without Public Accountability:
     Disclosures specifies the disclosure requirements an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards.
Updates to tax reforms
  • On September 17, 2024, through Resolution NACDGERCGC24-00000033, the SRI established the conditions, deadlines, and exceptions for reporting the corporate composition and beneficial ownership. In the 1st report of beneficial owners and shareholder composition “REBEFICS”, the information to be reported corresponds to that as of December 31 of the fiscal year and will be submitted in February 2025, according to the 9th digit of the RUC.
  • On December 4, 2024, by means of Executive Decree No. 470 published in the 4th Supplement to R.O. 700 of December 10, 2024, the President of the Republic decreed to maintain the general VAT rate at 15% for fiscal year 2025.
  • On December 9, 2024, through the publication of the 5th Supplement to Official Gazette No. 699, the Organic Law for Financial Relief and Economic Strengthening of Generations in Ecuador entered into force.
  • In the 5th Supplement to R.O. 700 of December 10, 2024, the Organic Law for the Improvement of Collection through the Fight against Money Laundering was published, establishing a tax on the transfer of used vehicles.
  • On December 19, 2024, Decree No. 485 was published in the Supplement to R.O. 707, by means of which the President of the Republic ratifies in its entirety the Agreement to eliminate double taxation with respect to taxes on income and capital gains and to prevent tax evasion and avoidance with the Government of the United Kingdom of Great Britain and Northern Ireland.
Is early adoption available for these accounting standards?
Yes, early application is permitted.

Related Content