Aplicación de las NIIF´S a la Cooperativa de Ahorro y Crédito Fernando Daquilema Ltda., de la ciudad de Riobamba, provincia de Chimborazo

Abstract

The present study aims to apply International Financial Reporting Standards (IFRS) at Cooperativa de Ahorro y Crédito Fernando Daquilema Ltda located in Riobamba city, province of Chimborazo, so that the institution may be able to present its financial statements and guarantee the principles of equality and comparability of information among the different financial institutions inside and outside the country. To do this, it was necessary to apply a survey to the administrative, accounting and auditing department about the applicable regulations, the feasibility of the study, and whether the institution is in a position to apply IFRS. Likewise, an analysis was carried out about the current situation of the company (Strengths, Weaknesses, Opportunities, and Threats) to verify its operations and determine deficiencies that impede the application of international standards. During the study, an analysis or preliminary diagnosis about the need and its contribution was carried out, along with its feasibility based on financial statements under the NEC (Ecuadorian Accounting Standards) as it allowed to verify the lack of the Application of International Financial Reporting Standards. After a brief situational analysis, it was possible to detect model entries for the application of IFRS. There were resources to evaluate and the procedures on the impact of each of the relevant accounts, through necessary adjustments to the Financial Statements under the NEC regulations. Therefore, the application of these standards is important, as it shows a significant difference with the application of IFRS to place this financial institution at the top ranking inside and outside the country in order to generate competitiveness against the different credit institutions.