Application of International Financial Reporting Standards in the Ecuadorian health system, advantages, challenges and future prospects

The International Financial Reporting Standards constitute a set of international standards that seek to standardize, standardize and allow access to business accounting information. It can be applied to any type of company, including health institutions; however, its implementation in the health sector in Ecuador has been slow. The objective of this research is to analyze the progress of the process of implementation and adoption of International Financial Reporting Standards in the Ecuadorian health system, its advantages, challenges and future prospects. For this, a search, analysis and discussion of related information was carried out. It is concluded that the adoption process in the health institutions of Ecuador, in general, has been slow. There is a greater commitment to implementation in private institutions in relation to public institutions, despite the advantages that this implies and the efforts made by the government to generalize its adoption. However, the growing demand for health care, the rising costs of goods, equipment, supplies and services, and the effects of the global economic crisis, reinforce the need to adopt International Financial Reporting Standards to be more competitive in the health market; This situation means that this process of adoption and implementation in the health sector is consolidated in an accelerated way.