New Income Tax Return Form 101 In Ecuador

Every year, the Internal Revenue Service ("SRI" according to its Spanish initials) partially modifies the annual income tax return Form 101. Such changes are due to the companies' requirements in respect of their financial information reports.  However, the new Form 101 – applicable to the 2015 fiscal year – includes major changes in comparison with the forms used in previous years because, partly due to having adopted the International Financial Information Standards ("IFIS"), certain principles for presentation and measure of assets, liabilities, equity, income and expenses have changed significantly in relation to the accounting principles generally accepted in Ecuador previously.