Financial instruments for micro and small business growth
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Abstract
Currently, there is a need to determine the financial instruments that significantly favor the economic and financial growth of micro and small enterprises. In this context, the general objective focuses its attention on studying the financial instruments for the analysis of the economic growth of Micro and Small Enterprises (MiSE), taking as a case study the manufacturing sector of the province of Tungurahua. Under this argument, the application of IFRS 9 is remarkable for the educated development of this type of companies. For this purpose, a quantitative research was used, under an applied and practical methodological strategy. The interpretation of data from secondary sources was carried out through a descriptive scope. The sample consisted of 20 MiSEs from the manufacturing sector in the province of Tungurahua. The results show that 100% of the MiSEs apply IFRS, 70% of MiSEs have applied a business model strategically focused on preserving assets to receive their cash flows, 65% of MiSEs highlight a high level of compliance with IFRS 9, 65% of S MiSEs do not register any inconvenience in the accounting record of financial assets, 60% presented a high effect on debt instruments under the new accounting regulations, and 55% of MiSEs present important changes with respect to the accounting uniformity principle. It is concluded that the application of IFRS 9 allows users of financial statements a better understanding, application and interpretation. Applying IFRS 9 helped to simplify and methodically improve the accounting for financial instruments by eloquently reducing the accounting asymmetries that would arise due to the business model
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Amanda Paulina Tubón-Pacha, Pontificia Universidad Católica del Ecuador Sede Ambato - Ecuador
https://orcid.org/0000-0003-1502-6214
Bachelor's Degree in Accounting and Auditing from Escuela Superior Politécnica de Chimborazo and Master's Degree in Accounting and Auditing from Pontificia Universidad Católica del Ecuador, Sede Ambato. Currently, Financial Accountant at the Nuestra Señora de Pompeya Educational Unit, entrepreneur and consultant. Specialized in the sector of higher basic education and high school.
Hernán Paul Ortiz-Coloma, Pontificia Universidad Católica del Ecuador Sede Ambato - Ecuador
https://orcid.org/0000-0002-3374-6015
Currently University Professor at the Pontificia Universidad Católica del Ecuador Sede Ambato, entrepreneur, consultant, trainer. Specialized in Microfinance, Banking, Digital Marketing, trading and financial markets, stock indexes, Author and co-author of several scientific publications. Academic background. Doctor in Accounting and Auditing, Master in Business Financial Management from the Technical University of Ambato and Master in NLP ICMA ACADEMY.
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