This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Mexico

 

Financial Reporting Framework in Mexico

On 27 January 2009, the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or CNBV) issued modifications to the securities and exchange laws (Disposiciones de Carácter General Aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, or Circular Única de Emisoras) to adopt IFRSs by listed companies. The adoption is mandatory for listed companies in 2012 with early adoption permitted as early as 2008. Also, such financial statements will have to be audited under International Standards on Auditing instead of Mexican Auditing Standards.

An exception to the above is provided for financial institutions.

Related news

  • Report from recent IFASS meeting released

  • Jan 17, 2013

  • A report has been issued summarising the discussions at a meeting of the International Forum of Accounting Standard Setters (IFASS, formerly the NSS) held in Zurich on 22-23 October 2012. The meeting covered a broad range of topics, including the future relationships between the IASB and regional and national standard setters, topical issues in financial reporting, reports from regional groups and administrative matters.

  • Emerging Economies Group meeting focuses on common control transactions

  • Dec 17, 2012

  • The IASB has publicly released a communiqué from a meeting of the Emerging Economies Group (EEG) held in Sao Paulo, Brazil on 4-5 December 2012. The main topic discussed at the meeting was transactions under common control, and the meeting also included brief discussions on hybrid financial instruments and impairment of financial assets.

  • G20 continues convergence push, signals support for Rio+20

  • Jun 20, 2012

  • The Group of 20 (G20) has released a Leaders Declaration and supporting documents from the G20 Leaders Summit held in Los Cabos, Mexico on 18-19 June 2012. The declaration includes reference to convergence of accounting standards, and reaffirming a commitment to sustainable development at the 2012 United Nations Conference on Sustainable Development (Rio+20), which may endorse sustainability reporting.

  • Report from recent IFASS meeting released

  • Jun 04, 2012

  • The International Forum of Accounting Standards Setters (IFASS) met in Kuala Lumpur on 29-30 March 2012. A detailed report of proceedings at the meeting has now been released, outlining discussions on numerous topics such as the relationship between standard setters and the IASB, the IASB's work programme and processes, and a report on the possible adoption of IFRS in the United States noting a possible "step back".

  • The Bruce Column — Looking to the future

  • Mar 07, 2012

  • IASB Chairman, Hans Hoogervorst used a speech in Mexico City as an opportunity to set out the next stages of IFRS development. Robert Bruce, our regular resident columnist, reports on what is likely to happen next.

  • Private sector task force final report to G20

  • Oct 07, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published a final report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • Emerging Economies Group established

  • Aug 02, 2011

  • On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia.

  • Private sector task force interim report to G-20

  • Jul 19, 2011

  • The Private Sector Task Force of Regulated Professions and Industries has published an interim report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G-20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

  • More than 70 jurisdictions apply ISAs

  • Jul 11, 2011

  • On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean (referred to as CReCER after its Spanish/Portuguese acronym).

  • G20 finance ministers will watch convergence efforts

  • Apr 16, 2011

  • The G20 Finance Ministers and Central Bank Governors met in Washington DC on 14-15 April 2011. They agreed, among other things, to closely watch the progress of the IASB and FASB's convergence efforts.

  • New page for first-time adopters of IFRSs

  • Mar 23, 2009

  • Many jurisdictions have announced plans to adopt IFRSs for the first time in the next few years, including Brazil, Canada, Chile, India, Japan, Korea, Malaysia, Mexico, Pakistan, and Sri Lanka, and it's under consideration in Argentina, Taiwan, and the United States.

  • Mexico's CNBV issues rules on IFRS adoption

  • Jan 28, 2009

  • On 27 January 2009, the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or CNBV) issued modifications to the securities and exchange laws (Disposiciones de Carácter General Aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, or Circular Única de Emisoras) to adopt IFRSs by listed companies.

  • Mexico plans move to IFRSs in 2012

  • Nov 16, 2008

  • On 11 November 2008, the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or CNBV) announced that all companies listed on the Mexican Stock Exchange will be required to use IFRSs starting in 2012.

  • New accounting standard setting body in Mexico

  • Jul 09, 2004

  • As of 1 June 2004, the Council for Research and Development of Financial Information Standards (Consejo Mexicano para la Investigacion y Desarrollo de Normas de Informacion Financiera, CINIF) took over the responsibility for setting accounting standards in Mexico from the Mexican Institute of Public Accountants (IMCP).

  • Comparison of GAAP in four NAFTA countries and IAS

  • Dec 22, 2000

  • Accounting standard-setters in four North American Free Trade Agreement (NAFTA) countries have participated in the third edition of a study, just published, of Significant Differences in GAAP in Canada, Chile, Mexico, and the United States.

All Related