Mexico's CNBV issues rules on IFRS adoption
28 Jan 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.
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.
Mexican Financial Reporting Standards, developed by the Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF), will continue to be required for non-listed Mexican entities. CINIF continues with its programme for converging Mexican standards with IFRSs.