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.