Accounting, Edition 40

Internal Control in Operations with Derivative Instruments

By: Benito Revah and Genoveva Ayala

In the current globalization environment, companies are constantly exposed to financial and operation risks that should be covered to guarantee, with greater certainty, the present value of the expected flows.

Some of the functions to be performed by the Finance and Planning Committee in all Corporate Government Councils of Companies are the collaboration to identify the risks to which the corporation is subject and to evaluate the mechanisms to control them.

The internal control system is the process followed by management to comply with the following objectives: a) prepare reliable financial information b) safeguard the assets, c) increase the efficiency of the transactions, and d) comply with the laws and standards in effect.

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Accounting, Edition 40

Are you ready for the annual tax return in April 2012?

By: Ana Paola

Here are ten helpful tips for filing your tax return and increasing your chances of receiving a refund.How many times have you requested a tax refund and instead received a purple-colored letter at home stating that the refund was denied? How often have you had to file your annual tax return again because of inconsistencies in the information? For these reasons and many others, it is important to take note of the following tips that will help you increase the odds of getting a refund.

Tip 1: Do not wait until the last minute

The date for filing your individual annual tax return for 2011 is approaching. It is important that if you need to file, prepare all necessary documents ahead of time so that the deadline does not take you by surprise. The deadline is April 30, 2012.

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Accounting, Edition 40

Analysis of the Effects of Adoption that the Mexican Stock Exchange Listed Companies Expect in 2012

By: Sandra Minaburo
Director of the Accounting Research Center

According to the 2010 annual report submitted by the International Accounting Standards Board (IASB), more than 120 countries require or permit companies regulated by their local stock exchanges to report their financial information on the basis of the International Financial Reporting Standards (IFRS).

This report also mentions Mexico, given that beginning 2012, companies listed on the Mexican Stock Exchange (known as the “Bolsa Mexicana de Valores” or its Spanish acronym, BMV) are now required to submit on a compulsory basis financial statements prepared in compliance with IFRS issued by the IASB. Many expect this will help ensure that Mexican companies improve the quality of the information they give to their stakeholders, and therefore allow them more easily accessible sources of external financing.

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