By: Alberto Napolitano
The organized public accountant’s profession in Mexico, formed by the Instituto Mexicano de Contadores Públicos (Mexican Institute of Public Accountants or IMCP as per initials in Spanish) reported the decision to incorporate as of 2012, the International Auditing Standards such as the standards that will regulate the financial information auditing works, of assurance and other related services, provided by independent public accountants in substitution of the current standards issued by the Comisión de Normas y Procedimientos de Auditoría (Auditing Standards and Procedures Commission or CONPA as per initials in Spanish) of the Institute.
By: María Candelas
Impact Of Adoption of International Financial Reporting Standards in Mexican Companies
By: Sandra Minaburo
Starting in 2012, public entities in Mexico mandatorily will have to submit their financial statements prepared with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB), in accordance with the press bulletin PRESS BULLETIN No. 056/2008, published on November 11, 2008 by Comisión Nacional Bancaria y de Valores (National Banking and Securities Commission or CNBV as per initials in Spanish) in México.
According to the CNBV, this adoption will generate several benefits to the market and to the investing public, amongst other:
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