Tag Archives: Accounting

Accounting, Edition 34

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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Accounting, Edition 34

International Auditing and Assurance and Related Services Standards

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.

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Accounting, Edition 46

Is there a way to deal with the loss of comparability in financial information ?due to constant changes in accounting standards?

Dirección Estratégica. La revista de negocios del ITAM. Edición 46By: María Candelas

For some years now, financial information has undergone a number of changes in an effort to bring Mexican accounting standards into line with international practice. The process of creating a more transparent, objective and reliable set of standards that are useful for those who prepare and use financial information will take several years more, and standards must be constantly adapted to the new ways of doing business in the world.

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