Application of NIF D-1 in Long-Term Projects

by Hector Galicia | Nov 2, 2024 | Accounting

NIF D-1, focused on the recognition of revenue from contracts with customers, is crucial for companies that manage long-term projects, such as construction. This standard allows revenue to be recognized as the delivery of goods or services progresses.

Analysis of NIF D-2: Costs for Contracts with Clients

by Hector Galicia | Nov 1, 2024 | Accounting

NIF D-2 establishes the rules for the recognition and measurement of costs related to contracts with customers, focusing on how an entity should recognize these costs in its net profit or loss. Its scope, the methods and procedures for calculating these costs are detailed below.

NIF D-1: Income from Contracts with Clients

by Hector Galicia | Nov 1, 2024 | Accounting

NIF D-1 is a fundamental standard for correctly recognizing revenue in accounting, focusing on how and when a company should record revenue from contracts with its customers. The idea is to ensure that the financial statements accurately reflect the results of the accounting process.

Objectives and limitations of financial statements

by Hector Galicia | Nov 1, 2024 | Accounting

The Financial Reporting Standards (NIF) indicate that financial statements are the structured representation of the financial situation at a given date, and of the operating results, changes in equity, of an entity, said statements...

Valuation according to the NIF in Mexico

by Hector Galicia | Nov 1, 2024 | Accounting

The correct financial management of an entity is based on the adequate measurement and valuation of its assets and liabilities. In this context, cost is defined as the value of the resources that an entity delivers or promises to deliver in exchange for goods or services, with the aim of achieving the...