Series A of the NIF aims to define and establish the Conceptual Framework that supports the Private NIF and the solution of problems that arise in the accounting recognition of transactions and any event that economically affects the entity.
The content of this NIF is structured as follows:
Chapter 10 Structure of Financial Reporting Standards
The objective and scope of MC are defined, as well as basic concepts that affect the accounting recognition of transactions and other events that economically affect the entity.
Chapter 20 Basic Postulates
The basic postulates on which the accounting recognition of transactions and other events that affect the entity is based are established and a general explanation is provided of “at what time” and “how” they should be recognized.
Chapter 30 Objectives of financial statements
Identifies the types of users of financial statements and their needs. It also defines the objective, usefulness and information provided in the financial statements, among other relevant information.
Chapter 40 Qualitative characteristics of financial statements
Defines the fundamental and improving qualitative characteristics of the financial statements.
Chapter 50 Basic Elements of Financial Statements
It establishes the basic elements that the 4 basic financial statements must contain: statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows.
Chapter 60 Recognition
Defines the "recognition" as the process of capturing, for inclusion in the statement of financial position or the statement of comprehensive income, an accrual item that meets the definition of one of the elements of financial statements.
Chapter 70 Valuation
This chapter defines the "Valuation" as the process of quantifying, in monetary terms, the assets, liabilities, equity, income, costs and expenses of an entity.
Chapter 80 Presentation and revelation
It stipulates that the term "presentation" is used in a broad sense, covering items presented in the body of the financial statements and/or their notes. This means that the information may be shown in the main financial statements or detailed in additional notes to provide a more complete and understandable context.
Regarding the "revelation" establishes the information that must be included in the notes to the financial statements, such as, for example: presentation bases and specific accounting policies.
Chapter 90 Supplementary
It determines that there is “suppletoriness” when the absence of a NIF is covered by another set of formally established rules.
Chapter 100 Validity and transitional provisions
Sets the date on which the rules come into force.
Conclusions
The conceptual framework of NIF 2024 provides the essential foundations for the preparation and presentation of financial information in Mexico, ensuring that it is relevant, reliable and comparable.
Its main objective is to guide entities in the preparation of financial statements that allow users to make informed economic decisions. In addition, by aligning with international standards, it facilitates the global comparability of financial information. The conceptual framework reinforces the importance of the basic postulates and establishes clear criteria for the recognition, valuation and presentation of financial elements, promoting transparency and consistency in accounting.
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