NIF B-1 Accounting changes and error corrections

by Hector Galicia | Oct 21, 2024 | Accounting

NIF B-1 establishes as a general rule that: “All changes in particular standards, reclassifications and error corrections must be recognized through their retrospective application” When the financial statements of a previous period are compared with those of the...

Standards applicable to the financial statements as a whole Series NIF B

by Hector Galicia | Oct 21, 2024 | Accounting

Series B of the Financial Reporting Standards (FRS) establishes the specific guidelines that must be followed for the preparation and presentation of the financial statements of an entity. Each standard within this series focuses on a fundamental part of the financial statements.

Differences in financial instruments (NIF C-2)

by Hector Galicia | Oct 17, 2024 | Accounting

The Financial Information Standards in their NIF C-2 indicate different types of Financial Instruments, among those that cause the most confusion in my opinion are: Financial Instruments for Collection of Principal and Interest (IFCPI), Financial Instruments for Purchase and...

Qualitative Characteristics of Financial Information (NIF)

by Hector Galicia | Oct 15, 2024 | Accounting

According to the Financial Reporting Standards (NIF), “usefulness” is the fundamental characteristic that financial statements must have. This characteristic is defined as: “the quality of satisfying the common needs of users and...

Accounting Information Systems in Mexico

by Hector Galicia | Oct 14, 2024 | Español

Regardless of the size or economic sector of the entities, they require information for decision-making. According to the Financial Reporting Standards (NIF), this information must be: Truthful, Reliable, Comparable, and Timely. In this article, we will define key...