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Request for VAT credit balances
One of the main doubts of taxpayers who generate VAT balances in their favor is the time that the authority has to authorize or reject said refund. This process, regulated by law, has certain rules that both individuals and corporations...
Points to consider when opening your accounting firm
Opening an accounting firm is an excellent option for accountants looking to offer professional services independently or as part of a team. In addition to having the necessary technical skills, it is important to take into account certain legal aspects, such as:
The Professional Services Provision Contract
What is a Service Provision Contract? A service provision contract is an agreement between two parties, the service provider and the contractor, in which the former undertakes to carry out an activity or provide a specific service, and the latter undertakes to...
NIF C-9 Provisions, contingencies and commitments
Financial Reporting Standard NIF C-9 establishes the guidelines for the recognition, valuation, presentation and disclosure of provisions, contingent liabilities, contingent assets and commitments in the financial statements. Its purpose is to ensure that the...
NIF C-8 Intangible Assets
NIF C-8, "Intangible Assets", establishes the specific standards for the recognition, valuation, presentation and disclosure of intangible assets in the financial statements. Some key points of NIF C-8 are: 1. Definition...
NIF C-7: Investments in Associates, Joint Ventures and Other Permanent Investments
Financial Reporting Standard C-7 focuses on the accounting treatment of investments in associates, joint ventures and other permanent investments. The key points of this standard are detailed below: 1. Definitions and Scope: The main definitions and scope of the accounting treatment are:
NIF C-6 Property, Plant and Equipment
NIF C-6 refers to "Financial Reporting Standard C-6: Property, Plant and Equipment". This standard is part of the Financial Reporting Standards in Mexico and addresses the accounting treatment of property, plant and equipment. Here are some points...
NIF C-5 Advance Expenses
NIF C-5 "Advance Payments" regulates the accounting for advance payments and their recognition in the financial statements. The key points are summarized below: Definition and Recognition: Advance payments are disbursements made by a company or entity...
NIF C-4 Inventories
NIF C-4, which deals with Inventories, establishes the rules for the recognition, valuation, presentation and disclosure of inventories in the financial statements. Its main objective is to provide standards that allow reflecting the appropriate value of the inventories.
NIF C-3 Accounts receivable
This standard establishes the criteria for the recognition, valuation and presentation of accounts receivable in the financial statements. Below is a summary of the key aspects of NIF C-3: Objective The objective of NIF C-3 is to...
NIF C-2: Financial Instruments
1. What is it? NIF C-2 is a standard that tells us how to manage and record financial instruments in companies. 2. What is a financial instrument? It is any type of contract related to money, such as stocks, bonds, and loans. 3. How is it...
NIF C-1 Cash and cash equivalents
NIF C-1 (Financial Reporting Standard) refers to Cash and Cash Equivalents. Its main objective is to establish the specific standards for the accounting recognition of these elements in the financial statements of an entity. Key aspects of NIF C-1 are:
