Update of the A series of the NIF 2024

by Hector Galicia | Oct 9, 2024 | Accounting

The NIFs are mainly divided into two large groups of regulatory pronouncements: the Conceptual Framework (CM) and the specific NIFs. In this article we will analyze the main differences in the CM with respect to previous years. Why is this different?

New NIF Series A Conceptual Framework (2024)

by Hector Galicia | Oct 9, 2024 | Accounting

The objective of the NIF Series A is to define and establish the Conceptual Framework that supports the specific NIFs and the solution to problems that arise in the accounting recognition of transactions and any event that economically affects the...

NIF C-9 Provisions, contingencies and commitments

by Hector Galicia | Sep 9, 2024 | Accounting

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

by Hector Galicia | Sep 9, 2024 | Accounting

NIF C-8, “Intangible Assets”, establishes the specific rules for the recognition, measurement, presentation and disclosure of intangible assets in the financial statements. Some key points of NIF C-8 are: 1. Definition...

NIF C-5 Advance Expenses

by Hector Galicia | Sep 9, 2024 | Accounting

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

by Hector Galicia | Sep 9, 2024 | Accounting

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.