The Series B of the Financial Reporting Standards (NIF) establishes the specific guidelines that must be followed for the preparation and presentation of the financial statements of an entity.

Each standard in this series focuses on a key part of financial statements, providing clear rules on how financial information should be presented and disclosed, with the aim of ensuring consistency and comparability in financial reporting.

NIF Series B examples

This series includes the applicable standards for the main financial statements that are essential in the evaluation of the performance and financial situation of a company, such as:

1. Statement of financial position: It presents the financial situation of the entity, showing its assets, liabilities and equity as of a given date.
2. Cash flow statement: It establishes how cash inflows and outflows should be presented, classifying them into operating, investing and financing activities. This information is crucial to understanding how the company generates and uses its cash during a period.
3. Comprehensive income statement: It reflects the company's income, costs and expenses, detailing not only the net profit, but also other comprehensive income that affects the entity.
4. Statement of changes in shareholders' equity: Explains how the components of shareholders' equity have changed over a period, showing aspects such as retained earnings, shareholder contributions and dividends.

These standards also include specific aspects such as:

• Presentation of information by segment (NIF B-5), useful for companies that operate in different sectors or geographies, allowing users of financial information to better understand the business areas that generate greater income or require more resources.
• Rules for business acquisitions (NIF B-7), which specify how mergers or acquisitions of other companies should be accounted for.
• Rules on the effects of inflation (NIF B-10), necessary when inflation is relevant to adjust the financial information and reflect its impact on the economic reality of the entity.

List of NIF Series B

Below is a list that includes series B of the NIF:

NIF B-1: Accounting changes and error corrections

NIF B-2: Cash flow statement

NIF B-3: Statement of comprehensive income

NIF B-4: Statement of changes in shareholders' equity

NIF B-5: Financial information by segment

NIF B-6: Statement of financial position

NIF B-7: Business acquisitions

NIF B-8: Consolidated or combined financial statements

NIF B-9: Financial information as of interim dates

NIF B-10: Effects of inflation

NIF B-11: Disposal of long-lived assets and discontinued operations

NIF B-12: Offsetting financial assets and financial liabilities

NIF B-13: Events after the date of the financial statements

NIF B-14: Earnings per share

NIF B-15: Foreign currency conversion

NIF B-16: Financial statements of non-profit entities

NIF B-17: Determination of fair value

Conclusions

In short, the Series B of the NIF It provides a structured framework that guides the preparation of each of the financial statements, ensuring that the information presented is clear, relevant and understandable to users, such as investors, creditors, tax authorities and others interested in the company's financial situation.