Introduction Accrual is one of the most important accounting principles, as it establishes how the effects of transactions, internal changes, and other economic events affecting an entity should be recognized. In Mexico, this criterion is...
Introduction In the Mexican accounting world, the Mexican Financial Reporting Standards Council (CINIF) is the standard-setting institution. It is the independent body that issues the Financial Reporting Standards (NIF), which guarantee the...
What happens when a company can no longer operate? There may come a time in the life of an entity when its continuity is in doubt. NIF A-2: Going Concern seeks to establish the basis for preparing financial statements when there is uncertainty...
MFRS/IFRS define what information is presented and how it is presented; COSO ensures that the data used to inform these statements are complete, accurate, timely, and supportable. 1) From COSO's objectives to financial reporting (ICFR) COSO defines three objectives: operations,...
Introduction MFRS C-6 – Property, Plant, and Equipment (PPE) establishes the criteria for the recognition, measurement, presentation, and disclosure of tangible assets used for the production or supply of goods and services, or for administrative purposes. In...
