NIF C Series: Standards applicable to specific concepts in financial statements

The Series C of the Financial Reporting Standards (NIF) issued by the CINIF regulates the recognition, valuation, presentation and disclosure of the specific elements of the financial statements: assets, liabilities, capital and particular transactions.

While Series A and B establish the conceptual framework and general rules, Series C details how specific items such as cash, inventory, property, accounts receivable, provisions, financial instruments, and others should be managed.

Below I share with you the complete list of the 22 NIFs that make up Series C, with its description and link (which you can link to an individual article for each rule on your blog).

List of NIF Series C

• NIF C-1: Cash and cash equivalents
  Defines which items comprise cash and cash equivalents, as well as their presentation in the statement of financial position.
• NIF C-2: Investment in financial instruments
  Establishes how to recognize and value investments in temporary or permanent financial instruments.
• NIF C-3: Accounts receivable
  Regulates the initial recognition, subsequent valuation and estimates for uncollectible accounts.
• NIF C-4: Inventories
  Establishes rules for acquisition costs, valuation methods, and inventory impairment.
• NIF C-5: Advance payments
  Defines how to record and amortize payments made before receiving the good or service.
• NIF C-6: Property, plant and equipment
  Regulates the acquisition, depreciation, revaluation and disposal of fixed assets.
• NIF C-7: Investments in associates, joint ventures and other permanent investments
  Explains how to recognize and present long-term strategic investments.
• NIF C-8: Intangible assets
  Includes patents, licenses, trademarks, and technological development. Establishes recognition and amortization criteria.
• NIF C-9: Provisions, contingencies and commitments
  Defines when a probable liability or a relevant contingency should be recognized.
• NIF C-10: Derivative financial instruments and hedging relationships
  Addresses the accounting for derivatives and the rules for designating accounting hedges.
• NIF C-11: Shareholders' Equity
  Establishes the presentation of contributions, retained earnings and other equity items.
• NIF C-12: Financial instruments with characteristics of both liabilities and capital
  Explains how to classify hybrid instruments that have elements of debt and equity.
• NIF C-13: Related parties
  Regulates the disclosure of transactions between related parties, ensuring transparency.
• NIF C-14: Transfer and derecognition of financial assets
  Indicates when and how to write off financial assets from the balance sheet.
• NIF C-15: Impairment of long-lived assets and their disposal
  Defines impairment tests and write-offs of non-current assets.
• NIF C-16: Impairment of financial instruments receivable
  Introduces the expected loss model for accounts receivable and loans.
• NIF C-17: Investment Properties
  Regulates the recognition of properties held to generate income or capital gains.
• NIF C-18: Obligations associated with the retirement of long-lived assets
  Addresses provisions and costs associated with the decommissioning or retirement of assets.
• NIF C-19: Financial instruments payable
  Defines how to classify and value financial liabilities, including interest and discounts.
• NIF C-20: Financial instruments for collecting principal and interest
  Explains specific rules for financial assets under a contractual collection business model.
• NIF C-21: Joint Control Agreements
  Regulates how to recognize transactions or entities under shared agreements between two or more parties.
• NIF C-22: Cryptocurrencies
  Recent standard defining the recognition, valuation, and disclosure of cryptoassets in financial statements.

Conclusion

The Series C of the NIF It is the technical heart of financial accounting in Mexico: it translates the conceptual framework into clear rules for each item in the financial statements.

In this blog we will be publishing a detailed analysis of each of the NIF C-1 to C-22, with practical examples and their impact on business management.

This way, you can review everything from a general overview to the specific application of each rule.