Accounting in Mexico

Overview by Globlatrade.net:

Accounting System

Accounting Standards
The Accounting system used in Mexico is modern and international.  It follows the same double ledger pattern, which is compatible with most of the European accounting systems. Mexican GAAP with incresing conformity to international standards.
Accounting Regulation Bodies
Mexican Council of Investigation and Development of Financial Information Standards
Accounting Law
The Principles of Accounting generally accepted include the standards of financial information put into effect on the bulletins issued by The  Mexican Institute of Public Accountants and the standards of financial information issued by The Mexican Council of Investigation and Development of Financial Information Standards (CINIF)
Difference Between National and International Standards (IAS/IFRS)
Between the international financial information standards and the Mexican financial information standards there is about 70% of compatibility.  However, the Mexican Council of Investigation and Development of Financial Information Standards (CINIF) continues to change the forms with the object of making them totally compatible to the international standards before the end of 2011. For further information consult CINIF
Accounting News
Impuestum
 

Accounting Practices

Tax Year
The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting Reports
There are two essential structures:

- The balance sheet, which reflects the situation of the enterprise and provides the information about the assets, liabilities and capital on a particular date (the last day of the fiscal year).

- The profit and losses report, which shows the results of all financial activities of the enterprise in a given period of time, could be each trimester or each year.  It reflects the income, expenses, loss and profit obtained during that particular period.

Publication Requirements
The balance sheet, the profit and loss account staments and the daily ledger are mandatory. Accounts are published annually.
 

Accountancy Profession

Accountants
The diploma of public accountant is required to practice the profession in the country. You can access the website of the Instituto Mexicano de Contadores Publicos, A.C.
Professional Accountancy Bodies
Mexican Institute of Public Accountants
School of Public Accountants of Mexico
Member of the International Federation of Accountants (IFAC)
Yes

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