174231
Financial reporting standards
- Who rules accounting?
- in Mexico?
- Consejo Mexicano de normas de información financiera
- Consejo Mexicano de normas de información financiera
- in USA?
- Financil accounting Standards Board
- Still follows his own GAAP
- Still follows his own GAAP
- Financil accounting Standards Board
- in Mexico?
- International financial Reporting standards
- 2001 IASB was created
- More than 100
country are adhered
but the US
- Mexico started
adoption process
in 2008
- Having the same
IFRS as the rest of the
world is an advantage
for mexico
- Having the same
IFRS as the rest of the
world is an advantage
for mexico
- 2001 IASB was created
- Characteristics of
accounting information
- Reliable
- Full disclosure
- Everything that
need to be said id
said
- Everything that
need to be said id
said
- Verifiable
- Very transparent
- Very transparent
- Objective
- Looks at the company as it is
- Looks at the company as it is
- Truthful
- Accounting is concerned
about what has already
taken place
- Accounting is concerned
about what has already
taken place
- Full disclosure
- Relevant
- Needs to inform the user everything that it
has to know, ask "if i omit this information will
something happen?
- Needs to inform the user everything that it
has to know, ask "if i omit this information will
something happen?
- Comprenhensable
- Information is worthless if
you can't understand it
- Information is worthless if
you can't understand it
- Comparable
- For the information to
be useful, it need to be
comparable to
something
- For the information to
be useful, it need to be
comparable to
something
- Reliable
- NIF's
- Structure
- Particular guidelines
- Valuation,
presentation,
disclousure
- Valuation,
presentation,
disclousure
- Professional Judgement
- If something is not
covered he takes the
decission
- If something is not
covered he takes the
decission
- Particular guidelines
- Structure
- Postulates
- Not Every country
has the same
postulates
- Economic substance
- Is the accounting
recognition of
transactions
- Is the accounting
recognition of
transactions
- Economic Entity
- Identify the entity
- Person
- Firm
- Company
- Person
- Not mix it with
any other entity
- Entity is
independent from
its shareholders
- Identify the entity
- Going Concern
- Unless stated otherwise, the
company is understood to be
operating indefinetly
- Example: Mexicana
de Aviación
- Example: Mexicana
de Aviación
- Unless stated otherwise, the
company is understood to be
operating indefinetly
- Accounting period and
accrual basis
accounting
- All operations
need a certain
time
- All operations
need a certain
time
- Matching principle
- Reporting the
expenses at the
same time they
are paid
- Reporting the
expenses at the
same time they
are paid
- Valuation
- We need to show in
our financial
information the most
current value.
- We need to show in
our financial
information the most
current value.
- Economic Duality
- Where the money
comes from and
what are we doing
with it
- Resourses
- What are our resourser
- What are our resourser
- Origins
- Where are we taking
this resources from
- Where are we taking
this resources from
- Resourses
- Where the money
comes from and
what are we doing
with it
- Consistency
- When you have tow similar
operations, so you use a similar
accounting system
- When you have tow similar
operations, so you use a similar
accounting system
- Not Every country
has the same
postulates
- Marcela Olivares A01331183
Matilde Guadalupe Suàrez
Información Financiera
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