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174231
Financial reporting standards
Description
Mind Map on Financial reporting standards, created by marce14 on 22/08/2013.
Mind Map by
marce14
, updated more than 1 year ago
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Created by
marce14
about 11 years ago
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Resource summary
Financial reporting standards
Who rules accounting?
in Mexico?
Consejo Mexicano de normas de información financiera
in USA?
Financil accounting Standards Board
Still follows his own GAAP
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
Characteristics of accounting information
Reliable
Full disclosure
Everything that need to be said id said
Verifiable
Very transparent
Objective
Looks at the company as it is
Truthful
Accounting is concerned about what has already taken place
Relevant
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
Comparable
For the information to be useful, it need to be comparable to something
NIF's
Structure
Particular guidelines
Valuation, presentation, disclousure
Professional Judgement
If something is not covered he takes the decission
Postulates
Not Every country has the same postulates
Economic substance
Is the accounting recognition of transactions
Economic Entity
Identify the entity
Person
Firm
Company
Not mix it with any other entity
Entity is independent from its shareholders
Going Concern
Unless stated otherwise, the company is understood to be operating indefinetly
Example: Mexicana de Aviación
Accounting period and accrual basis accounting
All operations need a certain time
Matching principle
Reporting the expenses at the same time they are paid
Valuation
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
Origins
Where are we taking this resources from
Consistency
When you have tow similar operations, so you use a similar accounting system
Marcela Olivares A01331183 Matilde Guadalupe Suàrez Información Financiera
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