Evolution of Financial Reporting Standards in Mexico

Abstract

The Financial Reporting Standards are criteria for communication and harmonization of accounting practices in a context of globalization, the objective of which is to achieve the inorder of a common accounting language in an international convergence. The collegiate accounting profession in Mexico, through the Mexican Institute of Public Accountants and the Mexican Council of Financial Reporting Standards has been concerned with achieving this concordance, adapting its accounting theory with and towards International Standards Financial Information. To do so, it has moved its accounting framework on a path of corrections and additions to its previous conceptualization of Generally Accepted Accounting Principles towards Financial Reporting Standards in a shift in focus on the valuation accounting model, registration and presentation of the concepts of the financial statements.  This work presents a review of the conceptual approach of national accounting standards to an international regulatory model, for which an analysis of the evolution of the Financial Reporting Standards in Mexico was carried out, as an approach to the way in which appropriation of concepts and indicators in Mexican accounting regulations. The work begins with the conceptual review of accounting regulations, establishes the revision of the current accounting regulations and their characteristics, reaching the conceptual framework normative. The conclusions review the relevance of the path to adapting the accounting regulatory model in Mexico, with openness to fair value and sufficient disclosure for economic organizations.