Financial Reporting Standards (NIFs, for their Spanish acronym), are the set of general and particular standards that determine the way information is shown on financial statements. NIFs are regulated by the Mexican Board for Research and Development of Financial Reporting Standards (CINIF).
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NIF Classification:
The CINIF separates Financial Reporting Standards into series, which are exclusively applicable to Mexico. Each of them establishes the information that must be contained in the financial statement. These series are sorted as follows:
- NIF A series: Lays out the objectives and structure of a financial statement, as well as the information to be reflected on it. It is the conceptual framework.
- NIF B series: Contains all standards related to the calculation, methodology, elaboration, presentation and disclosure of financial statements.
- NIF C series: Establishes the standards for the valuation, presentation and disclosure of financial results.
- NIF D series: Refers to the standards applicable to issues in determining results.
- NIF E series: Comprises the standards applicable to special activities in various sectors.
- Memorandums: These are rather focused on clarifications or recommendations.
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