ACCT 525 Week 2 Homework Assignment; IFRS Adoption in MEXICO

School: DeVry University           Price: $20.00 USD

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ACCT 525 Week 2 Homework Assignment; IFRS Adoption in MEXICO

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ACCT 525HOMEWORK WEEK 2IFRS MEXICO1) Description of Mexicos Process to adopt IFRS.The country that I selected to study the IFRS adoption is Mexico. IFRS in Mexico wasadopted by all domestic listed companies other than financial institutions andinsurances companies by January 1st 2012 with early applications from 2008. In additionMexico is doing a converge project to eliminate the differences between MexicanPrinciples and IFRS for domestic companies whose securities are not publicly traded.Mexico switched accounting standards under a unique process of implementationmade to fit its own needs which was approved in November 2008 by the NationalBanking and Securities Commission in Mexico (CNBV) and the Mexican Board forresearch and Development of financial Reporting Standard (CINIF). Mexico had aperiod of optional IFRS adoption with the following steps to ease and help with thetransition:The entire IFRS standards were translated to the Spanish language whichincluded local business terms to improve the understanding.Trained instructors were assigned to work with businesses and universities in orderto help the user of the standards understand the dif
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