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The Nature of the Accounting Profession in Mexico, and Mexicos Accounting Principles - Term Paper Example
Finance & Accounting
Pages 4 (1004 words)
Name: Instructor: Course: Date: The Nature of the Accounting Profession in Mexico, and Mexico’s Accounting Principles Mexico’s business accounting culture encompasses a variety of reports, professional associations and rules. Since the country experienced financial crisis in the 1990s (termed the Tequila crisis), its accounting standards now include strict information management, as well as disclosure mechanisms…
At present, Mexico’s accounting profession is quite established with a long history. The initial accounting professional body was established in the year 1917. MIPA or the Mexican Institute of Public Accountants was part of the nine-member founders of the International Accounting Standards Committee (IASC). Mexican accounting firms primarily provide services such as bookkeeping and audit and tax services. In order for a person, to qualify as a public accountant in Mexico he or she must have a professional diploma in accounting. MIPA issues bulletins, which regulate accounting and financial reporting in the country (Deloitte, Haskins & Sells and AICPA 125). These bulletins dictate financial reporting through requirements for stock exchange listings, as well as legislation. Mexican law requires all listed companies to be audited by a Mexican certified public accountant. The law also requires annual financial statements to be published in nationally circulated media such as newspapers. The Mexican National Banking and Securities Commission or NBSC, which is an equivalent of the US Stock Exchange Commission, oversees the disclosure of information by publicly owned organizations. ...
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