The Nature of the Accounting Profession in Mexico, and Mexicos Accounting Principles - Term Paper Example

Only on StudentShare

Extract of sample
The Nature of the Accounting Profession in Mexico, and Mexicos Accounting Principles

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. ...Show more


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…
Author : vonrubie
Save Your Time for More Important Things
Let us write or edit the term paper on your topic
"The Nature of the Accounting Profession in Mexico, and Mexicos Accounting Principles"
with a personal 20% discount.
Grab the best paper

Related Essays

Keywords: Ethical education, Accounting-Curriculum, Accounting profession, students
The ethics for the accounting professional indicates the decision making capability about right and wrong. So, ethics helps to build personal fortitude for the accounting professional. The ethics of the accounting professional never stresses on short term pressure of hiking revenue growth for the purpose of satisfying the investors.
40 pages (10000 words) Dissertation
The Main Accounting Principles
These are also tools which show how well a company is performing, there have been instances of declaring false information so that the share of a particular company performs well in the stock market, such fraudulent instances have also occurred in the past.
7 pages (1750 words) Essay
Banking Regulations And The Current Financial Crisis
However such banking regulations proved to be less influential during the occurrence of the current financial crisis. Such banking regulations could not prevent the crisis which resulted from the recent economic downturns and overall global meltdown. Banking regulations failed to bring back the confidence of mutual trust investors and could not prevent the breakdown of short financial transactions (Schmidt-Hebbel).
7 pages (1750 words) Essay
Professionalism and the accounting profession
This essay analyses how each of these models view accountancy as a profession. The first section discusses the trait-based model and functionalist perspective, as well as their weaknesses as models of profession. The second section discusses how the Weberian tradition and Marxist paradigm fill the gap left by the trait-based model and functionalism.
5 pages (1250 words) Essay
Ethics in Accounting Profession
Therefore, ethics is seen as a cornerstone in the accounting profession and failure to be ethical in their transactions, decisions and any activity accountants are involved in might result into the ultimate collapse of a company. Ethics in the accounting profession requires that there is integrity, honesty, truthfulness.
3 pages (750 words) Essay
Principles of managerial accounting. Answers to Questions. (Cash Flows Information, Apple's Cash Flow, Stock Features, Role of Management Accounting etc.)
What information does the cash flow statement provide that you cannot see in the other financial statements (income statement, balance sheet, owner’s equity)? What elements of the cash flow statement do you think are most important for company management to monitor and why? Is this different for investors?
8 pages (2000 words) Essay
Principles of accounting 1
In this context, all the financial transactions and information of an entity are required to be analyzed and recorded in compliance with GAAP. Another set of principles under ‘International Financial Reporting Standards’ (IFRS) is developed under the principles of accounting by ‘International Accounting Standards Board’ (IASB).
10 pages (2500 words) Essay
Accountability of public health service
It is the free provision of complete health care from the UK government to the general public that provides funding for its operations. The organisation is run by the Department of Health under the supervision of Secretary of State for Health.
4 pages (1000 words) Essay
Ethics in Accounting Profession
Ethics in the accounting profession requires that there is integrity, honesty, truthfulness. The accountants should also be willing to
3 pages (750 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email