THE NEW FINANCIAL REPORTING STANDARDS IN MEXICO

ADAPTATION TO THE GLOBAL ENVIRONMENT OF ACCOUNTING REGULATIONS

Abstract

The standardization of accounting regulations occurred in our country basically as a consequence of commercial globalization. The new business models of large companies became the trigger for the organized profession to enter the adaptation process. The once Generally Accepted Accounting Principles were surpassed and there was a need to restructure the rules of the accounting game. Knowing, learning, applying and disseminating the Financial Reporting Standards is an obligation that every public accounting professional cannot afford to miss.