NORMAS DE INFORMACION FINANCIERA

FRAMEWORK OF FINANCIAL REPORTING STANDARDS

The Framework ( MC ) of the (NIF ) is a coherent system of interrelated objectives and fundamentals , grouped in a logical - deductive , intended to serve as the supporting rationale for the development of financial reporting standards and reference in the solution of the problems arising in accounting practice .

The ( MC ) serves the general user of financial information :

a) allow greater understanding of the nature, function and limits of financial information ;

b ) provide a theoretical basis for the issuance of specific MFRS , thereby avoiding the emission of arbitrary rules that are not consistent with each other ;

c) provide a framework to clarify or support accounting treatments ;

d ) provide a terminology and a common reference point between general users of financial information , promoting better communication between them.

The ( MC ) is comprised of a series of interrelated rules and ordered sequentially, from general propositions to particular propositions , as follows:

a) establishment of basic postulates of accounting information system (NIF A-2 ) ;

b ) identification of user needs and objectives of financial statements (NIF A-3) ;

c ) establishment of the qualitative characteristics of financial statements to meet their objectives (NIF A-4) ;

d ) the definition of the basic elements of financial statements (NIF A-5) ;

e) establishment of general criteria for recognition and measurement of financial statement elements (NIF A-6) ;

f ) establishment of general criteria for presentation and disclosure of financial information contained in the financial statements (NIF A- 7) and

g ) establishing the basis for the application of default rules in the absence of specific NIF (NIF A-8 ) .

Basic Principles of Financial Reporting System ( FRS A -2 ) 2

According as required by the NIF A - 2 paragraphs 4-7 , the basic tenets are fundamentals that govern the environment in which to operate the accounting information system and :

2 Mexican Board for Research and Development of Financial Reporting Standards , AC ( CINIF ) . (2010 ) . Financial Reporting Standards . Mexico : Mexican Institute of Public Accountants , 5th . Edition .

In subsequent when speaking of the NIF , we refer to those issued by the ( CINIF ) .

a) arise as generalizations or abstractions of the economic environment in which it operates accounting information system ;

b ) is derived from experience , forms of thought and criteria imposed by political or business practice , in a broad sense ;

c ) apply in line with the objectives of financial reporting and qualitative characteristics

The basic postulates :

a) linking accounting information system with the environment in which it operates , allowing the issuer of accounting standards , the preparer and the user of financial information , a better understanding of the environment in which it operates accounting practice , and

b ) guide policy action along with the rest of the basic concepts that make up the framework, since they must be used as a foundation for developing specific financial reporting standards .

The basic principles provide guidelines to explain " what time " and " they" should recognize the effects of transactions , internal changes and other events that affect a company financially , so they are therefore very essence of the particular rules . Applied in conjunction with the objectives of financial statements identified in the NIF A- 3 and the quality requirements set by the NIF A-4 , Qualitative characteristics of financial statements , and other standards that comprise the NIF series A, the principles contribute to the generation of useful financial information for decision -making.

According to NIF A-1 (paragraph 22 ) :

" The postulate that forces capture the

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