Mexico City, being the capital and largest city of Mexico, follows the country’s national Accounting standards, which are largely aligned with global standards such as the International Financial Reporting Standards (IFRS). The primary body overseeing Accounting practices in Mexico is the Mexican Financial Reporting Standards (Normas de Información Financiera, NIF) which regularly updates the standards to maintain alignment with global practices.
In Mexico City, Accounting involves adherence to several regulations, including tax requirements set by the Servicio de Administración Tributaria (SAT), the federal tax authority. Businesses must prepare financial statements in accordance with NIF, which include the balance sheet, income statement, statement of changes in equity, statement of cash flows, and notes to financial statements.
Moreover, accounting firms in Mexico City often specialize in both domestic and international transactions, being familiar also with US Generally Accepted Accounting Principles (GAAP) for enterprises with cross-border operations. The city has a robust accounting sector due to its prominence as an economic and financial hub.
Entities in Mexico City must also comply with regular auditing procedures and filing deadlines, especially in light of digital tax compliance and electronic invoicing mandates that have been rolled out nationwide. Accountants in the city are often well-versed in transfer pricing regulations and international tax treaties, given the global nature of businesses operating there.
Professional qualifications for accountants include certification through the Instituto Mexicano de Contadores Públicos (IMCP), ensuring that practices are up to date with ethical and professional standards. Accountants in Mexico City must continuously update their knowledge and skills to comply with both national and international accountancy standards and practices.
No responses yet