Financial reporting standards

Mind Map by , created about 6 years ago

Mind Map on Financial reporting standards, created by marce14 on 08/22/2013.

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Created by marce14 about 6 years ago
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Financial reporting standards
1 Who rules accounting?
1.1 in Mexico?
1.1.1 Consejo Mexicano de normas de información financiera
1.2 in USA?
1.2.1 Financil accounting Standards Board Still follows his own GAAP
2 International financial Reporting standards
2.1 2001 IASB was created
2.2 More than 100 country are adhered but the US
2.3 Mexico started adoption process in 2008
2.3.1 Having the same IFRS as the rest of the world is an advantage for mexico
3 Characteristics of accounting information
3.1 Reliable
3.1.1 Full disclosure Everything that need to be said id said
3.1.2 Verifiable Very transparent
3.1.3 Objective Looks at the company as it is
3.1.4 Truthful Accounting is concerned about what has already taken place
3.2 Relevant
3.2.1 Needs to inform the user everything that it has to know, ask "if i omit this information will something happen?
3.3 Comprenhensable
3.3.1 Information is worthless if you can't understand it
3.4 Comparable
3.4.1 For the information to be useful, it need to be comparable to something
4 NIF's
4.1 Structure
4.1.1 Particular guidelines Valuation, presentation, disclousure
4.1.2 Professional Judgement If something is not covered he takes the decission
5 Postulates
5.1 Not Every country has the same postulates
5.2 Economic substance
5.2.1 Is the accounting recognition of transactions
5.3 Economic Entity
5.3.1 Identify the entity Person Firm Company
5.3.2 Not mix it with any other entity
5.3.3 Entity is independent from its shareholders
5.4 Going Concern
5.4.1 Unless stated otherwise, the company is understood to be operating indefinetly Example: Mexicana de Aviación
5.5 Accounting period and accrual basis accounting
5.5.1 All operations need a certain time
5.6 Matching principle
5.6.1 Reporting the expenses at the same time they are paid
5.7 Valuation
5.7.1 We need to show in our financial information the most current value.
5.8 Economic Duality
5.8.1 Where the money comes from and what are we doing with it Resourses What are our resourser Origins Where are we taking this resources from
5.9 Consistency
5.9.1 When you have tow similar operations, so you use a similar accounting system
6 Marcela Olivares A01331183 Matilde Guadalupe Suàrez Información Financiera

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