Regulatory Alerts2023-08-22 | DOF 5699369Added
Amendatory Circular 4/23 to the Single Circular for Insurance and Sureties
This amendment adds the Eighty-Ninth Transitory Provision to the Single Circular for Insurance and Sureties, authorizing insurance institutions and mutual societies to recognize January 1, 2022, as the initial application date for Financial Reporting Standards (NIF) without reformulating figures from prior fiscal years. Affected entities must disclose significant accounting regulatory changes and adoption mechanics in their disclosure notes, and may present 2022 financial statements without comparatives to 2021. The circular enters into force the day following its publication in the Official Gazette of the Federation.
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