Amending Resolution to the Resolution Modifying General Provisions Applicable to Popular Savings and Credit Entities, Integration Organizations, Community Financial Societies, and Rural Financial Integration Organizations under the Popular Savings and Credit Law

DOF: 27/12/2023

AMENDING RESOLUTION OF THE RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO POPULAR SAVINGS AND CREDIT ENTITIES, INTEGRATION ORGANIZATIONS, COMMUNITY FINANCIAL SOCIETIES, AND RURAL FINANCIAL INTEGRATION ORGANIZATIONS REFERRED TO IN THE POPULAR SAVINGS AND CREDIT LAW

A seal with the National Coat of Arms appears at the margin, stating: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 46 Bis, first paragraph; 117 and 119 Bis 4 of the Popular Savings and Credit Law; 98 Bis of the Credit Institutions Law; as well as Articles 4, fractions III, IV, XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That on January 23, 2018, the "Resolution that modifies the General Provisions applicable to popular savings and credit entities, integration organizations, community financial societies and rural financial integration organizations, referred to in the Popular Savings and Credit Law" was published in the Official Gazette of the Federation, with the purpose of, among other things, incorporating certain Financial Reporting Standards issued by the Mexican Council of Financial Reporting Standards, A.C., into the norms applicable to the preparation of accounting for popular financial societies, community financial societies and rural financial integration organizations, and

That, in order to make the entry into force of the aforementioned Financial Reporting Standards mentioned in the Second Transitory Provision of the resolution referred to in the previous consideration converge with the updates to the current provisions applicable to popular financial societies, community financial societies and rural financial integration organizations, regarding accounting criteria, credit portfolio classification, approval, dissemination and content of financial statements, as well as regulatory reports, it is convenient to extend the deadline for the start of the application of said norms and thereby allow the aforementioned entities to be able to adapt their accounting information systems, has resolved to issue the following:

AMENDING RESOLUTION OF THE "RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO POPULAR SAVINGS AND CREDIT ENTITIES, INTEGRATION ORGANIZATIONS, COMMUNITY FINANCIAL SOCIETIES AND RURAL FINANCIAL INTEGRATION ORGANIZATIONS, REFERRED TO IN THE POPULAR SAVINGS AND CREDIT LAW", PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON JANUARY 23, 2018

SOLE ARTICLE.- Article SECOND transitory of the "Resolution that modifies the General Provisions applicable to popular savings and credit entities, integration organizations, community financial societies and rural financial integration organizations, referred to in the Popular Savings and Credit Law", published in the Official Gazette of the Federation on January 23, 2018 and modified through resolutions made known in said means of dissemination on November 15, 2018, November 4, 2019, November 9, 2020 and December 2, 2022, is REFORMED to read as follows:

"SECOND.- The Financial Reporting Standards B-17 'Determination of fair value', C-3 'Accounts receivable', C-9 'Provisions, contingencies and commitments', C-16 'Impairment of financial instruments receivable', C-19 'Financial instruments payable', C-20 'Financial instruments to collect principal and interest', D-1 'Revenue from contracts with customers', D-2 'Costs from contracts with customers' and D-5 'Leases', issued by the Mexican Council of Financial Reporting Standards, A.C. and referred to in paragraph 3 of Criteria A-2 'Application of particular norms' of Annex E which is modified through this instrument, will enter into force on January 1, 2025."

TRANSITORY

SOLE.- This Resolution will enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, December 21, 2023. - President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Initialled.

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