Modification to the General Provisions on Accounting Registration, Preparation and Presentation of Financial Statements for Participants in Retirement Savings Systems

DOF: 24/11/2020

MODIFICATION to the General Provisions on the registration of accounting, preparation and presentation of financial statements to which participants in the Retirement Savings Systems must be subject

A seal with the National Emblem appears at the margin, which says: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of the Retirement Savings System.

MODIFICATION TO THE GENERAL PROVISIONS ON THE REGISTRATION OF ACCOUNTING, PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS TO WHICH PARTICIPANTS IN THE RETIREMENT SAVINGS SYSTEMS MUST BE SUBJECT

The President of the National Commission of the Retirement Savings System, based on what is provided in articles 1°, 2°, 5° fractions I, II, III, VII, XIII bis and XVI, 12 fractions I, VI, VIII and XVI, 18, 84, 85, 86, 87 and 88 of the Law of the Retirement Savings Systems; 1°, 106, 107 and 108 of the Regulations of the Law of the Retirement Savings Systems; 1, 2 fraction III and 8th first paragraph of the Internal Regulations of the National Commission of the Retirement Savings System, and

CONSIDERING

That on October 23, 2019, the General Provisions on the registration of accounting, preparation and presentation of financial statements to which participants in the Retirement Savings Systems must be subject were published in the Official Gazette of the Federation, through which it was established that for the NIFs B-17 "Determination of fair value", C-3 "Accounts receivable", C-9 "Provisions, contingencies and commitments", C-16 "Impairment of financial assets by collectible", C-19 "Financial liabilities by 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 CINIF, would enter into force on January 1, 2021, and

That this Commission, derived from the above and in order for retirement fund administrators to be able to adapt their accounting processes to the Financial Information Standards issued by the Mexican Council for Research and Development of Financial Information Standards, deems it convenient to extend the deadline for the application of said Standards, has resolved to issue the following:

MODIFICATION TO THE GENERAL PROVISIONS ON THE REGISTRATION OF ACCOUNTING, PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS TO WHICH PARTICIPANTS IN THE RETIREMENT SAVINGS SYSTEMS MUST BE SUBJECT

UNIQUE.-

The First Transitory Provision, section V, of the General Provisions on the registration of accounting, preparation and presentation of financial statements to which participants in the Retirement Savings Systems must be subject, published in the Official Gazette of the Federation on October 23, 2019 and added through publication in the same official instrument on June 25, 2020, is MODIFIED, to remain as follows:

"TRANSITORIES"

"FIRST.-...

I to IV. ...

V. The NIFs B-17 "Determination of fair value", C-3 "Accounts receivable", C-9 "Provisions, contingencies and commitments", C-16 "Impairment of financial assets by collectible", C-19 "Financial liabilities by 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 CINIF, will enter into force on January 01, 2022."

TRANSITORY UNIQUE.- These modifications will enter into force the day following their publication in the Official Gazette of the Federation. With the entry into force of these modifications, all those provisions that contravene these are repealed.

Mexico City, November 17, 2020.- The President of the National Commission of the Retirement Savings System, Abraham E. Vela Dib.- Signature.

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