Resolution modifying the General Provisions applicable to development agencies and entities

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DOF: 15/12/2021

RESOLUTION modifying the General Provisions applicable to development agencies and entities

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of articles 125, fifth paragraph and 98 Bis of the Credit Institutions Law; 33, first paragraph of the Law of the National Institute for the Consumption of Workers; 66, fraction II of the Law of the National Institute for the Housing of Workers; 177, third paragraph of the Law of the Security and Social Services for State Workers Institute, as well as 4, fractions II, III, IV, V, XXXVI and XXXVIII, and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That, in accordance with article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the compliance cost of this Resolution, the National Banking and Securities Commission, with this instrument, grants an extension to the entry into force of the application of some accounting standards to which development agencies and development entities were subject;

That, in terms of the current accounting criteria, the National Banking and Securities Commission instructs the entities subject to its regulation to use the FIX (Fixed Exchange Rate) exchange rate published by the Bank of Mexico in the Official Gazette of the Federation to establish the equivalence of the national currency with the United States dollar, a situation that allows maintaining uniform criteria among said entities;

That the FIX exchange rate is determined by the Bank of Mexico based on an average of wholesale foreign exchange market quotations for operations settleable on the second following banking business day and that are obtained from foreign exchange transaction platforms and other electronic means with representativeness in the foreign exchange market. The Bank of Mexico makes the FIX known from 12:00 hours on all banking business days, it is published in the Official Gazette of the Federation one banking business day after the determination date and is used to settle obligations denominated in dollars settleable in the Mexican Republic the day after its publication in said medium of dissemination;

That, due to the time that exists between the schedules established for the sampling used for the determination of the FIX exchange rate in accordance with the applicable regulations issued by the Bank of Mexico (from 9:00:00 to 9:59:00 hours; from 10:00:00 to 10:59:00 hours, and from 11:00:00 to 12:00:00 hours) and the value of the exchange rate at the close of the operating day used by the entities to close their operations (14:00 hours), differences arise between the exchange rate for purposes of recognition in financial information and the exchange rates used in treasury areas;

That, in view of the foregoing, it is necessary to use an exchange rate published by the Bank of Mexico that considers a wider sampling window in order to be consistent with the close of the operating day;

That on January 4, 2018, the Resolution modifying the General Provisions applicable to development agencies and development entities was published in the Official Gazette of the Federation, with the purpose of, among other things, incorporating certain Financial Information Standards issued by the Mexican Council for Financial Information Standards, A.C., into the standards applicable to the preparation of accounting by said development agencies and entities;

That on November 15, 2018, November 4, 2019 and November 9, 2020, the aforementioned resolution was modified, with the purpose of extending the entry into force of the application of some accounting standards incorporated in the resolution of January 4, 2018, so that the development agencies and entities would be able to adjust their accounting information systems, and

That, derived from the current situation regarding the sanitary measures adopted due to the health contingency caused by the disease generated by the virus known as COVID-19, it is necessary to extend the entry into force of the application of some accounting standards incorporated in the modifying resolution published in the Official Gazette of the Federation on January 4, 2018, and subsequently reformed as indicated in the preceding Consideration, so that development agencies and development entities are able to adjust their accounting information systems, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO DEVELOPMENT AGENCIES AND ENTITIES

FIRST.- The Annex 37, Accounting Criteria A-2, paragraph 15 and D-4, paragraphs 31, 38, 39, 42 and 43, as well as Annex 38, Accounting Criteria A-3, paragraph 32 and D-4, paragraphs 27, 33 and 34 of the " General Provisions applicable to development agencies and entities ", published in the Official Gazette of the Federation on December 1, 2014 and modified for the last time through the resolution published in said Gazette on April 16, 2021, are REFORMED, to read as follows:

" ANNEX 37

ACCOUNTING CRITERIA FOR DEVELOPMENT ENTITIES AND INFONACOT "

"A-2 APPLICATION OF PARTICULAR STANDARDS

Paragraphs 1 to 14 . . .

Conversion of foreign currencies

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar will be the daily closing exchange rate on the date of the transaction or preparation of the financial statements, as appropriate, published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it.

15

Paragraphs 16 to 55 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 30 . . .

Effects from changes in the value of cash and cash equivalents

Entities must present in a separate line item, as applicable, the following:

a) the effects from conversion referred to in paragraph 41, which arise from having different exchange rates used for the conversion of the initial balance, the final balance and of cash flows, from a foreign operation;

b) the effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 44, which includes the difference generated by the conversion of the initial balance of cash and cash equivalents to the daily closing exchange rate on the date of close of the previous period, published by the Bank of Mexico on its website www.banxico.org.mx, or the one that replaces it, and of the final balance of cash and cash equivalents to the daily closing exchange rate of the current period, which publishes the Bank of Mexico on the referred Internet website;

c) the effects on the balances of cash and cash equivalents due to changes in their value resulting from fluctuations in their fair value, and

d) if applicable, the effects from inflation associated with the balances and cash flows of any of the entities that make up the consolidated economic entity and that is in an inflationary economic environment.

31

Paragraphs 32 to 37 . . .

Conversion of the statement of cash flows of a foreign operation to the reporting currency

In the conversion of the statement of cash flows from the functional currency to the reporting currency of a foreign operation that is in a non-inflationary economic environment, Development Entities must comply with the following:

a) cash flows of the period must be converted to the historical daily closing exchange rate on the date each cash flow in question was generated, which will be the one published by the Bank of Mexico on its Internet website, www.banxico.org.mx, or the one that replaces it;

b) the initial balance of cash and cash equivalents must be converted to the daily closing exchange rate on the date of close of the previous period, published by the Bank of Mexico on the referred Internet website, and

c) the final balance of cash and cash equivalents must be converted to the daily closing exchange rate on the date of close of the current period, published by the Bank of Mexico on the referred Internet website.

38

In the conversion of the statement of cash flows from the functional currency to the reporting currency of a foreign operation that is in an inflationary economic environment, Development Entities must comply with the following:

a) cash flows of the period must be converted to the daily closing exchange rate on the date of close of the current period, published by the Bank of Mexico on its website www.banxico.org.mx, or the one that replaces it;

b) the initial balance of cash and cash equivalents must be converted to the daily closing exchange rate on the date of close of the current period, published by the Bank of Mexico on the referred Internet website, and

c) the final balance of cash and cash equivalents must be converted to the daily closing exchange rate on the date of close of the current period, published by the Bank of Mexico on the referred Internet website.

39

Paragraphs 40 and 41 . . .

Conversion of cash balances or flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the daily closing exchange rate published by the Bank of Mexico on its Internet website, www.banxico.org.mx, or the one that replaces it, on the date of close.

42

Cash flows from foreign currency transactions related to investment and financing activities, will be converted to the reporting currency of the entity by applying to the amount in foreign currency the daily closing exchange rate on the date on which each flow occurred, which will be the one published by the Bank of Mexico on the website referred to.

43

Paragraphs 44 to 52 . . . "

" ANNEX 38

ACCOUNTING CRITERIA FOR FOVISSSTE AND INFONAVIT "

"A-3 APPLICATION OF GENERAL STANDARDS

Paragraphs 1 to 31 . . .

Foreign currency transactions

Infonavit, in the formulation of financial statements, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar dollar, will be the daily closing exchange rate on the date of the transaction or preparation of the financial statements, as appropriate, published by the Bank of Mexico on its website www.banxico.org.mx, or the one that replaces it.

32

Paragraphs 33 to 36 . . . "

" D-4 STATEMENT OF CASH FLOWS

Paragraphs 1 to 26 . . .

Effects from changes in the value of cash and cash equivalents

Fovissste and Infonavit must present in a separate line item, as applicable, the following:

a) the effects from exchange gains or losses on cash and cash equivalents referred to in paragraph 35, which includes the difference generated by the conversion of the initial balance of cash and cash equivalents to the daily closing exchange rate on the date of close of the previous period, published by the Bank of Mexico on its website www.banxico.org.mx, or the one that replaces it and of the final balance of cash and cash equivalents to the daily closing exchange rate of the current period, which publishes the Bank of Mexico on the referred Internet website;

b) the effects on the balances of cash and cash equivalents due to changes in their value resulting from fluctuations in their fair value, and

c) if applicable, the effects from inflation associated with the balances and cash flows of Fovissste and Infonavit in an inflationary economic environment.

27

Paragraphs 28 to 32 . . .

Conversion of cash balances or flows in foreign currency

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted to the daily closing exchange rate published by the Bank of Mexico on its Internet website www.banxico.org.mx, or the one that replaces it, on the date of close.

33

Cash flows from foreign currency transactions related to investment and financing activities, will be converted to the reporting currency of Fovissste and Infonavit by applying to the amount in foreign currency the daily closing exchange rate on the date on which each flow occurred, which will be the one published by the Bank of Mexico on the referred Internet website.

34

Paragraphs 35 to 40 . . .

SECOND.- Article SECOND TRANSITORY of the " Resolution modifying the General Provisions applicable to development agencies and entities " is REFORMED, published in the Official Gazette of the Federation on January 4, 2018 and modified through resolutions published in said medium of dissemination on November 15, 2018, November 4, 2019 and November 9, 2020, to read as follows:

" MODIFICATION RESOLUTION OF THE RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO DEVELOPMENT AGENCIES AND ENTITIES OF DEVELOPMENT ", PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON JANUARY 4, 2018

SECOND.- The Financial Information Standards B-17 " Determination of fair value " , C-3 " Accounts receivable " , C-9 " Provisions, contingencies and commitments " , C-16 " Impairment of financial assets " , C-19 " Financial liabilities " , C-20 " Financial instruments for collecting 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 for Financial Information Standards, A.C. and referred to in paragraph 3 of Criterion A-2 " Application of particular standards " of Annexes 37 and 38 that are modified through this instrument, will enter into force on January 1, 2023. "

TRANSITORY PROVISIONS

FIRST.- The reform to Annexes 37 and 38 of the " General Provisions applicable to development agencies and entities " indicated in Article FIRST of the present Resolution, will enter into force as of December 15, 2021.

SECOND.- The reform to ARTICLE SECOND TRANSITORY of the " Resolution modifying the General Provisions applicable to development agencies and entities " , referred to in Article SECOND of this instrument, will enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully

Mexico City, December 8, 2021.- President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Signature.

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