Regulatory Alerts2018-01-23 | DOF 5511097Added
Resolution modifying the general provisions applicable to general warehouse companies, exchange houses, credit unions, and multiple-object financial societies regulated
The resolution amends the general provisions for general warehouse companies, exchange houses, credit unions, and multiple-object financial societies to align accounting criteria with International Financial Reporting Standards. It mandates that warehouse companies and credit unions adjust their credit portfolio and income statement criteria starting January 1, 2019, with an option for early adoption. Additionally, specific Financial Information Standards regarding fair value, receivables, provisions, impairment, and revenue recognition become effective on January 1, 2019.
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