Resolution modifying the general prudential, accounting, and information reporting provisions applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development

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DOF: 12/15/2021

RESOLUTION modifying the General Provisions on Prudential, Accounting, and Information Reporting Matters Applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development

At the margin, a seal with the National Emblem, which reads: 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 Article 52, first paragraph of the Organic Law of the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development;

Article 98 Bis of the Credit Institutions Law, as well as Articles 4, fractions II, III, IV, V, XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law, 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, through this instrument, grants an extension to the entry into force of the application of certain accounting standards to which the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development was previously subject;

That, in terms of the current accounting criteria, the National Banking and Securities Commission instructs entities subject to its regulation to use the FIX (Fixed Exchange Rate) type of exchange 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, 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 starting at 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 following its publication in said medium of dissemination;

That, due to the time existing between the schedules established for the sampling used to determine 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 exchange rate value at the close of the business day used by entities to close their operations (14:00 hours), differences arise between the exchange rate for financial reporting purposes 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 broader sampling window in order to be consistent with the close of the business day;

That on January 4, 2018, the Resolution modifying the General Provisions on Prudential, Accounting, and Information Reporting Matters Applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development 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 the accounting of the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development;

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 certain accounting standards incorporated in the resolution of January 4, 2018, so that the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development would be able to adjust its accounting information systems, and

That, due to 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 certain 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 the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development is able to adjust its accounting information system, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS ON PRUDENTIAL, ACCOUNTING, AND INFORMATION REPORTING MATTERS APPLICABLE TO THE NATIONAL FINANCIAL INSTITUTION FOR AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT

FIRST.- Annex 10, Accounting Criteria A-2, paragraph 39 of the "General Provisions on Prudential, Accounting, and Information Reporting Matters Applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development," published in the Official Gazette of the Federation on June 16, 2006 and last modified by the resolution published in said Gazette on November 9, 2020, is REFORMED, to read as follows:

" ANNEX 10

ACCOUNTING CRITERIA FOR THE NATIONAL FINANCIAL INSTITUTION FOR AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT "

"A-2 APPLICATION OF PARTICULAR RULES

Paragraphs 1 to 38 . . .

Foreign Currency Operations

In the preparation of financial statements, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar (U.S.A.) shall be the daily closing exchange rate on the valuation date, which is published by the Bank of Mexico on its Internet website www.banxico.org.mx, or that which replaces it.

39

Paragraphs 40 to 47 . . . "

SECOND.- Article SECOND TRANSITORY of the "Resolution modifying the General Provisions on Prudential, Accounting, and Information Reporting Matters Applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development," published in the Official Gazette of the Federation on January 4, 2018 and modified by resolutions published in said medium of dissemination on November 15, 2018, November 4, 2019, and November 9, 2020, is REFORMED, to read as follows:

"MODIFYING RESOLUTION OF THE RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO THE NATIONAL FINANCIAL INSTITUTION FOR AGRICULTURAL, RURAL, FORESTRY AND FISHERIES DEVELOPMENT, PUBLISHED 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 Instruments Receivable," C-19 "Financial Instruments Payable," C-20 "Financial Instruments to Receive 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 4 of Criteria A-2 "Application of Particular Standards" of Annex 10 which is modified by this instrument, shall enter into force on January 1, 2023. "

TRANSITORY PROVISIONS

FIRST.- The reform to Annex 10 of the "General Provisions on Prudential, Accounting, and Information Reporting Matters Applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development," indicated in Article FIRST of this Resolution, shall enter into force as of December 15, 2021.

SECOND.- The reform to Article SECOND TRANSITORY of the "Resolution modifying the General Provisions on Prudential, Accounting, and Information Reporting Matters Applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development" referred to in Article SECOND of this instrument, shall 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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