Resolutory Amendment 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: 09/11/2020

RESOLUTORY AMENDMENT TO 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 Emblem appears at the margin, which reads: 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

46 Bis,

first paragraph;

117;

119 Bis 4

and 122 Bis,

second and third paragraphs of the

Popular Savings and Credit Law,

as well as 4,

sections,

III,

IV,

XXXVI

and XXXVIII,

and 16,

section I

of the Law of the

National Banking and Securities Commission,

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 Journal 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 standards applicable to the preparation of the accounting

of popular financial societies, community financial societies

with operation levels I to IV, and rural financial integration organizations;

That on November 15, 2018, and November 4, 2019, 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 23, 2018,

so that popular financial societies, community financial societies

with operation levels I to IV, and rural financial integration organizations

would be able to adjust their accounting information systems,

and

That as a result of the current situation in which popular savings and credit entities, integration organizations, community financial societies, and rural financial integration organizations have reduced their operational capacity and human resources due to the sanitary measures adopted for the health contingency caused by the disease generated by the virus known as COVID-19,

without it being feasible to specify the times in which human and technical resources can be allocated to implement the entry into force of the Financial Reporting Standards referred to in the first paragraph of these considerations,

it has resolved to issue the following:

RESOLUTORY AMENDMENT TO 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 JOURNAL OF THE FEDERATION ON JANUARY 23, 2018

SINGLE.

ARTICLE TWO 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 Journal of the Federation on January 23, 2018 and modified by resolutions published in said medium of dissemination on November 15, 2018, and November 4, 2019, 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 standards" of Annex E, which is modified by this instrument, will enter into force on January 1, 2023."

TRANSITORY

SINGLE.

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

Respectfully,

Mexico City, October 28, 2020. - The President of the National Banking and Securities Commission, Juan Pablo Graf Noriega. - Signature.

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