MEX CNBV proposed to incorporate accounting criteria per international standards in IFRS9 on disclosure of financial information, portfolio qualification and approval.
Proposed accounting requirements apply to credit unions, general deposit warehouses, currency exchange houses, and regulated multiple purpose financial societies.
Draft Highlights
Updates regulatory framework applicable to credit unions concerning accounting criteria, portfolio rating, approval, dissemination, and content of financial statements.
Addresses standards related to the disclosure of financial information, as a result of adopting the international financial reporting standard 9 financial instruments (IFRS).
Credit unions, must adhere to standard B-1 accounting changes and error corrections.
Regarding the accounting changes resulting from the application of this resolution.
This is in accordance with criterion A-2 application of specific standards in annex 4.
Credit unions must disclose large changes in regulations affecting financial statements.
Including adoption mechanics made in determining initial effects of applying criteria.
Consolidated quarterly and annual financial statements required for credit unions.
For the period ending Dec. 31, 2025; annual financial statements must not include comparisons with each quarter of the year 2024 or the period ending Dec. 31, 2024.
Credit unions running credit portfolio tests must be authorized by credit committee.
Results must be submitted to the banking, securities commission by Feb. 28, 2025.
Effectiveness
Resolution takes effect Jan. 1, 2025; except for modifications to the B-6 adjudicated assets criterion in annex 4, comes into effect for credit unions starting Feb. 1, 2024.
Feb. 2024 MEX CNBV New Draft
On Feb. 9, 2024, MEX CNBV released a new draft resolution related to IFRS9.
Apr. 2024 MEX CNBV Official Publication
On Apr. 25, 2024, MEX CNBV published Resolution to incorporate accounting criteria per IFRS 9, which enters into force on Jan. 1, 2025, with specified exceptions.
