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. What are the main external factors that have influenced financial reporting in Mexico in recent...

. What are the main external factors that have influenced financial reporting in

Mexico in recent years?(150 words

Business   Accounting   
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Answer #1

Three of the following play a major role in defining the financial reporting by entities in Mexico:

  • By entering into NAFTA and implementing it by elimination of tariff on cross border trades as well as non-tariff barriers like import licensing.
  • Converging the reporting framework with that of the reporting standards of the IASB has caused significant changes in reporting too.
  • And due to the economic crisis during the 1994-95 compulsory reporting requirements have been made for business in Mexico.
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