Centro universitario Atlacomulco

Universidad Autónoma del Estado de México

Licenciatura de contaduría
Unidad de Aprendizaje:

Análisis y Planeación Financiera

Actividad:

Resumen Del Semestre en Ingles

Docente: María Luisa Monroy Moreno

Alumno: José Manuel Sánchez Castro

N.L. 46 5° Semestre LCN-N9

 Resumen del Semestre

We started the Semester looking at the Topic of NIF A-4, being the
Qualitative characteristics of the Financial Statements. The characteristics of
this being:

-Relevance: Allows users to evaporate predictions and their confirmation. It

also shows the most significant aspects of the entity.

-Faithful Representation: They correctly reflect the transactions and other

events that really happened, all information influences the decision-making
of general users

-Comparability: Allows general users to identify and analyze the differences

and similarities with the information of the same entity from different
periods and dates with that of other entities.

-Opportunity: They must be issued in time so that the user can use it before it
loses its ability to include in a decision bed.

-Verifiability: They must be verified and validated, it helps ensure users that
the information faithfully represents transactions and other events that
economically affect the entity. It can be direct or indirect

-Comprehensibility: The information contained in the financial statements

must be provided to users, the classification, characterization and faithful
representation of the information in a clear and concise manner.

Then we saw the financial information standard b-1, this is intended to

establish particular standards for presentation, disclosure of accounting
changes and corrections of errors.

Prospective Application: It is the recognition in the current period and future

periods of the effect of an accounting change from the date on which it
occurs.
Accounting Change: It is a change in the structure of the economic entity, an
adjustment to the book value of an asset, a change in accounting estimates, a
change in a particular standard or a reclassification.

Errors in Previously Issued Financial Statements These are arithmetic errors,

incorrect application of standards, omissions or misuse of base information
for accounting recognition.

Disclosure Standards

• The causes that caused the accounting change due to the application of a
particular standard and its justification or the nature of the error that is being
corrected.

• Explanation of why the new particular standard is preferable or necessary;

as well as the title of the new standard, the nature of the accounting change
and, where applicable, whether it was carried out in accordance with its
transitional provision and its future effects.

Accounting Changes with Prospective Treatment: These changes are in the

structure of the economic entity and changes in accounting estimates.

Then we saw the issue of Nif b-7 Business Acquisition, which refers to the
moment in which an entity obtains control of one or more businesses,
through a transaction for its purchase or acquisition, either directly or
indirectly when it is carried out through through a subsidiary. This transaction
can be carried out in the following ways:

1. For the acquisition of commercial credit; This occurs when the company
for sale, after evaluating its net assets, establishes a consideration (payment)
greater than the value it represents.

2. Or by purchasing at a bargain price; That is, when the consideration is less

than the value assigned to the identified assets and assumed liabilities of the
acquired business.
PRESENTATION RULES:

The assets and liabilities assumed in an acquisition must be recognized in

accordance with what is indicated in the NIF relating to each item. The
following games will be presented as follows:

1. For goodwill, it must be presented as the last line item of the asset net of
any recognized impairment.

2. For bargain purchase price, the purchase gain, if any, must be presented in
the income statement as an ordinary item.

DISCLOSURE RULES:

The necessary information must be disclosed to allow evaluating the nature

and financial effect of an acquisition that occurs in the period or after the
date of the financial statements and before their approval for issuance.

Then we looked at the topic of NIF B15, the translation of foreign currencies,
and its objective is to recognize foreign currency transactions and foreign
operations in the financial statements of the reporting entity and the
conversion of its financial information to a different reporting currency. to its
registration currency or its functional currency.

Transactions in foreign currency are those whose amount is denominated or

requires settlement in a currency other than the functional one, which is the
currency of the main economic environment in which the company operates
and are included in the entities that:

They buy or sell goods or services whose price is denominated in a foreign

currency.

They lend or borrow funds, if the corresponding amounts are established to

be collected or paid in a foreign currency.

They acquire or dispose of assets, or incur, transfer or settle liabilities,

provided that these transactions have been denominated in foreign currency.
Then we saw NIF B-16 about the financial statements of entities with non-
profit purposes, its objective is to establish the general standards for the
preparation and presentation of the financial statements of entities with
non-profit purposes, as well as the disclosures that must be made. .

Net change in accounting equity - is the modification of the accounting equity

of an entity with non-profit purposes, during an accounting period, caused by
its income, costs and expenses;

Donors - are those who make donations to other people or entities; They are
also often called sponsors. The term donation is synonymous with
sponsorship or contribution.

Entity with non-profit purposes - according to NIF A-3, is that identifiable unit
that carries out economic activities, constituted by the combination of
human, material and financial resources, coordinated by an authority that
makes decisions aimed at achieving the purposes. for whom it was created,
and that does not financially compensate its donors.

The last topic that we saw is the NIF D5 of leasing, its objective is to establish
the standards for the valuation, presentation and disclosure of leases in the
financial statements of an economic entity, whether as a lessee or lessor.

For the study of the practical application of NIF D-5, cases were developed
that allow knowing the accounting process for lessees regarding the
determination of the lease liability and the right-of-use asset for the
identified lease contracts.

Basic elements:

All contracts that involve the use of an asset must be included, to evaluate
whether the definition of 'Lease' is met.

Determine the term of the Lease:

The lease term is determined as the non-cancelable period of the lease and
the periods covered by an option:
A) to renew the lease, if there is reasonable certainty that the lessee will
exercise it;

B) to terminate the lease, if there is reasonable certainty that the lessee will
not exercise it.

Initial Recognition of the Asset for right of use:

On the lease commencement date, a lessee must value the right-of-use asset
at cost.

Financial leasing.

A lease should be classified as financial when it transfers to the lessee

substantially all the risks and rewards incidental to ownership of an asset, as
well as the risk of transferring ownership of the asset to the lessee at the end
of the lease term.