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INTERNATIONAL ACCOUNTING

COMPARATIVE ACCOUNTING
MEXICO

PREPARED BY :
VERA CIU (023120089)
MIICHI (023121292
FACULTY OF ECONOMIC
ACCOUNTING DEPARTMENT
TRISAKTI UNIVERSITY

- COUNTRY PROFILE COMPARE DNG INDOOOO ! (hlm 234)


- LANGUAGE, RELIGION (CULTURE), GDP, GNP (ECONOMIC)
A. BACKGROUND
Mexico became an independent nation in 1821 after being held for three
centuries as a Spanish colony. Until about two decades ago, substantial proportion of
the Mexican business sector was government controlled, and a large number of
business enterprises were government owned. Following World War II, the
government emphasized economic growth. During the mid-1970s, under the
leadership of President Jos Lpez Portillo, Mexico became a major petroleum

producer. By the end of Portillo's term, however, Mexico had accumulated a huge
external debt because of the government's unrestrained borrowing on the strength of
its petroleum revenues. The collapse of oil prices in 1986 cut Mexico's export
earnings. In Jan. 1994, Mexico joined Canada and the United States in the North
American Free Trade Agreement (NAFTA), with the plan to phase out all tariffs over
a 15-year period, and in Jan. 1996, it became a founding member of the World Trade
Organization (WTO). In 1995, the U.S. agreed to prevent the collapse of Mexico's
private banks. In return, the U.S. won virtual veto power over much of Mexico's
economic policy.
In 1997, in what observers called the freest elections in Mexico's history, the
PRI lost control of the lower legislative house and the mayoralty of Mexico City in a
stunning upset. To increase democracy, President Ernesto Zedillo said in 1999 that he
would break precedent and not personally choose the next PRI presidential nominee.
Several months later, Mexico held its first presidential primary, which was won by
former interior secretary Francisco Labastida, Zedillo's closest ally among the
candidates.
Meanwhile in 1997 and 1998, Indonesia was the country hardest hit by
the East Asian Financial Crisis which had dire consequences for the Indonesian
economy and society, and Suharto's presidency. At the same time, the country suffered
a severe drought and some of the largest forest fires in history burned in Kalimantan
and Sumatra. The rupiah, the Indonesian currency, took a sharp dive in value. Suharto
came under scrutiny from international lending institutions, chiefly the World
Bank, International Monetary Fund (IMF) and the United States, over longtime
embezzlement of funds and some protectionist policies. In December, Suharto's
government signed a letter of intent to the IMF, pledging to enact austerity measures,
including cuts to public services and removal of subsidies, in return for receiving the
aid of the IMF and other donors. Prices for goods such as kerosene and rice, and fees
for public services including education rose dramatically. The effects were
exacerbated by widespread corruption. The austerity measures approved by Suharto
had started to erode domestic confidence with the New Order and led to popular
protests. Suharto stood for re-election by parliament for the seventh time in March
1998, justifying it on the grounds of the necessity of his leadership during the crisis.
The parliament approved a new term. This sparked protests and riots throughout the

country, now termed the Indonesian 1998 Revolution. Dissent within the ranks of his
own Golkar party and the military finally weakened Suharto, and on 21 May he stood
down from power. He was replaced by his deputy Jusuf Habibie.
Indonesias economic freedom score is 58.1, making its economy the 105th
freest in the 2015 Index. Its score has deteriorated by 0.4 point since last year,
reflecting declines in business freedom, the control of government spending, and
monetary freedom that counterbalance improvements in freedom from corruption and
labor freedom. Indonesia is ranked 22nd out of 41 countries in the AsiaPacific
region, and its overall score is below the world and regional averages. Steady growth
in economic freedom over the past five years has tapered off more recently. However,
since 2011, economic freedom in Indonesia has advanced by over 2.0 points,
reflecting a more sustained commitment to opening up the financial sectors and
improving the investment regime. Other changes have led to score advances in six of
the 10 economic freedoms, reflecting relatively broad-based policy improvements.
B. ACCOUNTING PROFESSION
The first professional organization of public accountants in Mexico, the
Asociacion de Contadores Publicos, was established in 1917. This organization was
replaced by the Mexican Institute of Public Accountants (MIPA) in 1964. Public
accountant services in Mexico mainly consist of bookkeeping, tax, and audit. The
number of public accountants in Mexico is about 200,000 with the majority working
in business or government. In the past, a person would obtain a Public Accountant
undergraduate degree from an approved Mexican university and would be able to
practice as a Public Accountants without passing a unifor, examination. Currently,
Public Accountants must succesfully complete the uniform examination and be
ceritifed as a Certified Public Accountant to give an audit opinion.
An opportunity for local accountants (Indoenesia) began to appear in 19421945, with the withdrawal of the Dutch from Indonesia. Until 1947 there was only
one person accountants nation Indonesia, Prof. Dr. Abutari (Soemarso 1995).
Accounting practices of the Dutch model is still band is used during the era after
independence (1950). Prof.Sumardjo pioneered the establishment of Indonesian
Institute of Accountants (IAI) on 23 December 1957. In the same year the government
made the nationalization of the companyowned by Dutch company. This leads to
accountants Netherlands returned to his country and at that time accountant Indonesia
is growing. The increasingly rapid development after the President inaugurated the

activities of the capital market August 10, 1977 which makes the role of accounting
and financial statements to be important. Need for Internal Auditors make the
profession of internal auditor is needed by any organization, whether private
companies, state/local enterprises, multinational companies, foreign companies,
governments, educational institutions and non-profit organizations. In conducting
recruitment of internal auditors to an organization, can be taken from the employees /
staff of parts/other division, also obtained from outside the organization. Both
experienced and newly graduated from college (fresh graduates). Competition for the
position of internal auditor was more stringent than the positions of staff accounting
or auditor for Public Accounting Firm (KAP).
C. ACCOUNTING REGULATION
Regulation of accounting and financial reporting in Mexico is through
legislation, stock exchange listing requirements, and bulletins issued by MIPA
(Mexican Institute of Public Accountants). MIPA is both the standard-setting and the
enforcement body in Mexico. MIPA issues four kinds of bulletins : 1.)Series A, deal
with principles that define the framework of accounting principles; 2.)Series B, deal
with the accounting principles that are pervasive to all financial statements; 3.)Series
C, provide guidance with respect to specific balance sheet and income statement
accounts; 4.)Series D, deal with specific topics that are key to determining the net
income of an enterprise. MIPA also has developed a Code of Ethics, which, among
other things, prohibits media advertising for public accountants.
The Auditing Standards and Procedures Commission develops auditing
standards, and the Accounting Principles Commission (APC) develops accounting
standards. Companies listed on the Mexican Stock Exchange must submit annual,
December 31 year-end, consolidated financial statements, audited by a Mexican
public accountant, to the Exchange and to the NBC. Compliance with tax regulations
requires a report prepared in accordance with Mexican GAAP and audited in
accordance with Mexican generally accepted auditing standards.
D. ACCOUNTING PRINCIPLES and PRACTICES
Mexico has a conceptual framework for financial reporting, which is basically
included in three bulletins: A-1 (Structure of the Basic Theory of Financial
Accounting), A-11 (Definition of Basic Concepts Integrating Financial Statements),
B-1 (Objectives of Financial Statements). The GAAP in Mexico consist of the
following, in order of importance:

1. MIPA bulletins
2. MIPA circulars or interpretations. These are opinions relating to specific topics on
which there may or may not be a specific standard. Compliance with these is not
mandatory, but highly recommended.
3. IFRS
4. Accounting principles of other countries that would be applicable in the
circumstances. In practice, US.GAAP is the main source applied.

E. ACCOUNTING ISSUE

Issue
Definition
associate

IFRS
of

Mexican GAAP

PSAK

an IAS 28: An associate is The definition of an PSAK

15,12:

The

of

an

an enterprise in which associate is based definition


the

investor

has on a threshold of an associate is based on

significant influence and investment


which

is

neither

of

10 the ability to exercise

a percent of voting significant

influence,

subsidiary nor a joint shares.

which is the power to

venture of the investor.

participate

in

the

financial and operating


Calculation

policies of an entity.
of IAS 36: Impairment is For the calculation PSAK 48: The carrying

impairment of fixed calculated

when

the of

impairment, value of an asset is

assets

book value of an asset assets for sale are compared


exceeds its recoverable valued at net selling recoverable

to

the
amount

amount, which is the price and assets for (being the higher of
greater of net realizable continued use are value in user of fair
value and the net present valued at value in value less costs to sell).
value of future net cash use.
flows expected to arise
from continued use of
the asset
Statement of cash IAS 7: A statement of A
flows

cash flows is required

statement

of PSAK 2: A statement

changes in financial of

cash

position is required required


instead

of

statement of cash
flows.

flows

is

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