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Accounting Services

1. Accounting system in Mexico   

 

The basic law of accounting system in Mexico is Ley General de Sociedades Mercantiles (LGSM). And there are also some other laws to stipulate the accounting system. Characteristic of accounting system in Mexico is that is based on accounting standards of United States for long term. However, from the year of 2012, applying for IFRS is requested by degrees. But for the SMEs the special standards in Mexico are applicable. Not only the accounting statements should be audited, but also taxation should be audited in Mexico. Therefore, the audit period will be longer than other countries.

 

2. Accounting period

 

Accounting period is from January 1st to December 31st in Mexico. According to IFRS, it is necessary to unity accounting period of subsidiary with head office. So it may have to change the accounting period of head office.

 

3. Accounting bookings

 

For companies in Mexico, it is duty to keep accounting bookings for 5 years and case-by-case, sometimes it is needed to keep for 10 years. Accounting bookings should be written in Spanish.

 

4. Internal audit and external audit

 

It is required to appoint internal auditor for corporations and the position should be independent. Therefore, the person cannot have a blood relationship with board of directors and staffs.

Large-scale companies, which the sales are more than 100,000,000 pesos or capital is more than 79,000,000 pesos or the number of employees is more than 300, can have the external audit. Basically audit report should be made one time every year, but listed companies and large-scale companies are required to have two times of audit that are midterm audit and final audit. Mexico Certified Accountant Committee stipulates report standards of external audit and the contexts are almost same with international audit standards. There are four kinds of advises of external auditors.

・Unqualified opinion

・Qualified opinion

・Adverse opinion

・Disclaimer

Audited Financial Statements are necessary in the following cases:

①    Audited financial statements are required by SAT

②    Get loans from banks

③    The review of audited financial statements are required when corporations become the subject of M&A

④    Other cases

 

 

5. Our services of accounting and taxation

①monthly closing or yearly closing

・  We will help the representative overseas can not do the accounting management well.

・  We will help someone who wants advices from professional.

・  We will help someone who want to manage profit and loss reason

・  We will help someone who wants advices from professional.

We will create financial statements monthly that can know the management of business and financial conditions timely. And we will also create financial statements for yearly closing. In addition, we will support our customers to make the structure of organizations.

② Consulting services for accounting and taxation

When accountants in your own companies do the accounting and taxation or local accounting firm in Mexico does taxation work or the work, the communication between managers and staffs will be a problem and maybe managers will doubt that if the staffs deal with some problems from the view of accountant. In these cases, we will provide proper advices and services to our customers.

③ Representation service of tax declaration for monthly or yearly

・  We will help the one who is worried about the tax declaration is proper or not

・  The service of taxation declaration (taxation at source・VAT) stipulated in the law in Mexico.

④ Services of accounting audit

All of the companies should be audited by accounting auditors in Mexico. We will provide highly quality services of accounting audit at a reasonable price.

⑤ Transfer price services

In the future, the transfer pricing taxation will be stricter and stricter but we will always support. We will not only do the analysis met with conditions, but also provide the proper advices and services.

To learn more about our incorporation assistance and a range of accounting services in Mexico, send us a message or call us at +81-3-5369-2930.