Financial Reporting Standards and Sustainability in Mexico: A Framework for Corporate Responsibility and Sustainability

Abstract

Financial Reporting Standards (FRS) in Mexico are based on Generally Accepted Accounting Principles (GAAP), which seek to standardize accounting criteria and ensure comparability and transparency of financial information. This alignment has allowed the FRS to adopt and adapt essential GAAP principles, such as objectivity and prudence, ensuring that the information is relevant for intern al and external users' decision making. The evolution of FRS has been driven by international harmonisation, reflecting the economic and legal characteristics of Mexico. This change responds to the growing demand from stakeholders for accounting that not o nly reflects the economic situation, but also considers social and environmental factors.