The Ministry of Finance and Public Credit (SHCP) issued new accounting rules to which Infonavit and Fovissste must abide with which they will be complying with established international standards.
hence now must be subject to the regulation issued by the International Financial Reporting Standards (IFRS), which were adopted by the Mexican Council of Financial Information Standards (CINIF).
In the update, updated standards were incorporated regarding accounting criteria, portfolio rating, approval, dissemination and content of financial statements, regulatory reports, as well as standards regarding the disclosure of financial information.
The above, will allow for transparent and comparable financial information with other countriesassured the dependency in a resolution that modifies the provisions of a general nature applicable to these development agencies.
It is established that, in the cases of housing mortgage loans granted to their successors, Infonavit and Fovissste must carry out, at least every three years, a review of the value of the real estate object of the respective guarantee, through the use of statistical techniques for estimating home value using known public information sources.
However, said review must be annual for those areas where events occur that could negatively affect the value of homes, such as natural disasters, or for those states where the home price index in Mexico that is published periodically the Federal Mortgage Company (SHF), exhibits a nominal depreciation rate of more than 10% per year.
Credit
They must also follow up including, for this purpose, in their credit manual a credit classification system that indicates those general actions that will be derived from previously defined situations.
In addition, loans that, as a result of permanent monitoring or because they are classified in a credit portfolio with stage 2 credit risk or stage 3 credit risk or that could foreseeably have recovery problems, will be subject to a detailed evaluation, in order to to timely determine the possibility of establishing new terms and conditions that increase their probability of recovery.
With the new regulation, these entities will have to classify, from their initial recognition, the credits in three stages, depending on the significant increase in credit risk that they show, according to the variables and the billing term.
For the constitution and registration in the accounting of the preventive reserves of the non-revolving Consumer Credit Portfolio, they must be carried out considering figures as of the last day of each month, regardless of whether their payment scheme is weekly, biweekly or monthly, in accordance with any the reserve calculation schemes indicated.
The same way, the way in which the probability of default of borrowers will be determined is established.
JM
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