Starting in 2026, reporting under IFRS S1 and S2 is mandatory for securities issuers in Mexico, covering fiscal year 2025 data. The CNBV isn't leaving room for interpretation: here's what each standard requires, who must comply, and how to keep it from becoming a months-long project.
What changed with the CNBV resolution?
Mexico's Comisión Nacional Bancaria y de Valores (CNBV) amended the general provisions applicable to securities issuers and other market participants, published in the Diario Oficial de la Federación. As a result:
- Conditional registration: to register stocks or debt in the Registro Nacional de Valores, issuers must submit sustainability information.
- Mandatory standard: that information must align with IFRS S1 and IFRS S2, issued by the ISSB.
- First report in 2026: covering fiscal year 2025 data, still without mandatory external assurance.
What does IFRS S1 require?
It's the general standard for sustainability-related financial disclosures. Your report must cover four pillars:
- Governance: who oversees sustainability-related risks and opportunities inside the company.
- Strategy: how those risks and opportunities affect the business model and value creation.
- Risk management: the process for identifying, assessing, and prioritizing them.
- Metrics and targets: the indicators used to measure performance, including the climate-specific ones detailed in IFRS S2.
The focus is financial materiality: what matters is how an environmental, social, or governance issue affects company value, not a general statement of intent.
What does IFRS S2 add on climate?
IFRS S2 details climate disclosures within those same four pillars. It specifically requires:
- GHG emissions for Scope 1, 2, and 3, calculated using GHG Protocol methodology.
- Physical and transition risks from climate change affecting operations and the value chain.
- Scenario analysis on how the business would hold up under different climate trajectories.
- Reduction targets and actual progress measured against them.
Who must report?
The obligation falls on securities issuers and other market participants: any company with stock or debt registered in the Registro Nacional de Valores, through the BMV or BIVA. Regulated financial institutions (banks, insurers, brokerage firms) will get specific, phased-in requirements that the CNBV will define separately.
If your company isn't listed, the mandate doesn't apply to you directly, but the standard reaches you another way: Mexico's Normas de Información de Sostenibilidad (NIS) A-1 and B-1, issued by CINIF, in force since January 2025 and aligned with IFRS S1/S2, already require companies that prepare financial statements under NIF to report up to 30 basic sustainability indicators. The 2026 reporting cycle raises the bar further: mandatory comparatives and no exemption for Scope 3.
Assurance 2026-2028: the clock is already running
The first report is due this year, covering 2025 data. This isn't a distant deadline, it's now:
- 2026 (now): first report, no mandatory external assurance yet.
- 2027: mandatory limited assurance, covering 2026 data. Less than 12 months to have the process ready.
- 2028 onward: reasonable assurance, the highest bar, the same one applied to financial statements.
If your company doesn't have traceable Scope 1, 2, and 3 data yet, there's no room to fix that in 2027: whatever methodology you put in place now is what an external auditor will review in under a year.
How Manglai's AI speeds up compliance
Calculating Scope 1, 2, and 3 with full traceability, the core requirement of IFRS S2, is the most time-consuming part to do by hand. Manglai's AI targets exactly that bottleneck:
- Invoice reading: automatically extracts and classifies electricity, fuel, and waste consumption for each subsidiary, in any currency or language.
- Org chart setup: reads the corporate tree of groups with multiple sites across Mexico and other countries, no manual configuration needed.
- Data import: a conversational agent adapts Excel or CSV files from internal systems into the report format.
- AI-powered action plans: estimates tons of CO2 reduced and the cost of each initiative, feeding directly into the targets IFRS S2 requires.
The result is auditable data from the first 2026 report, ready for the 2027 limited assurance requirement without redoing the process.
Use Manglai's carbon footprint calculator to see where your company stands today, build a decarbonization plan that sustains those targets over time, or see how Manglai helps teams managing multiple subsidiaries keep their data centralized.
