Mexican Council for Financial Reporting and Sustainability Standards (CINIF)

The Mexican Council for Financial Reporting and Sustainability Standards (CINIF), in Spanish Consejo Mexicano de Normas de Informacion Financiera y de Sostenibilidad, is the independent body responsible for issuing and developing the Financial Reporting Standards (NIF) in Mexico and, more recently, the country's sustainability reporting standards. Its purpose is to maintain a solid, transparent accounting framework that is consistent with international practice, so that financial and sustainability information is reliable and comparable.

What is CINIF and why does it matter?

CINIF was created to provide a specialised technical body able to set accounting criteria for all economic entities in the country, independently and without direct government intervention. Thanks to that independence and its open dialogue with the financial community, it has become the reference standard-setter for accounting in Mexico. In May 2023 it changed its name to add 'and Sustainability', reflecting an expanded mission that now covers environmental, social and governance reporting alongside traditional accounting.

Main functions of CINIF

• Issuing and updating the NIF: it publishes the standards and technical bulletins that govern how financial statements are prepared and presented.
• Sustainability standards: it develops the Sustainability Reporting Standards (NIS) to support ESG (environmental, social and governance) reporting.
• Public consultation: it invites accountants, academics, companies and regulators to review draft standards before they are issued.
• International alignment: it works in coordination with bodies such as the IASB and the ISSB, promoting compatibility with global standards such as IFRS and IFRS Sustainability Disclosure Standards.

NIF and NIS: two complementary sets

CINIF is responsible for both the NIF and the NIS. The Financial Reporting Standards (NIF) are the body of mandatory accounting principles for preparing and presenting financial statements in Mexico, ensuring that information is understandable, comparable and useful for economic decisions. The NIS, in turn, address sustainability. Together they let Mexican companies report more holistically, covering not only their economic position but also their social and environmental impacts.

Components of the NIF

1. Conceptual framework: defines the objectives and qualitative characteristics of financial statements.
2. Specific standards: cover topics such as revenue, leases, financial instruments and the effects of inflation.
3. Interpretations: clarify how the standards apply in particular situations.

CINIF and sustainability

With the Sustainability Reporting Standards, CINIF takes a key step towards embedding ESG criteria in the Mexican financial ecosystem. The standards were published on 13 May 2024 and took effect on 1 January 2025; entities that report under the NIF must include sustainability information from financial year 2025, with disclosures appearing in 2026. The NIS A-1 sets the conceptual framework and the NIS B-1 defines the basic sustainability indicators (IBSO), giving organisations a structured path to start reporting their environmental, social and governance performance.

These standards align with international frameworks such as the GRI Standards and IFRS S1 and S2 from the ISSB, which improves comparability and helps Mexican companies position themselves in global value chains.

Why it matters for companies

Clear, well-structured standards let companies prepare financial and sustainability reports that inspire confidence, make decisions based on consistent and verifiable data, access capital markets and responsible investment, and meet legal, tax and environmental requirements.

At Manglai we help companies measure their carbon footprint and prepare the sustainability information that frameworks like the NIS increasingly require. Discover how Manglai can help you.