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Report of the General Director

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• Accounting Subcommittee
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AMIB Members

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Executives

Accounting Aspects

>Manuel Lasa Lasa>President of Capital Market Committees

In order to improve the submission of information required by the National Banking and Securities Commission and Banco de Mexico, in 2007 brokerage firm accounts worked together with those authorities on the following issues:

• Development of new regulatory reports consistent with the published "Accounting Criteria for Brokerage Firms."
• Observations on the Inter-institutional Information Transfer System (known as SITI) to improve the transmission of required financial and legal information.
• The CNBV issued various documents on how send more precise required information, specifying the following:
  • > Clarification on what institutions must report on the "commissions and fees charged" and "consulting revenues" lines, and reiteration of the book entry of premiums on repo trades and of accrued interest.
  • > The tax treatment of hedges on the Derivative Financial Instruments line at their fair value
• Introduction of Banco de Mexico forms based on the information, through the use of the Brokerage firm Communication System (e-CIF); and the use of a "contextual view" for discrepancies between form, which allows both the Computed Results and the Contextual View of differences between forms to be viewed for transmissions in which there are no "structural" errors in their files.

Accountants' also dedicated some effort to proposing changes to accounting criteria, for example:

In September 2007, the CNBV was asked to modify the accounting criteria included in the Unified Brokerage Firm Bulletin, in order to recognize the market practice on cash transactions in foreign currency at 72 hours, and thus enter them as a transaction on the spot market. The authorities responded that they were working together with Banco de Mexico to establish the appropriate accounting treatment for these transactions.
• Also in 2007, accountants analyzed and sent documents to the Chairman of the Council of the Mexican Council for Research and Development of Financial Information Standards (CINIF), indicating that the industry was of the opinion that Rules B-8 (stock-based payments) and B-15 (conversion into foreign currency) would have no implications for brokerage firms and mutual fund managers.

After inquiring among several brokerage firms on the early application of Bulletin B-10, the accounting criteria established in the Unified Brokerage Firm Bulletin were analyzed, and the conclusion was that early application was not possible according to the regulations. The authorities reiterated this conclusion through an official notice at year-end.
In addition, to supply better financial information to investors and the general public:

• The Brokerage Firm Trading Activity Study prepared by AMIB's Department of Research and Communication was updated, including new accounts for reported information, pursuant to changes in the Unified Brokerage Firm Bulletin.
• In November, AMIB's web page published the accounting guides for securities market instruments and transactions.
• The first guides analyzed and used by brokerage firm accountants were those pertaining to repo transactions, securities lending, and proprietary trading in equities; others are in the process of revision.