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A 2004 World Bank review of the accounting and auditing environment in Mexico concluded that although Mexican Generally Accepted Accounting Principles (GAAP) have been converging with International Financial Reporting Standards (IFRSs) over a number of years, accounting requirements still differ from the international standards. The World Bank noted, however, that the Council for Research and Development of Financial Information Standards (CINIF) was contemplating steps to further reduce the differences between Mexican and international requirements. In his presentation at the September 2007 World Standard Setters Meeting, CPC Felipe Perez Cervantes of the CINIF confirmed Mexico's commitment to converge its accounting practices with IFRSs . Cervantes noted that, having analyzed the different options to achieve convergence, it was decided that the most suitable way is to "adapt" existing standards by incorporating local legal or regulatory requirements. Thus Mexican Financial Reporting Standards are being gradually reviewed, reconciled with the international standards, and then reissued as the converged standards . As of 2007, the CINIF revised the conceptual framework which is effective since January 2006, and amended those standards that were significantly non-compliant with the new framework.

Based on its own observations and consultations with market participants, the World Bank observed in 2004 that Mexican Generally Accepted Auditing Standards (GAAS) are "broadly comparable" with International Standards on Auditing (ISAs) promulgated by the International Auditing and Assurance Standards Board. The 2006 self-assessment prepared by the Mexican Institute of Public Accountants, the auditing standard-setter, as a part of the International Federation of Accountants' Member Body Compliance Program, stated that the policy of the Institute is to eliminate differences between national pronouncements and ISAs. Although acknowledging the progress made by Mexico in moving toward compliance with international standards, the World Bank made a number of recommendations to improve the existing practices. Among other issues, it recommended establishing an independent oversight body for audit practitioners that will enforce compliance with accounting and auditing standards and the code of ethics, strengthening enforcement mechanisms and educational requirements, and finally considering the full elimination of differences between Mexican GAAS and ISAs.