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In accordance with Article 6 of the General Law on Governmental Accounting, the National Council for Accounting Harmonization, known as CONAC, is the coordinating body for the harmonization of governmental accounting and is responsible for issuing the accounting standards and guidelines for the generation of financial information to be applied by public entities.
The General Law on Governmental Accounting, published in the Official Gazette of the Federation on December 31, 2008, with its latest amendment published in the Official Gazette of the Federation on May 14, 2026, establishes the general criteria governing governmental accounting and the issuance of financial information by public entities, with the purpose of achieving its proper harmonization.
Pursuant to the powers established in Article 9, Section I, of the aforementioned Law, CONAC issued, by means of a resolution, the Basic Principles of Government Accounting, which were published in the Official Gazette of the Federation on August 20, 2009, and are mandatory for entities subject to the General Law on Government Accounting.
The Basic Postulates of Governmental Accounting are defined as the fundamental elements of general reference for standardizing accounting methods, procedures and practices. Likewise, their purpose is to technically support governmental accounting, as well as to organize the effective systematization that enables the generation of truthful, clear and concise information.
Similarly, public entities must apply such postulates in such a way that the information they provide is timely, reliable and comparable for decision-making purposes. Therefore, the postulates are not only a technical reference, but also an indispensable tool for strengthening transparency, accountability and the proper control of public resources.
The Basic Postulates of Governmental Accounting are the following: Economic Substance, Public Entities, Permanent Existence, Sufficient Disclosure, Relative Importance, Budgetary Recording and Integration, Consolidation of Financial Information, Accrual Accounting, Valuation, Economic Duality and Consistency.
Each of these postulates contributes to the orderly, uniform and comparable recording of the financial, budgetary and patrimonial operations of public entities, allowing financial statements to reasonably reflect the financial position, results and use of public resources.
It is important to note that, even though the General Law on Governmental Accounting has been amended on several occasions, the Basic Postulates of Governmental Accounting continue to be a fundamental technical basis for the proper application of governmental accounting in public entities.
Therefore, it is essential that public servants in charge of accounting, budgetary, administrative and financial areas have a broad understanding of the content and scope of the Basic Postulates of Governmental Accounting, since their proper application strengthens the quality of financial information and contributes to compliance with the applicable regulations.
In conclusion, the Basic Postulates of Governmental Accounting constitute a key element in the processing of accounting records and in the preparation of financial statements of public entities. Therefore, it is recommended that public institutions promote ongoing training and updating initiatives in order to strengthen the professional development of public servants and ensure the proper application of governmental accounting.
Author: Nicolás González Villarreal.
